Envestnet Asset Management Inc. Buys 6,350 Shares of PROG Holdings, Inc. (NYSE:PRG)

Envestnet Asset Management Inc. boosted its holdings in shares of PROG Holdings, Inc. (NYSE:PRG) by 38.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,028 shares of the company’s stock after buying an additional 6,350 shares during the period. Envestnet Asset Management Inc. owned approximately 0.06% of PROG worth $973,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Breach Inlet Capital Management LLC grew its stake in PROG by 53.9% in the 4th quarter. Breach Inlet Capital Management LLC now owns 292,390 shares of the company’s stock valued at $12,356,000 after purchasing an additional 102,343 shares during the period. Wells Fargo & Company MN increased its holdings in shares of PROG by 24.8% in the fourth quarter. Wells Fargo & Company MN now owns 34,553 shares of the company’s stock worth $1,460,000 after purchasing an additional 6,860 shares during the period. Integrated Quantitative Investments LLC purchased a new position in shares of PROG during the fourth quarter worth about $1,333,000. Alliancebernstein L.P. raised its position in shares of PROG by 16.5% during the 4th quarter. Alliancebernstein L.P. now owns 120,313 shares of the company’s stock valued at $5,084,000 after buying an additional 17,011 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its position in shares of PROG by 28.3% during the 4th quarter. Meeder Asset Management Inc. now owns 13,398 shares of the company’s stock valued at $566,000 after purchasing an additional 2,954 shares during the last quarter. 97.92% of the stock is owned by hedge funds and other institutional investors.

PROG Trading Up 1.1 %

Shares of NYSE:PRG opened at $26.65 on Friday. The stock’s 50-day simple moving average is $26.60 and its two-hundred day simple moving average is $37.98. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.34 and a current ratio of 5.24. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of 5.87 and a beta of 1.96. PROG Holdings, Inc. has a 52-week low of $23.50 and a 52-week high of $50.28.

PROG (NYSE:PRG) last released its earnings results on Wednesday, April 23rd. The company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.08. PROG had a net margin of 8.01% and a return on equity of 24.25%. The company had revenue of $684.09 million during the quarter, compared to analyst estimates of $678.23 million. During the same period in the prior year, the firm posted $0.91 EPS. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. Analysts expect that PROG Holdings, Inc. will post 3.45 EPS for the current year.

PROG Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Investors of record on Thursday, March 13th were given a dividend of $0.13 per share. This is a positive change from PROG’s previous quarterly dividend of $0.12. The ex-dividend date was Thursday, March 13th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.95%. PROG’s dividend payout ratio is currently 10.66%.

Insider Buying and Selling

In other news, Director Caroline Sio-Chin Sheu bought 1,650 shares of the stock in a transaction dated Wednesday, February 26th. The stock was purchased at an average price of $28.01 per share, for a total transaction of $46,216.50. Following the acquisition, the director now owns 18,291 shares of the company’s stock, valued at $512,330.91. The trade was a 9.92 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 shares were acquired at an average cost of $29.88 per share, with a total value of $298,800.00. Following the completion of the purchase, the director now directly owns 45,913 shares in the company, valued at $1,371,880.44. The trade was a 27.85 % increase in their position. The disclosure for this purchase can be found here. 3.21% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on PRG shares. KeyCorp reduced their price objective on PROG from $50.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, April 24th. Loop Capital dropped their price target on PROG from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th. Stephens reissued an “overweight” rating and issued a $60.00 price target on shares of PROG in a research report on Thursday, January 2nd. Finally, Jefferies Financial Group cut shares of PROG from a “buy” rating to a “hold” rating and decreased their target price for the stock from $58.00 to $29.00 in a report on Wednesday, February 26th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $44.83.

PROG Company 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.