Allspring Global Investments Holdings LLC Lowers Position in PROG Holdings, Inc. (NYSE:PRG)

Allspring Global Investments Holdings LLC lessened its stake in shares of PROG Holdings, Inc. (NYSE:PRG) by 16.8% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 121,230 shares of the company’s stock after selling 24,476 shares during the period. Allspring Global Investments Holdings LLC’s holdings in PROG were worth $3,747,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Blue Trust Inc. purchased a new position in shares of PROG during the 4th quarter valued at about $27,000. Lazard Asset Management LLC purchased a new position in PROG during the fourth quarter valued at approximately $30,000. BluePath Capital Management LLC purchased a new position in PROG during the third quarter valued at approximately $31,000. Acadian Asset Management LLC purchased a new stake in shares of PROG in the third quarter worth $33,000. Finally, Tower Research Capital LLC TRC raised its position in shares of PROG by 83.0% during the 3rd quarter. Tower Research Capital LLC TRC now owns 3,836 shares of the company’s stock valued at $57,000 after purchasing an additional 1,740 shares during the period. Hedge funds and other institutional investors own 97.92% of the company’s stock.

PROG Stock Performance

Shares of NYSE PRG opened at $32.00 on Friday. The company has a market cap of $1.40 billion, a P/E ratio of 10.81 and a beta of 2.08. PROG Holdings, Inc. has a 52-week low of $24.28 and a 52-week high of $44.81. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.49 and a current ratio of 3.66. The firm’s fifty day moving average is $32.21 and its two-hundred day moving average is $30.60.

PROG (NYSE:PRG) last issued its quarterly earnings data on Wednesday, February 21st. The company reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.05. The firm had revenue of $577.40 million during the quarter, compared to analyst estimates of $568.35 million. PROG had a return on equity of 28.83% and a net margin of 5.77%. The business’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.84 earnings per share. As a group, analysts anticipate that PROG Holdings, Inc. will post 2.83 EPS for the current fiscal year.

PROG Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date was Wednesday, March 13th. PROG’s payout ratio is 16.22%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on PRG shares. TD Cowen started coverage on shares of PROG in a report on Friday, March 8th. They issued an “outperform” rating and a $37.00 target price for the company. Stephens upgraded PROG from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, January 2nd. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $39.60.

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.