Geode Capital Management LLC Has $39.82 Million Holdings in PROG Holdings, Inc. (NYSE:PRG)

Geode Capital Management LLC decreased its position in PROG Holdings, Inc. (NYSE:PRG) by 2.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 942,042 shares of the company’s stock after selling 19,911 shares during the quarter. Geode Capital Management LLC owned 2.27% of PROG worth $39,821,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Summit Securities Group LLC bought a new position in shares of PROG during the 4th quarter worth approximately $38,000. Smartleaf Asset Management LLC boosted its holdings in PROG by 141.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,208 shares of the company’s stock worth $51,000 after purchasing an additional 707 shares during the last quarter. CIBC Private Wealth Group LLC grew its position in PROG by 248.6% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,370 shares of the company’s stock valued at $57,000 after purchasing an additional 977 shares in the last quarter. New Age Alpha Advisors LLC acquired a new stake in PROG in the 4th quarter valued at $68,000. Finally, KBC Group NV lifted its position in PROG by 53.9% during the 4th quarter. KBC Group NV now owns 2,015 shares of the company’s stock worth $85,000 after buying an additional 706 shares in the last quarter. 97.92% of the stock is currently owned by institutional investors.

PROG Stock Up 0.7 %

PRG opened at $25.68 on Wednesday. The stock’s fifty day simple moving average is $29.59 and its 200 day simple moving average is $39.72. PROG Holdings, Inc. has a 1-year low of $23.50 and a 1-year high of $50.28. The stock has a market cap of $1.05 billion, a PE ratio of 5.66 and a beta of 1.96. The company has a current ratio of 5.24, a quick ratio of 2.34 and a debt-to-equity ratio of 0.99.

PROG (NYSE:PRG) last issued its quarterly earnings data on Wednesday, February 19th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.03. The company had revenue of $623.30 million for the quarter, compared to analyst estimates of $612.67 million. PROG had a net margin of 8.01% and a return on equity of 24.25%. The company’s revenue was up 7.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.72 earnings per share. As a group, research analysts expect that PROG Holdings, Inc. will post 3.45 earnings per share for the current year.

PROG Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Investors of record on Thursday, March 13th were issued a dividend of $0.13 per share. This is a boost from PROG’s previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend was Thursday, March 13th. PROG’s dividend payout ratio (DPR) is presently 10.57%.

Analyst Ratings Changes

Several research firms recently issued reports on PRG. Stephens reiterated an “overweight” rating and set a $60.00 target price on shares of PROG in a report on Thursday, January 2nd. Jefferies Financial Group cut PROG from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $58.00 to $29.00 in a research note on Wednesday, February 26th. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.00.

Insider Activity at PROG

In related news, Director Caroline Sio-Chin Sheu acquired 1,650 shares of the company’s stock in a transaction on Wednesday, February 26th. The stock was purchased at an average cost of $28.01 per share, with a total value of $46,216.50. Following the acquisition, the director now directly owns 18,291 shares of the company’s stock, valued at approximately $512,330.91. The trade was a 9.92 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Douglas C. Curling purchased 10,000 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The stock was bought at an average price of $29.88 per share, for a total transaction of $298,800.00. Following the transaction, the director now directly owns 45,913 shares of the company’s stock, valued at $1,371,880.44. This trade represents a 27.85 % increase in their position. The disclosure for this purchase can be found here. 2.74% of the stock is currently owned by corporate insiders.

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.