Vident Advisory LLC Has $844,000 Stock Position in PROG Holdings, Inc. (NYSE:PRG)

Vident Advisory LLC lowered its stake in PROG Holdings, Inc. (NYSE:PRG) by 9.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 19,964 shares of the company’s stock after selling 2,001 shares during the period. Vident Advisory LLC’s holdings in PROG were worth $844,000 as of its most recent filing with the SEC.

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

Wall Street Analysts Forecast Growth

PRG has been the topic of a number of research reports. KeyCorp decreased their price target on shares of 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 decreased their target price on shares of PROG from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th. Finally, Jefferies Financial Group lowered 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 research report on Wednesday, February 26th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $44.83.

PROG Stock Performance

NYSE PRG opened at $28.29 on Friday. The company has a current ratio of 5.24, a quick ratio of 2.34 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of 6.23 and a beta of 1.81. The firm’s 50 day simple moving average is $26.93 and its 200 day simple moving average is $36.02. PROG Holdings, Inc. has a 1 year low of $23.50 and a 1 year high of $50.28.

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

PROG Dividend Announcement

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

Insider Activity at PROG

In related news, CEO Steven A. Michaels acquired 14,000 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The stock was acquired at an average price of $29.03 per share, with a total value of $406,420.00. Following the purchase, the chief executive officer now directly owns 559,641 shares in the company, valued at approximately $16,246,378.23. This trade represents a 2.57% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Caroline Sio-Chin Sheu acquired 1,650 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The stock was bought at an average cost of $28.01 per share, with a total value of $46,216.50. Following the purchase, the director now owns 18,291 shares in the company, valued at $512,330.91. The trade was a 9.92% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 19,150 shares of company stock valued at $553,892 in the last quarter. Insiders own 3.21% of the company’s stock.

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.