Arrowstreet Capital Limited Partnership Has $23.77 Million Holdings in PROG Holdings, Inc. (NYSE:PRG)

Arrowstreet Capital Limited Partnership increased its stake in shares of PROG Holdings, Inc. (NYSE:PRG) by 1.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 562,539 shares of the company’s stock after acquiring an additional 9,162 shares during the period. Arrowstreet Capital Limited Partnership owned 1.35% of PROG worth $23,773,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. LPL Financial LLC raised its stake in PROG by 2.4% during the 4th quarter. LPL Financial LLC now owns 19,719 shares of the company’s stock valued at $833,000 after purchasing an additional 458 shares during the last quarter. HB Wealth Management LLC lifted its position in PROG by 4.1% in the fourth quarter. HB Wealth Management LLC now owns 16,176 shares of the company’s stock worth $684,000 after purchasing an additional 631 shares during the period. Wedge Capital Management L L P NC boosted its stake in PROG by 0.9% during the fourth quarter. Wedge Capital Management L L P NC now owns 74,075 shares of the company’s stock worth $3,130,000 after buying an additional 658 shares in the last quarter. KBC Group NV increased its holdings in PROG by 53.9% in the 4th quarter. KBC Group NV now owns 2,015 shares of the company’s stock valued at $85,000 after buying an additional 706 shares during the period. Finally, Smartleaf Asset Management LLC raised its stake in shares of PROG by 141.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,208 shares of the company’s stock valued at $51,000 after buying an additional 707 shares in the last quarter. Institutional investors and hedge funds own 97.92% of the company’s stock.

PROG Stock Performance

Shares of NYSE:PRG opened at $25.80 on Friday. The business has a fifty day moving average of $33.07 and a 200-day moving average of $41.32. 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 Holdings, Inc. has a twelve month low of $25.24 and a twelve month high of $50.28. The firm has a market cap of $1.05 billion, a PE ratio of 5.68 and a beta of 2.14.

PROG (NYSE:PRG) last announced its earnings results on Wednesday, February 19th. The company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.03. PROG had a net margin of 8.01% and a return on equity of 24.25%. The company had revenue of $623.30 million during the quarter, compared to the consensus estimate of $612.67 million. During the same period in the previous year, the firm posted $0.72 earnings per share. The company’s revenue was up 7.9% on a year-over-year basis. On average, equities research analysts predict that PROG Holdings, Inc. will post 3.45 EPS for the current fiscal year.

PROG Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Thursday, March 13th were issued a dividend of $0.13 per share. This is an increase from PROG’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $0.52 annualized dividend and a yield of 2.02%. PROG’s dividend payout ratio is currently 10.57%.

Insider Buying and Selling at PROG

In other PROG news, Director Caroline Sio-Chin Sheu bought 1,650 shares of PROG stock in a transaction dated Wednesday, February 26th. The shares were bought at an average price of $28.01 per share, with a total value of $46,216.50. Following the purchase, the director now owns 18,291 shares of the company’s stock, valued at $512,330.91. This trade represents a 9.92 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Douglas C. Curling purchased 10,000 shares of the stock in a transaction dated Friday, February 21st. The shares were acquired at an average price of $29.88 per share, with a total value of $298,800.00. Following the transaction, the director now owns 45,913 shares in the company, valued at $1,371,880.44. This trade represents a 27.85 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 2.74% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on PRG shares. Jefferies Financial Group cut shares of PROG from a “buy” rating to a “hold” rating and lowered their target price for the company from $58.00 to $29.00 in a research note on Wednesday, February 26th. Stephens reiterated an “overweight” rating and issued a $60.00 price objective on shares of PROG in a research note on Thursday, January 2nd. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $49.00.

About PROG

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.