Wedge Capital Management L L P NC Has $3.37 Million Stake in PROG Holdings, Inc. (NYSE:PRG)

Wedge Capital Management L L P NC lowered its stake in shares of PROG Holdings, Inc. (NYSE:PRG) by 20.1% during the second quarter, HoldingsChannel reports. The institutional investor owned 97,113 shares of the company’s stock after selling 24,401 shares during the quarter. Wedge Capital Management L L P NC’s holdings in PROG were worth $3,368,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale bought a new stake in shares of PROG during the 1st quarter valued at $59,000. Diversified Trust Co lifted its position in PROG by 8.4% during the second quarter. Diversified Trust Co now owns 7,329 shares of the company’s stock worth $254,000 after purchasing an additional 569 shares during the period. Inspire Advisors LLC bought a new stake in PROG during the first quarter worth about $256,000. ProShare Advisors LLC grew its stake in PROG by 7.3% during the first quarter. ProShare Advisors LLC now owns 8,943 shares of the company’s stock worth $308,000 after buying an additional 612 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new position in PROG in the 4th quarter valued at about $363,000. Institutional investors own 97.92% of the company’s stock.

PROG Price Performance

NYSE:PRG traded up $1.68 on Thursday, hitting $43.30. The company had a trading volume of 565,504 shares, compared to its average volume of 409,439. The firm has a 50 day moving average of $37.12 and a two-hundred day moving average of $34.60. The stock has a market capitalization of $1.87 billion, a price-to-earnings ratio of 17.67 and a beta of 2.09. PROG Holdings, Inc. has a 52 week low of $26.39 and a 52 week high of $46.40. The company has a current ratio of 3.87, a quick ratio of 1.80 and a debt-to-equity ratio of 1.02.

PROG (NYSE:PRG) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.22. The company had revenue of $592.16 million during the quarter, compared to analysts’ expectations of $573.23 million. PROG had a return on equity of 26.30% and a net margin of 4.57%. PROG’s revenue was down .1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.92 EPS. On average, research analysts anticipate that PROG Holdings, Inc. will post 3.34 earnings per share for the current year.

PROG Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Tuesday, August 20th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.11%. The ex-dividend date of this dividend is Tuesday, August 20th. PROG’s dividend payout ratio (DPR) is currently 19.59%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PRG. KeyCorp upped their price target on shares of PROG from $44.00 to $46.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. TD Cowen upped their target price on PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Loop Capital lifted their price target on PROG from $35.00 to $41.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. Finally, BTIG Research initiated coverage on PROG in a report on Friday, June 7th. They set a “neutral” rating for the company. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $42.60.

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.