Geode Capital Management LLC Cuts Stock Holdings in PROG Holdings, Inc. (NYSE:PRG)

Geode Capital Management LLC lessened its holdings in PROG Holdings, Inc. (NYSE:PRG) by 1.5% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 961,953 shares of the company’s stock after selling 14,245 shares during the period. Geode Capital Management LLC owned about 2.32% of PROG worth $46,654,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. FMR LLC boosted its position in PROG by 1.3% during the 3rd quarter. FMR LLC now owns 2,430,318 shares of the company’s stock valued at $117,846,000 after acquiring an additional 30,030 shares in the last quarter. State Street Corp increased its position in shares of PROG by 6.9% during the third quarter. State Street Corp now owns 1,776,377 shares of the company’s stock worth $86,137,000 after purchasing an additional 114,498 shares in the last quarter. D. E. Shaw & Co. Inc. boosted its position in shares of PROG by 0.8% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 896,075 shares of the company’s stock worth $31,076,000 after purchasing an additional 6,803 shares in the last quarter. American Century Companies Inc. grew its stake in PROG by 14.1% during the 2nd quarter. American Century Companies Inc. now owns 684,705 shares of the company’s stock worth $23,746,000 after buying an additional 84,497 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in PROG by 1.6% during the 3rd quarter. Wellington Management Group LLP now owns 414,305 shares of the company’s stock valued at $20,090,000 after buying an additional 6,517 shares in the last quarter. 97.92% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PRG has been the topic of a number of research analyst reports. KeyCorp boosted their price target on PROG from $46.00 to $55.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Jefferies Financial Group lifted their price target on PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Stephens assumed coverage on shares of PROG in a report on Wednesday, November 13th. They issued an “overweight” rating and a $60.00 price target on the stock. TD Cowen upgraded shares of PROG to a “strong-buy” rating in a research note on Friday, November 29th. Finally, Raymond James raised shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 target price for the company in a report on Thursday, October 24th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, PROG presently has a consensus rating of “Buy” and an average price target of $53.83.

Insider Activity at PROG

In related news, CFO Brian Garner sold 15,484 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $48.27, for a total transaction of $747,412.68. Following the completion of the sale, the chief financial officer now directly owns 92,236 shares in the company, valued at approximately $4,452,231.72. The trade was a 14.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steven A. Michaels sold 27,324 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $47.19, for a total transaction of $1,289,419.56. Following the completion of the sale, the chief executive officer now owns 409,209 shares of the company’s stock, valued at $19,310,572.71. This trade represents a 6.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 119,207 shares of company stock valued at $5,759,152. 2.74% of the stock is owned by company insiders.

PROG Price Performance

Shares of NYSE PRG opened at $41.73 on Tuesday. PROG Holdings, Inc. has a 12 month low of $27.84 and a 12 month high of $50.28. The company has a debt-to-equity ratio of 0.94, a current ratio of 4.97 and a quick ratio of 2.34. The firm’s 50 day simple moving average is $46.46 and its 200-day simple moving average is $43.25. The stock has a market capitalization of $1.73 billion, a price-to-earnings ratio of 11.56 and a beta of 2.15.

PROG (NYSE:PRG) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.01. The firm had revenue of $606.10 million during the quarter, compared to analyst estimates of $601.86 million. PROG had a return on equity of 24.56% and a net margin of 6.55%. PROG’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.90 EPS. Analysts expect that PROG Holdings, Inc. will post 3.36 EPS for the current year.

PROG Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 3rd. Stockholders of record on Tuesday, November 19th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, November 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.15%. PROG’s dividend payout ratio (DPR) is 13.30%.

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.