PROG Holdings, Inc. (NYSE:PRG) Declares Dividend Increase – $0.13 Per Share

PROG Holdings, Inc. (NYSE:PRG) declared a quarterly dividend on Wednesday, February 26th, RTT News reports. Shareholders of record on Thursday, March 13th will be given a dividend of 0.13 per share on Tuesday, March 25th. This represents a $0.52 dividend on an annualized basis and a yield of 1.88%. This is a boost from PROG’s previous quarterly dividend of $0.12.

PROG has a payout ratio of 12.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect PROG to earn $4.13 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 11.6%.

PROG Stock Performance

NYSE:PRG traded down $1.48 during mid-day trading on Wednesday, hitting $27.69. The stock had a trading volume of 962,069 shares, compared to its average volume of 495,051. PROG has a 52 week low of $27.62 and a 52 week high of $50.28. The stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of 6.10 and a beta of 2.18. The company has a 50 day simple moving average of $41.14 and a 200-day simple moving average of $44.69. The company has a current ratio of 5.24, a quick ratio of 2.34 and a debt-to-equity ratio of 0.99.

PROG (NYSE:PRG) last announced its quarterly earnings data on Wednesday, February 19th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.03. The business had revenue of $623.30 million during the quarter, compared to analyst estimates of $612.67 million. PROG had a return on equity of 24.25% and a net margin of 8.01%. The company’s revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.72 earnings per share. On average, research analysts expect that PROG will post 3.45 earnings per share for the current fiscal year.

Insider Activity at PROG

In related news, Director Douglas C. Curling acquired 10,000 shares of the stock in a transaction on Friday, February 21st. The shares were acquired at an average price of $29.88 per share, with a total value of $298,800.00. Following the completion of the transaction, the director now owns 45,913 shares in the company, valued at approximately $1,371,880.44. The trade was a 27.85 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 2.74% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Stephens reissued an “overweight” rating and issued a $60.00 price target on shares of PROG in a research note on Thursday, January 2nd. Jefferies Financial Group lowered shares of PROG from a “buy” rating to a “hold” rating and dropped their price target for the stock from $58.00 to $29.00 in a research report on Wednesday. Finally, TD Cowen upgraded PROG to a “strong-buy” rating in a report on Friday, November 29th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, PROG presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.00.

About PROG

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.