PROG Holdings, Inc. (PRG) to Issue Quarterly Dividend of $0.12 on December 3rd

PROG Holdings, Inc. (NYSE:PRG) announced a quarterly dividend on Thursday, November 7th,NASDAQ Dividends reports. Investors of record on Tuesday, November 19th will be given a dividend of 0.12 per share on Tuesday, December 3rd. This represents a $0.48 annualized dividend and a dividend yield of 1.01%. The ex-dividend date of this dividend is Tuesday, November 19th.

PROG has a payout ratio of 12.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect PROG to earn $3.80 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 12.6%.

PROG Stock Performance

PRG opened at $47.72 on Friday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.34 and a current ratio of 4.97. The company has a market cap of $1.98 billion, a PE ratio of 13.22 and a beta of 2.11. The stock has a 50-day moving average of $46.92 and a 200-day moving average of $41.29. PROG has a 52-week low of $26.39 and a 52-week high of $50.28.

PROG (NYSE:PRG) last announced its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.01. PROG had a return on equity of 24.56% and a net margin of 6.55%. The firm had revenue of $606.10 million during the quarter, compared to analysts’ expectations of $601.86 million. During the same quarter in the prior year, the business earned $0.90 earnings per share. The company’s revenue was up 4.0% on a year-over-year basis. As a group, equities research analysts forecast that PROG will post 3.35 earnings per share for the current fiscal year.

Insider Activity at PROG

In other news, Director Curtis Linn Doman sold 3,584 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $48.02, for a total transaction of $172,103.68. Following the completion of the transaction, the director now directly owns 250,940 shares of the company’s stock, valued at approximately $12,050,138.80. This trade represents a 1.41 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian Garner sold 5,000 shares of PROG stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $49.29, for a total transaction of $246,450.00. Following the sale, the chief financial officer now owns 107,720 shares in the company, valued at approximately $5,309,518.80. This trade represents a 4.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 119,207 shares of company stock worth $5,759,152 over the last three months. Company insiders own 2.74% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PRG. Jefferies Financial Group lifted their target price on shares of PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. KeyCorp lifted their price objective on PROG from $46.00 to $55.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Loop Capital upgraded PROG from a “hold” rating to a “buy” rating and increased their target price for the company from $41.00 to $55.00 in a research note on Monday, August 19th. 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, October 24th. Finally, TD Cowen increased their price objective on PROG from $40.00 to $47.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, PROG presently has a consensus rating of “Moderate Buy” and an average target price of $53.83.

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.