Financial Technology

Principal Financial Group Inc. Trims Stake in PROG Holdings, Inc. (NYSE:PRG)


Principal Financial Group Inc. reduced its stake in PROG Holdings, Inc. (NYSE:PRGGet Rating) by 2.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 536,302 shares of the company’s stock after selling 11,411 shares during the period. Principal Financial Group Inc. owned 0.97% of PROG worth $15,429,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vulcan Value Partners LLC boosted its stake in shares of PROG by 34.6% during the fourth quarter. Vulcan Value Partners LLC now owns 2,063,667 shares of the company’s stock valued at $93,092,000 after purchasing an additional 530,587 shares in the last quarter. Marshall Wace LLP raised its holdings in shares of PROG by 313.1% during the fourth quarter. Marshall Wace LLP now owns 350,096 shares of the company’s stock worth $15,793,000 after purchasing an additional 265,342 shares during the last quarter. Qube Research & Technologies Ltd raised its holdings in shares of PROG by 1,358.0% during the first quarter. Qube Research & Technologies Ltd now owns 274,453 shares of the company’s stock worth $7,896,000 after purchasing an additional 255,629 shares during the last quarter. Cannon Global Investment Management LLC acquired a new stake in PROG during the first quarter valued at $7,178,000. Finally, FirstPurpose Wealth LLC acquired a new stake in PROG during the fourth quarter valued at $6,006,000. 95.47% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on PRG shares. TheStreet lowered shares of PROG from a “c-” rating to a “d” rating in a research report on Thursday, July 28th. KeyCorp reduced their price target on shares of PROG from $40.00 to $36.00 and set an “overweight” rating on the stock in a research note on Thursday, July 28th. Stephens set a $21.00 target price on shares of PROG in a research note on Monday, June 20th. Finally, Raymond James cut shares of PROG from an “outperform” rating to a “market perform” rating in a report on Friday, June 17th.

Insider Activity

In related news, insider Curtis Linn Doman purchased 50,000 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The stock was acquired at an average price of $19.25 per share, with a total value of $962,500.00. Following the completion of the transaction, the insider now owns 72,000 shares of the company’s stock, valued at $1,386,000. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other PROG news, CFO Brian Garner purchased 2,500 shares of the company’s stock in a transaction on Wednesday, August 3rd. The shares were purchased at an average cost of $19.39 per share, for a total transaction of $48,475.00. Following the completion of the transaction, the chief financial officer now owns 38,523 shares in the company, valued at $746,960.97. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Curtis Linn Doman acquired 50,000 shares of the business’s stock in a transaction on Wednesday, August 3rd. The shares were bought at an average price of $19.25 per share, for a total transaction of $962,500.00. Following the acquisition, the insider now owns 72,000 shares in the company, valued at approximately $1,386,000. The disclosure for this purchase can be found here. Insiders have bought 53,700 shares of company stock worth $1,034,243 over the last 90 days. Company insiders own 1.23% of the company’s stock.

PROG Price Performance

PROG stock opened at $20.75 on Friday. The firm’s 50-day moving average is $18.69 and its two-hundred day moving average is $25.71. The company has a debt-to-equity ratio of 1.06, a current ratio of 3.26 and a quick ratio of 1.26. PROG Holdings, Inc. has a 12-month low of $15.62 and a 12-month high of $50.79. The stock has a market capitalization of $1.12 billion, a P/E ratio of 8.98 and a beta of 2.01.

PROG Profile

(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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Institutional Ownership by Quarter for PROG (NYSE:PRG)



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