First Trust Advisors LP Raises Stake in PROG Holdings, Inc $PRG

First Trust Advisors LP increased its position in PROG Holdings, Inc (NYSE:PRG) by 588.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 840,029 shares of the fintech holding company’s stock after buying an additional 717,932 shares during the period. First Trust Advisors LP’s holdings in PROG were worth $24,100,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Quarry LP boosted its position in PROG by 82.8% during the fourth quarter. Quarry LP now owns 1,117 shares of the fintech holding company’s stock worth $33,000 after acquiring an additional 506 shares during the last quarter. Global Assets Advisory LLC acquired a new position in PROG in the 1st quarter valued at $38,000. Federation des caisses Desjardins du Quebec purchased a new position in shares of PROG during the 4th quarter worth $44,000. GAMMA Investing LLC lifted its stake in shares of PROG by 45.3% during the 4th quarter. GAMMA Investing LLC now owns 1,806 shares of the fintech holding company’s stock worth $53,000 after purchasing an additional 563 shares during the period. Finally, WealthCollab LLC boosted its holdings in shares of PROG by 61.9% during the second quarter. WealthCollab LLC now owns 2,092 shares of the fintech holding company’s stock worth $61,000 after purchasing an additional 800 shares during the last quarter. Hedge funds and other institutional investors own 97.92% of the company’s stock.

PROG Stock Performance

NYSE PRG opened at $45.07 on Wednesday. The firm has a market capitalization of $1.81 billion, a P/E ratio of 12.31 and a beta of 1.78. PROG Holdings, Inc has a 1-year low of $25.80 and a 1-year high of $47.73. The company has a debt-to-equity ratio of 1.21, a current ratio of 4.27 and a quick ratio of 2.41. The business’s 50-day simple moving average is $40.61 and its 200-day simple moving average is $35.22.

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

PROG Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Tuesday, May 19th were given a $0.14 dividend. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $0.56 annualized dividend and a dividend yield of 1.2%. PROG’s dividend payout ratio is presently 15.30%.

Analysts Set New Price Targets

Several research firms recently commented on PRG. Loop Capital lowered PROG from a “buy” rating to a “hold” rating and set a $48.00 target price for the company. in a research note on Wednesday, July 1st. Wall Street Zen downgraded shares of PROG from a “strong-buy” rating to a “buy” rating in a research note on Sunday, June 14th. TD Cowen boosted their target price on shares of PROG from $45.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Stephens upped their price target on shares of PROG from $40.00 to $47.50 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $45.00 price target on shares of PROG in a report on Thursday, April 30th. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, PROG has an average rating of “Moderate Buy” and an average target price of $47.36.

About PROG

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.