PROG (NYSE:PRG) Raised to “Hold” at Zacks Investment Research

PROG (NYSE:PRGGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Saturday, Zacks.com reports.

According to Zacks, “PROG Holdings Inc. is a provider of lease-purchase solutions through e-commerce merchants. The Company also operates Vive Financial, a provider of a variety of second-look credit products. PROG Holdings Inc., formerly known as The Aaron’s Company Inc., is headquartered in Salt Lake City. “

Other analysts have also recently issued reports about the stock. TheStreet cut shares of PROG from a “b-” rating to a “c+” rating in a research note on Monday, February 7th. KeyCorp reduced their price objective on shares of PROG from $64.00 to $55.00 and set an “overweight” rating for the company in a research note on Thursday, February 24th. Finally, Raymond James reduced their price objective on shares of PROG from $55.00 to $42.00 and set an “outperform” rating for the company in a research note on Thursday, February 24th. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $51.33.

Shares of PRG stock opened at $26.47 on Friday. PROG has a 12 month low of $24.38 and a 12 month high of $56.73. The stock has a market cap of $1.46 billion, a P/E ratio of 7.29, a P/E/G ratio of 1.41 and a beta of 1.96. The company has a current ratio of 3.46, a quick ratio of 1.28 and a debt-to-equity ratio of 0.87. The company has a 50 day simple moving average of $28.62 and a two-hundred day simple moving average of $38.25.

PROG (NYSE:PRGGet Rating) last announced its earnings results on Wednesday, April 27th. The company reported $0.57 EPS for the quarter, missing the Zacks’ consensus estimate of $0.76 by ($0.19). The business had revenue of $710.46 million for the quarter, compared to analysts’ expectations of $719.20 million. PROG had a net margin of 9.10% and a return on equity of 27.16%. The firm’s quarterly revenue was down 1.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.22 earnings per share. As a group, equities analysts forecast that PROG will post 3.47 earnings per share for the current year.

Hedge funds have recently added to or reduced their stakes in the business. Life Planning Partners Inc bought a new position in PROG during the fourth quarter valued at $31,000. Point72 Hong Kong Ltd bought a new position in PROG during the third quarter valued at $39,000. Quadrant Capital Group LLC lifted its position in PROG by 298.4% during the fourth quarter. Quadrant Capital Group LLC now owns 1,255 shares of the company’s stock valued at $57,000 after purchasing an additional 940 shares during the last quarter. JJJ Advisors Inc. lifted its position in PROG by 35.2% during the fourth quarter. JJJ Advisors Inc. now owns 1,499 shares of the company’s stock valued at $68,000 after purchasing an additional 390 shares during the last quarter. Finally, Okabena Investment Services Inc. bought a new position in PROG during the fourth quarter valued at $114,000. Institutional investors and hedge funds own 92.19% of the company’s stock.

PROG Company Profile (Get Rating)

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.

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