Wellington Management Group LLP Has $20.09 Million Stock Holdings in PROG Holdings, Inc. (NYSE:PRG)

Wellington Management Group LLP increased its stake in shares of PROG Holdings, Inc. (NYSE:PRG) by 1.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 414,305 shares of the company’s stock after purchasing an additional 6,517 shares during the quarter. Wellington Management Group LLP owned approximately 1.00% of PROG worth $20,090,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. SG Americas Securities LLC increased its position in PROG by 954.5% in the 2nd quarter. SG Americas Securities LLC now owns 50,574 shares of the company’s stock valued at $1,754,000 after acquiring an additional 45,778 shares during the period. Diversified Trust Co increased its position in PROG by 8.4% in the 2nd quarter. Diversified Trust Co now owns 7,329 shares of the company’s stock valued at $254,000 after acquiring an additional 569 shares during the period. Blue Trust Inc. increased its position in PROG by 2,015.1% in the 2nd quarter. Blue Trust Inc. now owns 1,967 shares of the company’s stock valued at $68,000 after acquiring an additional 1,874 shares during the period. Ceredex Value Advisors LLC increased its position in PROG by 1.3% in the 2nd quarter. Ceredex Value Advisors LLC now owns 291,550 shares of the company’s stock valued at $10,111,000 after acquiring an additional 3,750 shares during the period. Finally, Legato Capital Management LLC increased its position in PROG by 16.6% in the 2nd quarter. Legato Capital Management LLC now owns 30,236 shares of the company’s stock valued at $1,049,000 after acquiring an additional 4,302 shares during the period. 97.92% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PRG. Loop Capital upgraded shares of PROG from a “hold” rating to a “buy” rating and upped their price target for the company from $41.00 to $55.00 in a research report on Monday, August 19th. Jefferies Financial Group upped their price objective on shares of PROG from $50.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. Stephens initiated coverage on shares of PROG in a research note on Wednesday, November 13th. They issued an “overweight” rating and a $60.00 price objective on the stock. KeyCorp upped their price objective on shares of PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Finally, TD Cowen raised shares of PROG to a “strong-buy” rating in a research note on Friday, November 29th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, PROG has an average rating of “Buy” and a consensus price target of $53.83.

PROG Trading Down 6.3 %

NYSE:PRG opened at $44.13 on Friday. The company has a current ratio of 4.97, a quick ratio of 2.34 and a debt-to-equity ratio of 0.94. The stock has a market capitalization of $1.83 billion, a price-to-earnings ratio of 12.22 and a beta of 2.15. The firm has a fifty day simple moving average of $46.96 and a two-hundred day simple moving average of $42.94. PROG Holdings, Inc. has a 12 month low of $27.84 and a 12 month high of $50.28.

PROG (NYSE:PRG) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.01. PROG had a net margin of 6.55% and a return on equity of 24.56%. The firm had revenue of $606.10 million during the quarter, compared to analysts’ expectations of $601.86 million. During the same period last year, the company earned $0.90 earnings per share. The business’s revenue was up 4.0% on a year-over-year basis. Analysts expect that PROG Holdings, Inc. will post 3.36 EPS for the current fiscal year.

PROG Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 3rd. Stockholders of record on Tuesday, November 19th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.09%. The ex-dividend date was Tuesday, November 19th. PROG’s dividend payout ratio (DPR) is currently 13.30%.

Insider Activity

In related news, CFO Brian Garner sold 5,000 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $49.29, for a total transaction of $246,450.00. Following the completion of the sale, the chief financial officer now directly owns 107,720 shares in the company, valued at $5,309,518.80. This represents a 4.44 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Steven A. Michaels sold 27,324 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $47.19, for a total transaction of $1,289,419.56. Following the completion of the transaction, the chief executive officer now owns 409,209 shares of the company’s stock, valued at $19,310,572.71. This trade represents a 6.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 119,207 shares of company stock valued at $5,759,152 over the last quarter. Company insiders own 2.74% of the company’s stock.

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.