PROG (NYSE:PRG) Issues Q4 Earnings Guidance

PROG (NYSE:PRG) issued an update on its fourth quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of $0.70-$0.80 for the period, compared to the consensus earnings per share estimate of $0.74. The company issued revenue guidance of $599.8-$619.8 million, compared to the consensus revenue estimate of $604.47 million. PROG also updated its FY 2024 guidance to 3.300-3.400 EPS.

Analyst Ratings Changes

PRG has been the topic of several research analyst reports. Jefferies Financial Group raised their price objective on PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Raymond James raised PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price target on the stock in a research report on Thursday. TD Cowen increased their target price on PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Loop Capital upgraded shares of PROG from a “hold” rating to a “buy” rating and raised their target price for the stock from $41.00 to $55.00 in a report on Monday, August 19th. Finally, KeyCorp upped their price target on shares of PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $50.00.

PROG Stock Up 0.2 %

Shares of NYSE PRG traded up $0.08 during midday trading on Thursday, reaching $42.54. The company’s stock had a trading volume of 177,305 shares, compared to its average volume of 409,583. The stock has a 50 day simple moving average of $47.01 and a 200-day simple moving average of $39.74. The company has a current ratio of 3.87, a quick ratio of 1.80 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of 17.33 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 results on Wednesday, July 24th. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.70 by $0.22. The firm had revenue of $592.16 million for the quarter, compared to analysts’ expectations of $573.23 million. PROG had a net margin of 4.57% and a return on equity of 26.30%. The company’s revenue for the quarter was down .1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.92 EPS. Equities research analysts predict that PROG will post 3.34 earnings per share for the current year.

PROG Announces Dividend

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 dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $0.48 annualized dividend and a yield of 1.13%. PROG’s dividend payout ratio (DPR) is presently 19.59%.

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.