Brian Garner, the Chief Financial Officer of PROG Holdings, Inc. (NYSE:PRG), recently sold a significant portion of company stock, according to a filing with the Securities and Exchange Commission. Over two transactions, Garner sold a total of 20,484 shares, valued at approximately $993,862. The sales occurred on November 7 and November 12, with share prices ranging from $48.27 to $49.29. Following these transactions, Garner retains ownership of 92,236 shares of PROG Holdings.
In other recent news, PROG Holdings reported a strong third-quarter performance with a consolidated revenue of $606.1 million, marking a 4% increase year-over-year. The company's Gross Merchandise Volume (GMV) grew by 11.6%, largely driven by a significant rise in e-commerce GMV, which now accounts for 16.6% of the total GMV. Additionally, PROG Holdings declared a quarterly dividend of $0.12 per share and repurchased 810,000 shares.
Loop Capital recently maintained a positive stance on PROG Holdings, reiterating a Buy rating and a price target of $55.00. The firm noted that the company's momentum has been increasing throughout the third quarter, marked by improvements in revenue and growth in gross leased assets.
The company's growth was further supported by the management's decision to raise its full-year 2024 guidance for the third time, reflecting growing confidence in its operational progress and future prospects. Progressive Leasing, a subsidiary of PROG Holdings, has been recognized for its GMV growth initiatives, which are expected to contribute to a stronger outlook for 2025. These are just a few of the recent developments at PROG Holdings.
InvestingPro Insights
While Brian Garner's recent stock sale might raise eyebrows, it's essential to consider the broader financial picture of PROG Holdings. According to InvestingPro data, the company's market capitalization stands at $2 billion, with a price-to-earnings ratio of 13.19, suggesting a relatively modest valuation compared to some peers in the consumer discretionary sector.
InvestingPro Tips highlight that management has been aggressively buying back shares, which could be seen as a vote of confidence in the company's future prospects. This buyback activity aligns with the company's strong financial position, as another tip indicates that PROG's liquid assets exceed short-term obligations.
The company's stock has shown impressive performance, with a one-year price total return of 72.8% and a year-to-date return of 57.59%. This robust performance is reflected in the InvestingPro Tip noting a "high return over the last year" and "strong return over the last three months."
It's worth noting that PROG Holdings has been profitable over the last twelve months, with a diluted EPS from continuing operations of $3.58. The company's revenue for the same period stands at $2.42 billion, with a healthy gross profit margin of 34.17%.
Investors seeking a more comprehensive analysis can access additional insights through InvestingPro, which offers 10 more tips for PROG Holdings, providing a deeper understanding of the company's financial health and market position.
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