Rip Road Capital Partners LP Sells 7,232 Shares of PROG Holdings, Inc. (NYSE:PRG)

Rip Road Capital Partners LP trimmed its holdings in shares of PROG Holdings, Inc. (NYSE:PRG) by 4.2% in the fourth quarter, Holdings Channel reports. The firm owned 166,276 shares of the company’s stock after selling 7,232 shares during the period. PROG comprises 5.9% of Rip Road Capital Partners LP’s investment portfolio, making the stock its 7th largest holding. Rip Road Capital Partners LP’s holdings in PROG were worth $7,027,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Summit Securities Group LLC purchased a new stake in shares of PROG in the 4th quarter valued at $38,000. Sterling Capital Management LLC grew its position in PROG by 765.6% in the 4th quarter. Sterling Capital Management LLC now owns 1,082 shares of the company’s stock valued at $46,000 after acquiring an additional 957 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in PROG by 141.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,208 shares of the company’s stock worth $51,000 after purchasing an additional 707 shares during the period. CIBC Private Wealth Group LLC increased its stake in PROG by 248.6% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,370 shares of the company’s stock worth $57,000 after purchasing an additional 977 shares during the period. Finally, New Age Alpha Advisors LLC acquired a new stake in shares of PROG during the fourth quarter worth about $68,000. 97.92% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PRG has been the subject of a number of research reports. Jefferies Financial Group cut shares of PROG from a “buy” rating to a “hold” rating and dropped their price objective for the company from $58.00 to $29.00 in a report on Wednesday, February 26th. Loop Capital decreased their price target on shares of PROG from $45.00 to $40.00 and set a “buy” rating for the company in a research report on Thursday, April 24th. Finally, KeyCorp cut their price objective on PROG from $50.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, April 24th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $44.83.

Insider Transactions at PROG

In related news, CFO Brian Garner purchased 3,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The shares were purchased at an average cost of $28.93 per share, for a total transaction of $101,255.00. Following the purchase, the chief financial officer now directly owns 132,597 shares of the company’s stock, valued at $3,836,031.21. The trade was a 2.71% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Caroline Sio-Chin Sheu purchased 1,650 shares of PROG stock in a transaction that occurred on Wednesday, February 26th. The stock was bought at an average cost of $28.01 per share, with a total value of $46,216.50. Following the completion of the transaction, the director now owns 18,291 shares of the company’s stock, valued at $512,330.91. The trade was a 9.92% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 29,150 shares of company stock valued at $852,692. 3.21% of the stock is currently owned by corporate insiders.

PROG Stock Down 0.1%

Shares of NYSE:PRG opened at $28.76 on Thursday. The company has a quick ratio of 2.34, a current ratio of 5.24 and a debt-to-equity ratio of 0.99. PROG Holdings, Inc. has a fifty-two week low of $23.50 and a fifty-two week high of $50.28. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of 6.33 and a beta of 1.81. The firm’s 50 day moving average price is $26.55 and its 200 day moving average price is $36.82.

PROG (NYSE:PRG) last released its quarterly earnings data on Wednesday, April 23rd. The company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.08. The business had revenue of $684.09 million during the quarter, compared to analysts’ expectations of $678.23 million. PROG had a net margin of 8.01% and a return on equity of 24.25%. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.91 EPS. As a group, equities research analysts predict that PROG Holdings, Inc. will post 3.45 earnings per share for the current fiscal year.

PROG Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 3rd. Shareholders of record on Tuesday, May 20th will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date is Tuesday, May 20th. PROG’s dividend payout ratio (DPR) is 10.66%.

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.