RTTNews | Nov 3, 2021 11:40AM EDT

11:39 Wednesday, November 3, 2021 (RTTNews.com) - Holdings company for Progressive Leasing, Vive Financial, and Four Technologies, PROG Holdings, Inc. (PRG), is 16% up in the market after the company announced a share repurchase program worth $425 million through a modified Dutch auction. The company issued a tender offer to purchase stock which are properly tendered but not withdrawn at a price range of $44 to $50. The offer is scheduled to commence on November 4 and will go on through December 3. President and CEO Steve Michaels said, "Our decision to purchase approximately 15% of our outstanding shares of common stock through a tender offer is the next step in the evolution of our capital allocation strategy, which includes as one of its primary objectives returning capital to our shareholders." The stock is currently trading at $47.90, up $6.70 or 16.26% from the previous close at $4.20, The stock opened at $50.25 in the morning. In the 52-week period, the shares have ranged between $25.89 and $60.50.

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