Summit Global Investments Boosts Holdings in PROG Holdings, Inc. (NYSE:PRG)

Summit Global Investments lifted its stake in PROG Holdings, Inc. (NYSE:PRG) by 31.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,562 shares of the company’s stock after buying an additional 10,782 shares during the period. Summit Global Investments’ holdings in PROG were worth $1,408,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Assenagon Asset Management S.A. grew its position in shares of PROG by 719.1% in the 4th quarter. Assenagon Asset Management S.A. now owns 178,859 shares of the company’s stock valued at $5,529,000 after buying an additional 157,024 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in PROG by 33.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 145,706 shares of the company’s stock worth $4,839,000 after purchasing an additional 36,776 shares during the last quarter. Victory Capital Management Inc. grew its position in PROG by 161.0% during the 3rd quarter. Victory Capital Management Inc. now owns 107,286 shares of the company’s stock worth $3,563,000 after purchasing an additional 66,185 shares during the last quarter. Illinois Municipal Retirement Fund purchased a new position in PROG during the 3rd quarter worth $921,000. Finally, Nomura Holdings Inc. grew its position in PROG by 621.5% during the 3rd quarter. Nomura Holdings Inc. now owns 144,294 shares of the company’s stock worth $4,792,000 after purchasing an additional 124,294 shares during the last quarter. 97.92% of the stock is owned by hedge funds and other institutional investors.

PROG Stock Performance

Shares of NYSE:PRG traded up $1.00 during midday trading on Friday, hitting $34.48. The stock had a trading volume of 215,844 shares, compared to its average volume of 311,430. The company has a market capitalization of $1.51 billion, a PE ratio of 14.07 and a beta of 2.06. The stock has a 50 day moving average price of $32.67 and a two-hundred day moving average price of $30.82. The company has a current ratio of 3.91, a quick ratio of 1.83 and a debt-to-equity ratio of 1.01. PROG Holdings, Inc. has a 1 year low of $26.39 and a 1 year high of $44.81.

PROG (NYSE:PRG) last issued its earnings results on Wednesday, April 24th. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.08. The business had revenue of $641.87 million for the quarter, compared to the consensus estimate of $632.24 million. PROG had a net margin of 4.71% and a return on equity of 26.67%. As a group, equities analysts predict that PROG Holdings, Inc. will post 3 earnings per share for the current fiscal year.

PROG Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.39%. The ex-dividend date was Wednesday, March 13th. PROG’s dividend payout ratio (DPR) is 19.59%.

Wall Street Analyst Weigh In

PRG has been the topic of several research reports. TD Cowen raised their price objective on shares of PROG from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Loop Capital raised their price objective on shares of PROG from $31.00 to $35.00 and gave the stock a “hold” rating in a research report on Thursday, April 25th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $39.60.

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.