PROG (NYSE:PRG) Trading 5.9% Higher After Earnings Beat

Shares of PROG Holdings, Inc. (NYSE:PRG) were up 5.9% on Wednesday following a stronger than expected earnings report. The company traded as high as $36.00 and last traded at $34.70. Approximately 119,711 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 390,350 shares. The stock had previously closed at $32.77.

The company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.08. The business had revenue of $641.87 million for the quarter, compared to analyst estimates of $632.24 million. PROG had a return on equity of 26.67% and a net margin of 4.71%.

PROG Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were issued a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $0.48 annualized dividend and a dividend yield of 1.41%. PROG’s dividend payout ratio is presently 19.59%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Loop Capital raised their target price on PROG from $31.00 to $35.00 and gave the stock a “hold” rating in a research note on Thursday. Stephens upgraded PROG from an “equal weight” rating to an “overweight” rating in a report on Tuesday, January 2nd. Finally, TD Cowen lifted their target price on PROG from $38.00 to $40.00 and gave the company a “buy” rating in a report on Thursday. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, PROG presently has an average rating of “Moderate Buy” and a consensus target price of $39.60.

Hedge Funds Weigh In On PROG

Several hedge funds have recently bought and sold shares of the company. AE Wealth Management LLC acquired a new stake in PROG during the 3rd quarter valued at $443,000. SG Americas Securities LLC purchased a new position in shares of PROG in the 3rd quarter worth $1,901,000. Counterpoint Mutual Funds LLC raised its position in shares of PROG by 19.0% in the 3rd quarter. Counterpoint Mutual Funds LLC now owns 3,572 shares of the company’s stock worth $119,000 after buying an additional 570 shares during the period. Robeco Institutional Asset Management B.V. raised its position in shares of PROG by 152.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 63,390 shares of the company’s stock worth $2,105,000 after buying an additional 38,244 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of PROG by 27.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,310 shares of the company’s stock worth $309,000 after buying an additional 2,020 shares during the period. 97.92% of the stock is owned by hedge funds and other institutional investors.

PROG Stock Down 2.7 %

The company has a market capitalization of $1.48 billion, a PE ratio of 13.87 and a beta of 2.08. The company has a debt-to-equity ratio of 1.01, a current ratio of 3.91 and a quick ratio of 1.49. The firm has a 50-day simple moving average of $32.36 and a 200 day simple moving average of $30.72.

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.