Nuveen Asset Management LLC Boosts Stock Position in PROG Holdings, Inc. (NYSE:PRG)

Nuveen Asset Management LLC lifted its position in PROG Holdings, Inc. (NYSE:PRG) by 5.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 354,918 shares of the company’s stock after buying an additional 18,843 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.85% of PROG worth $14,999,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in PROG by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 4,937,208 shares of the company’s stock worth $208,646,000 after purchasing an additional 76,810 shares during the period. FMR LLC increased its holdings in PROG by 5.5% during the 4th quarter. FMR LLC now owns 2,564,441 shares of the company’s stock worth $108,373,000 after purchasing an additional 134,123 shares during the period. Allianz Asset Management GmbH increased its holdings in PROG by 36.8% during the 4th quarter. Allianz Asset Management GmbH now owns 779,716 shares of the company’s stock worth $32,951,000 after purchasing an additional 209,805 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in PROG by 1.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 562,539 shares of the company’s stock worth $23,773,000 after purchasing an additional 9,162 shares during the period. Finally, Northern Trust Corp increased its holdings in PROG by 7.0% during the 4th quarter. Northern Trust Corp now owns 517,984 shares of the company’s stock worth $21,890,000 after purchasing an additional 33,991 shares during the period. Hedge funds and other institutional investors own 97.92% of the company’s stock.

Insider Buying and Selling

In related news, CEO Steven A. Michaels acquired 14,000 shares of the firm’s stock in a transaction on Monday, May 12th. The stock was bought at an average cost of $29.03 per share, with a total value of $406,420.00. Following the transaction, the chief executive officer now owns 559,641 shares of the company’s stock, valued at $16,246,378.23. The trade was a 2.57% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Brian Garner acquired 3,500 shares of the firm’s stock in a transaction on Tuesday, May 13th. The shares were bought at an average cost of $28.93 per share, with a total value of $101,255.00. Following the completion of the transaction, the chief financial officer now directly owns 132,597 shares in the company, valued at $3,836,031.21. This trade represents a 2.71% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 19,150 shares of company stock worth $553,892 in the last quarter. 3.21% of the stock is owned by insiders.

PROG Trading Down 1.3%

NYSE:PRG opened at $28.29 on Monday. The stock has a 50-day simple moving average of $26.93 and a 200-day simple moving average of $35.94. The stock has a market cap of $1.14 billion, a P/E ratio of 6.23 and a beta of 1.81. PROG Holdings, Inc. has a 1 year low of $23.50 and a 1 year high of $50.28. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.34 and a current ratio of 5.24.

PROG (NYSE:PRG) last released its quarterly earnings data 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. The business had revenue of $684.09 million during the quarter, compared to analysts’ expectations of $678.23 million. PROG had a return on equity of 24.25% and a net margin of 8.01%. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.91 EPS. As a group, analysts anticipate that PROG Holdings, Inc. will post 3.45 earnings per share for the current fiscal year.

PROG Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 3rd. Investors of record on Tuesday, May 20th will be paid a dividend of $0.13 per share. The ex-dividend date is Tuesday, May 20th. This represents a $0.52 dividend on an annualized basis and a yield of 1.84%. PROG’s dividend payout ratio is presently 10.66%.

Analyst Upgrades and Downgrades

PRG has been the topic of several recent research reports. Loop Capital cut their price target on PROG from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Thursday, April 24th. KeyCorp cut their price target on PROG from $50.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, April 24th. Finally, Jefferies Financial Group downgraded PROG from a “buy” rating to a “hold” rating and cut their price target for the stock from $58.00 to $29.00 in a report on Wednesday, February 26th. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, PROG currently has an average rating of “Moderate Buy” and an average target price of $44.83.

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.