PharVision Advisers LLC Makes New $288,000 Investment in PROG Holdings, Inc. (NYSE:PRG)

PharVision Advisers LLC bought a new stake in shares of PROG Holdings, Inc. (NYSE:PRG) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 6,813 shares of the company’s stock, valued at approximately $288,000.

A number of other hedge funds also recently made changes to their positions in PRG. Barclays PLC grew its position in PROG by 22.7% during the third quarter. Barclays PLC now owns 347,155 shares of the company’s stock valued at $16,834,000 after buying an additional 64,197 shares during the period. HB Wealth Management LLC grew its position in shares of PROG by 4.1% during the 4th quarter. HB Wealth Management LLC now owns 16,176 shares of the company’s stock valued at $684,000 after acquiring an additional 631 shares during the period. Inspire Investing LLC purchased a new stake in shares of PROG during the 4th quarter worth approximately $833,000. Veracity Capital LLC bought a new stake in shares of PROG in the 4th quarter worth approximately $214,000. Finally, Exchange Traded Concepts LLC bought a new stake in shares of PROG in the 4th quarter worth approximately $290,000. 97.92% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on PRG shares. Jefferies Financial Group downgraded PROG from a “buy” rating to a “hold” rating and decreased their target price for the stock from $58.00 to $29.00 in a research report on Wednesday, February 26th. Loop Capital lowered their price objective on PROG from $45.00 to $40.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Finally, KeyCorp cut their target price on shares of PROG from $50.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, April 24th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $44.83.

PROG Price Performance

Shares of NYSE PRG opened at $28.86 on Thursday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.34 and a current ratio of 5.24. PROG Holdings, Inc. has a fifty-two week low of $23.50 and a fifty-two week high of $50.28. The stock has a market cap of $1.16 billion, a PE ratio of 6.36 and a beta of 1.81. The stock has a fifty day moving average of $26.85 and a 200-day moving average of $36.35.

PROG (NYSE:PRG) last posted its earnings results on Wednesday, April 23rd. The company reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.08. PROG had a return on equity of 24.25% and a net margin of 8.01%. The business had revenue of $684.09 million during the quarter, compared to analyst estimates of $678.23 million. During the same quarter in the previous year, the firm earned $0.91 EPS. The company’s quarterly revenue was up 6.6% compared to the same quarter last year. Equities research analysts anticipate that PROG Holdings, Inc. will post 3.45 earnings per share for the current year.

PROG Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 3rd. Stockholders of record on Tuesday, May 20th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Tuesday, May 20th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.80%. PROG’s dividend payout ratio (DPR) is currently 10.66%.

Insider Buying and Selling

In related news, CEO Steven A. Michaels purchased 14,000 shares of the firm’s stock in a transaction dated Monday, May 12th. The shares were purchased at an average price of $29.03 per share, with a total value of $406,420.00. Following the acquisition, the chief executive officer now directly owns 559,641 shares of the company’s stock, valued at approximately $16,246,378.23. This represents a 2.57% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Caroline Sio-Chin Sheu acquired 1,650 shares of the company’s stock in a transaction dated Wednesday, February 26th. The shares were bought at an average cost of $28.01 per share, with a total value of $46,216.50. Following the completion of the acquisition, the director now directly owns 18,291 shares in the company, valued at $512,330.91. The trade was a 9.92% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 29,150 shares of company stock worth $852,692. Corporate insiders own 3.21% of the company’s stock.

PROG Profile

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.