PROG (NYSE:PRG) Lowered to Market Perform at Raymond James

PROG (NYSE:PRG – Get Rating) was downgraded by research analysts at Raymond James from an “outperform” rating to a “market perform” rating in a note issued to investors on Friday, The Fly reports.

Separately, KeyCorp dropped their price target on PROG from $50.00 to $40.00 and set an “overweight” rating for the company in a research note on Friday.

NYSE:PRG opened at $16.57 on Friday. The firm has a market cap of $895.44 million, a PE ratio of 5.60, a price-to-earnings-growth ratio of 0.84 and a beta of 1.87. PROG has a fifty-two week low of $16.22 and a fifty-two week high of $51.05. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.37 and a current ratio of 3.35. The business has a 50 day moving average price of $26.99 and a 200-day moving average price of $33.76.

PROG (NYSE:PRG – Get Rating) last released its quarterly earnings data on Wednesday, April 27th. The company reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.17). The company had revenue of $710.46 million for the quarter, compared to analysts’ expectations of $719.20 million. PROG had a net margin of 7.17% and a return on equity of 24.37%. The business’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same period last year, the company posted $1.22 EPS. Research analysts predict that PROG will post 3.34 EPS for the current year.

A number of hedge funds have recently made changes to their positions in the stock. Vulcan Value Partners LLC lifted its stake in PROG by 34.6% in the fourth quarter. Vulcan Value Partners LLC now owns 2,063,667 shares of the company’s stock worth $93,092,000 after acquiring an additional 530,587 shares during the period. State Street Corp lifted its position in PROG by 2.6% during the first quarter. State Street Corp now owns 1,788,897 shares of the company’s stock valued at $51,467,000 after buying an additional 45,946 shares during the period. Diamond Hill Capital Management Inc. lifted its position in PROG by 8.2% during the first quarter. Diamond Hill Capital Management Inc. now owns 1,699,043 shares of the company’s stock valued at $48,881,000 after buying an additional 128,515 shares during the period. Bank of America Corp DE lifted its position in PROG by 24.2% during the first quarter. Bank of America Corp DE now owns 1,065,970 shares of the company’s stock valued at $30,667,000 after buying an additional 208,009 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in PROG by 395.4% during the first quarter. Goldman Sachs Group Inc. now owns 826,050 shares of the company’s stock valued at $23,765,000 after buying an additional 659,312 shares during the period. 95.47% of the stock is owned by institutional investors.

About PROG (Get Rating)

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.

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