California State Teachers Retirement System Lowers Stock Holdings in PROG Holdings, Inc. (NYSE:PRG)

California State Teachers Retirement System lowered its position in PROG Holdings, Inc. (NYSE:PRG) by 3.1% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 39,466 shares of the company’s stock after selling 1,258 shares during the period. California State Teachers Retirement System owned about 0.10% of PROG worth $1,668,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of PRG. BNP Paribas Financial Markets bought a new position in shares of PROG in the fourth quarter worth about $4,577,000. Nuveen Asset Management LLC raised its stake in PROG by 5.6% during the 4th quarter. Nuveen Asset Management LLC now owns 354,918 shares of the company’s stock valued at $14,999,000 after purchasing an additional 18,843 shares during the period. Bank of America Corp DE lifted its holdings in PROG by 19.5% in the 4th quarter. Bank of America Corp DE now owns 144,466 shares of the company’s stock worth $6,105,000 after purchasing an additional 23,536 shares in the last quarter. Proficio Capital Partners LLC bought a new position in PROG in the 4th quarter worth approximately $527,000. Finally, Jefferies Financial Group Inc. bought a new position in PROG in the 4th quarter worth approximately $1,845,000. Hedge funds and other institutional investors own 97.92% of the company’s stock.

Insider Transactions at PROG

In other news, CFO Brian Garner purchased 3,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The shares were bought at an average cost of $28.93 per share, for a total transaction of $101,255.00. Following the acquisition, the chief financial officer now owns 132,597 shares of the company’s stock, valued at approximately $3,836,031.21. This trade represents a 2.71% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Steven A. Michaels acquired 14,000 shares of PROG stock in a transaction that occurred on Monday, May 12th. The stock was purchased at an average cost of $29.03 per share, for a total transaction of $406,420.00. Following the completion of the transaction, the chief executive officer now directly owns 559,641 shares in the company, valued at $16,246,378.23. This trade represents a 2.57% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 3.21% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on PRG. KeyCorp reduced their price objective on shares of PROG from $50.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, April 24th. Loop Capital cut their target price on shares of PROG from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday, April 24th. Finally, Jefferies Financial Group cut shares of PROG from a “buy” rating to a “hold” rating and decreased their price target for the stock from $58.00 to $29.00 in a research note on Wednesday, February 26th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, PROG currently has an average rating of “Buy” and a consensus target price of $44.83.

PROG Trading Up 0.1%

Shares of PRG opened at $29.09 on Monday. The company’s fifty day moving average is $27.27 and its 200 day moving average is $34.63. PROG Holdings, Inc. has a fifty-two week low of $23.50 and a fifty-two week high of $50.28. The stock has a market capitalization of $1.17 billion, a PE ratio of 6.41 and a beta of 1.79. 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 EPS for the quarter, beating 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 business had revenue of $684.09 million during the quarter, compared to analyst estimates of $678.23 million. During the same quarter last year, the business earned $0.91 earnings per share. PROG’s quarterly revenue was up 6.6% compared to the same quarter last year. Sell-side analysts expect that PROG Holdings, Inc. will post 3.45 earnings per share for the current fiscal year.

PROG Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 3rd. Stockholders of record on Tuesday, May 20th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.79%. The ex-dividend date of this dividend was Tuesday, May 20th. PROG’s payout ratio is 10.66%.

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.