PROG (NYSE:PRG) Shares Up 7.8% – Here’s What Happened

Shares of PROG Holdings, Inc (NYSE:PRG) shot up 7.8% during trading on Wednesday . The company traded as high as $37.78 and last traded at $37.6350. 75,850 shares traded hands during trading, a decline of 85% from the average session volume of 499,468 shares. The stock had previously closed at $34.90.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PRG. Zacks Research raised PROG from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. B. Riley Financial reissued a “buy” rating on shares of PROG in a research note on Thursday, April 30th. Wall Street Zen raised PROG from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Raymond James Financial reissued an “outperform” rating and set a $45.00 price target on shares of PROG in a research note on Thursday, April 30th. Finally, TD Cowen lifted their price target on PROG from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, PROG presently has an average rating of “Moderate Buy” and an average target price of $43.70.

PROG Stock Performance

The stock has a 50 day moving average of $31.67 and a 200 day moving average of $31.52. The company has a quick ratio of 2.41, a current ratio of 4.27 and a debt-to-equity ratio of 1.21. The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of 10.15 and a beta of 1.83.

PROG (NYSE:PRG) last posted its quarterly earnings data on Wednesday, April 29th. The fintech holding company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.46. The company had revenue of $742.67 million for the quarter, compared to analyst estimates of $732.70 million. PROG had a return on equity of 21.94% and a net margin of 5.88%.The firm’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.90 earnings per share. PROG has set its Q2 2026 guidance at 1.050-1.050 EPS. As a group, analysts predict that PROG Holdings, Inc will post 4.7 EPS for the current year.

PROG Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 2nd. Investors of record on Tuesday, May 19th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Tuesday, May 19th. PROG’s payout ratio is currently 15.30%.

Hedge Funds Weigh In On PROG

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. lifted its stake in shares of PROG by 436.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,824,091 shares of the fintech holding company’s stock worth $53,792,000 after acquiring an additional 1,483,751 shares during the period. State Street Corp lifted its stake in shares of PROG by 5.6% in the fourth quarter. State Street Corp now owns 1,679,355 shares of the fintech holding company’s stock worth $49,524,000 after acquiring an additional 89,035 shares during the period. Allianz Asset Management GmbH lifted its stake in shares of PROG by 18.9% in the third quarter. Allianz Asset Management GmbH now owns 1,187,509 shares of the fintech holding company’s stock worth $38,428,000 after acquiring an additional 188,835 shares during the period. LSV Asset Management lifted its stake in PROG by 37.7% in the fourth quarter. LSV Asset Management now owns 1,159,874 shares of the fintech holding company’s stock valued at $34,205,000 after buying an additional 317,600 shares during the period. Finally, First Trust Advisors LP lifted its stake in PROG by 588.0% in the first quarter. First Trust Advisors LP now owns 840,029 shares of the fintech holding company’s stock valued at $24,100,000 after buying an additional 717,932 shares during the period. 97.92% of the stock is owned by institutional investors and hedge funds.

PROG Company Profile

PROG Holdings, Inc, formerly known as Aaron’s, is a North American provider of lease-to-own and consumer finance solutions. The company operates through two primary segments: Aaron’s Business Solutions and Progressive Financial Services. Through Aaron’s Business Solutions, PROG offers customers access to furniture, electronics, home appliances and technology products via lease ownership arrangements, serving both individual consumers and small businesses.

The Progressive Financial Services segment provides lease-purchase and retail point-of-sale financing programs to customers with limited credit histories.