PROG (NYSE:PRG) Stock Crosses Above 50 Day Moving Average After Analyst Downgrade

PROG Holdings, Inc (NYSE:PRG) shares passed above its 50 day moving average during trading on Friday after Weiss Ratings upgraded the stock from a hold (c) rating to a hold (c+) rating. The stock has a 50 day moving average of $34.03 and traded as high as $34.81. PROG shares last traded at $34.66, with a volume of 1,009,505 shares traded.

PRG has been the subject of several other reports. Wall Street Zen cut PROG from a “strong-buy” rating to a “buy” rating in a research report on Sunday, September 6th. KeyCorp upped their price objective on PROG from $45.00 to $50.00 and gave the stock an “overweight” rating in a research report on Thursday, July 30th. B. Riley Financial raised their price objective on shares of PROG from $57.00 to $64.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. TD Cowen lifted their target price on shares of PROG from $45.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Finally, Jefferies Financial Group decreased their target price on shares of PROG from $60.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday, October 7th. Seven investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, PROG presently has an average rating of “Moderate Buy” and a consensus target price of $47.38.

Insider Transactions at PROG

In other news, CAO George M. Sewell sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $45.53, for a total transaction of $91,060.00. Following the sale, the chief accounting officer directly owned 28,385 shares in the company, valued at $1,292,369.05. This trade represents a 6.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael King sold 1,070 shares of PROG stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $46.00, for a total value of $49,220.00. Following the completion of the transaction, the insider owned 60,825 shares of the company’s stock, valued at approximately $2,797,950. This represents a 1.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 4,000 shares of company stock worth $183,060 over the last 90 days. Insiders own 3.72% of the company’s stock.

Institutional Trading of PROG

Institutional investors and hedge funds have recently made changes to their positions in the business. First Trust Advisors LP raised its stake in shares of PROG by 588.0% during the 1st quarter. First Trust Advisors LP now owns 840,029 shares of the fintech holding company’s stock worth $24,100,000 after buying an additional 717,932 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of PROG during the 2nd quarter valued at approximately $31,229,000. Ancora Advisors LLC acquired a new stake in PROG in the 2nd quarter valued at $22,288,000. Wellington Management Group LLP grew its stake in PROG by 12.5% in the 2nd quarter. Wellington Management Group LLP now owns 697,324 shares of the fintech holding company’s stock valued at $32,502,000 after acquiring an additional 77,291 shares during the period. Finally, Squarepoint Ops LLC grew its stake in PROG by 143.0% in the 2nd quarter. Squarepoint Ops LLC now owns 107,278 shares of the fintech holding company’s stock valued at $5,000,000 after acquiring an additional 63,128 shares during the period. 97.92% of the stock is currently owned by hedge funds and other institutional investors.

PROG Stock Performance

The company has a market cap of $1.38 billion, a PE ratio of 9.34 and a beta of 1.78. The firm’s fifty day moving average is $34.03 and its 200 day moving average is $35.63. The company has a current ratio of 3.81, a quick ratio of 2.29 and a debt-to-equity ratio of 1.07.

PROG (NYSE:PRG) last posted its quarterly earnings data on Wednesday, October 28th. The fintech holding company reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.09 by ($0.03). The company had revenue of $725.78 million for the quarter, compared to analysts’ expectations of $735.28 million. PROG had a net margin of 5.46% and a return on equity of 22.01%. As a group, research analysts predict that PROG Holdings, Inc will post 4.76 EPS for the current fiscal year.

PROG Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Tuesday, August 18th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.6%. The ex-dividend date was Tuesday, August 18th. PROG’s dividend payout ratio is 15.09%.

PROG Company Profile

PROG Holdings, Inc is a financial technology company that provides consumer payment and lease-to-own solutions through its operating businesses. Its services are designed to help consumers acquire household goods and other merchandise through retail stores, e-commerce websites and other merchant channels.

The company’s primary business is Progressive Leasing, a lease-to-own provider that gives consumers an alternative to traditional credit when purchasing products such as furniture, appliances, electronics, mattresses and other household merchandise.