Clearbridge Investments LLC recently made a noteworthy move by increasing its position in PROG Holdings, Inc. on the New York Stock Exchange. In the fourth quarter, Clearbridge invested in an additional 96,823 shares of the holding company’s stock totaling 838,243 shares. This represents a significant increase of 13.1% from its previous holdings.
At the end of the reporting period, Clearbridge’s investment in PROG was valued at $14,158,000 or roughly 1.68% of the firm’s entire worth. The move comes as a strong indication that Clearbridge expects positive growth and profitability for PROG Holdings in future fiscal years.
PROG itself has been performing well too, announcing earnings results deemed better than expected by analysts during its last quarterly release on April 26th. The New York-based company reported revenues of $655.14 million during the preceding quarter, surpassing earlier estimates set at $642.58 million.
The boost came thanks to earnings per share (EPS) totaling $1.11 over Q4–almost a third greater than previously predicted values hovering around $0.84 per share–and translating into a net margin of 4.70%. Return on Equity meanwhile rested at about 27%, signaling robust profitability potential moving forward for investors.
PROG Holdings is further differentiated from competitors by owning one of the largest home furnishing providers in America–Woodleys Fine Furniture–with numerous locations throughout Colorado and Wyoming.
Overall projections remain confident for future financials with sell-side analysis predicting continued growth and higher revenue streams for PROG looking ahead towards potential record-breaking year-end earnings results come December 2021.
For anyone interested in reviewing hedge fund investments made by similar institutions to Clearbridge, visit HoldingsChannel.com for up-to-date insider trading information and all current filings on PROG Holdings’ NYSE-traded stock (PRG).
PROG Holdings, Inc: Rising Prominence in the Financial Technology Industry
The financial technology industry has been making waves in recent years as companies seek to revolutionize the traditional financial services sector. PROG Holdings, Inc. (NYSE:PRG) is one such company that has made a name for itself in the fast-growing fintech space. PROG 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; it also provides second-look revolving credit products through private label and branded credit cards, and Buy Now Pay Later (BNPL) options via its Four platform.
PROG’s innovative approach has seen it grow rapidly into a disruptive force in the financial technology industry with a market capitalization of $1.51 billion and attracting institutional investors who have increased their holdings in the company significantly over recent months. According to reports, Quadrant Capital Group LLC increased its ownership by 68.1%, Tower Research Capital LLC TRC raised its stake by 83.0%, while Zurcher Kantonalbank Zurich Cantonalbank grew their ownership by 20.3% during the fourth quarter of 2020.
Captrust Financial Advisors raised their stake by 50.7% during Q2 2020 while Mutual of America Management LLC grew its holdings by 10.6% in Q3 2020. The ownership figures indicate increasing confidence from large investors who believe PROG’s business model presents an attractive long-term opportunity.
PROG’s shares opened at $32.23 on Friday, representing a substantial increase in value compared to the $12.11 per share low recorded during the past year alone while maintaining a high beta of 2.12 which indicates higher volatility than average market conditions.
Institutional investors hold almost all of PROG’s stock, highlighting the company’s attractiveness among seasoned finance investors as well as showing robust demand amid intense competition within an ever-evolving industry. As the business continues to gain traction, its shareholders and Wall Street analysts alike recognize PROG’s potential for continued growth.
In conclusion, PROG Holdings, Inc is poised to continue growing in prominence as its innovative approach continues to revolutionize the financial technology industry. Large investors’ increasing stakes in the company indicate that PROG has an attractive future with potential returns that will attract both retail and institutional investors alike. The company’s impressive growth story is one worth watching in these exciting times where tech companies are driving market change, providing unique opportunities for savvy investors to ride on this financial crest of a wave.
Discussion about this post