PROG (NYSE:PRG) Issues FY 2024 Earnings Guidance

PROG (NYSE:PRG) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 3.300-3.400 for the period, compared to the consensus estimate of 3.380. The company issued revenue guidance of $2.4 billion-$2.5 billion, compared to the consensus revenue estimate of $2.4 billion. PROG also updated its Q4 guidance to $0.70-$0.80 EPS.

PROG Price Performance

Shares of NYSE PRG opened at $46.97 on Wednesday. The stock’s 50-day simple moving average is $46.87 and its 200-day simple moving average is $39.63. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.80 and a current ratio of 3.87. The firm has a market capitalization of $2.03 billion, a PE ratio of 19.17 and a beta of 2.11. PROG has a fifty-two week low of $26.39 and a fifty-two week high of $50.28.

PROG (NYSE:PRG) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.22. The business had revenue of $592.16 million during the quarter, compared to the consensus estimate of $573.23 million. PROG had a net margin of 4.57% and a return on equity of 26.30%. The company’s revenue was down .1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.92 EPS. As a group, equities research analysts forecast that PROG will post 3.34 EPS for the current fiscal year.

PROG Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were given a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $0.48 dividend on an annualized basis and a yield of 1.02%. PROG’s dividend payout ratio (DPR) is presently 19.59%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PRG. KeyCorp lifted their target price on PROG from $46.00 to $55.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Loop Capital upgraded PROG from a “hold” rating to a “buy” rating and raised their price target for the stock from $41.00 to $55.00 in a research note on Monday, August 19th. TD Cowen boosted their price objective on PROG from $40.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Finally, Jefferies Financial Group raised their target price on shares of PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $50.40.

PROG Company Profile

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.