Raymond James Upgrades PROG (NYSE:PRG) to Outperform

PROG (NYSE:PRG) was upgraded by analysts at Raymond James from a “market perform” rating to an “outperform” rating in a report released on Thursday, MarketBeat Ratings reports. The brokerage currently has a $48.00 target price on the stock. Raymond James’ price target indicates a potential upside of 13.05% from the company’s previous close.

PRG has been the subject of several other research reports. Loop Capital upgraded shares of PROG from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $41.00 to $55.00 in a research report on Monday, August 19th. KeyCorp boosted their price target on shares of PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Jefferies Financial Group raised their price objective on PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Finally, TD Cowen boosted their target price on PROG from $40.00 to $47.00 and gave the company a “buy” rating in a report on Thursday, July 25th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.00.

PROG Stock Performance

Shares of PRG stock opened at $42.46 on Thursday. PROG has a 12 month low of $26.39 and a 12 month high of $50.28. The company has a current ratio of 3.87, a quick ratio of 1.80 and a debt-to-equity ratio of 1.02. The company has a market cap of $1.83 billion, a P/E ratio of 17.33 and a beta of 2.11. The firm has a fifty day moving average price of $46.99 and a 200 day moving average price of $39.72.

PROG (NYSE:PRG) last released its quarterly earnings data on Wednesday, July 24th. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.22. PROG had a return on equity of 26.30% and a net margin of 4.57%. The business had revenue of $592.16 million during the quarter, compared to analysts’ expectations of $573.23 million. During the same period in the prior year, the firm posted $0.92 EPS. The business’s quarterly revenue was down .1% compared to the same quarter last year. Sell-side analysts predict that PROG will post 3.34 earnings per share for the current fiscal year.

Institutional Trading of PROG

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Whittier Trust Co. purchased a new position in shares of PROG during the 3rd quarter worth $26,000. GAMMA Investing LLC grew its holdings in PROG by 72.0% in the 3rd quarter. GAMMA Investing LLC now owns 805 shares of the company’s stock valued at $39,000 after buying an additional 337 shares during the period. Point72 DIFC Ltd acquired a new position in shares of PROG during the 2nd quarter valued at about $47,000. DekaBank Deutsche Girozentrale acquired a new position in shares of PROG during the 1st quarter valued at about $59,000. Finally, Blue Trust Inc. boosted its position in shares of PROG by 2,015.1% in the second quarter. Blue Trust Inc. now owns 1,967 shares of the company’s stock worth $68,000 after acquiring an additional 1,874 shares during the last quarter. 97.92% of the stock is owned by hedge funds and other institutional investors.

About PROG

PROG Holdings, Inc (NYSE:PRG) is a financial technology holding company based in Salt Lake City, Utah with three business segments: Progressive Leasing, which offers lease-to-own transactions primarily to credit-challenged consumers through e-commerce and point-of-sale retail partners, via online, mobile, and in-store solutions; Vive Financial, which provides consumers who may not qualify for traditional prime lending with a variety of second-look, revolving credit products through private label and branded credit cards; and Four Technologies, which provides consumers of all credit backgrounds Buy Now, Pay Later (BNPL) options through four interest-free installments via its platform, Four.