PROG (NYSE:PRG) Reaches New 1-Year Low Following Weak Earnings

PROG Holdings, Inc (NYSE:PRG) reached a new 52-week low during trading on Wednesday following a dissappointing earnings announcement. The stock traded as low as $25.60 and last traded at $25.54, with a volume of 43,215 shares traded. The stock had previously closed at $29.61.

The fintech holding company reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.03). The firm had revenue of $725.78 million for the quarter, compared to the consensus estimate of $737.83 million.

PROG Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders 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 2.1%. The ex-dividend date was Tuesday, August 18th. PROG’s dividend payout ratio is currently 15.47%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Zacks Research downgraded shares of PROG from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 28th. TD Cowen raised their price objective on shares of PROG from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Jefferies Financial Group decreased their target price on PROG from $60.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday, October 7th. B. Riley Financial upped their target price on shares of PROG from $57.00 to $64.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Finally, Weiss Ratings raised PROG from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, October 16th. Seven investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $47.81.

Insider Activity

In related news, insider Michael King sold 1,070 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $46.00, for a total transaction of $49,220.00. Following the completion of the sale, the insider directly owned 60,825 shares of the company’s stock, valued at $2,797,950. This represents a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO George M. Sewell sold 2,000 shares of the firm’s stock in a transaction that occurred on 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 owned 28,385 shares of the company’s stock, valued at approximately $1,292,369.05. This represents a 6.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 4,000 shares of company stock valued at $183,060 in the last ninety days. Corporate insiders own 3.72% of the company’s stock.

Hedge Funds Weigh In On PROG

Several institutional investors have recently modified their holdings of PRG. Integrated Wealth Concepts LLC bought a new position in shares of PROG in the 2nd quarter valued at about $34,000. Allworth Financial LP grew its holdings in PROG by 61.9% in the 2nd quarter. Allworth Financial LP now owns 897 shares of the fintech holding company’s stock valued at $42,000 after buying an additional 343 shares in the last quarter. Ameritas Advisory Services LLC bought a new position in PROG during the second quarter worth about $44,000. Sterling Capital Management LLC grew its position in PROG by 99.2% during the third quarter. Sterling Capital Management LLC now owns 1,006 shares of the fintech holding company’s stock worth $31,000 after buying an additional 501 shares in the last quarter. Finally, Global Assets Advisory LLC acquired a new stake in PROG during the first quarter worth about $38,000. Institutional investors own 97.92% of the company’s stock.

PROG Stock Down 7.9%

The firm has a 50 day moving average of $34.47 and a two-hundred day moving average of $35.61. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 7.50 and a beta of 1.78.

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.