PROG (NYSE:PRG) Releases Q2 Earnings Guidance

PROG (NYSE:PRG) issued an update on its second quarter earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $0.65-0.75 for the period, compared to the consensus estimate of $0.69. The company issued revenue guidance of $550-575 million, compared to the consensus revenue estimate of $565.93 million. PROG also updated its FY 2024 guidance to 2.850-3.100 EPS.

PROG Price Performance

PRG stock opened at $33.98 on Friday. PROG has a 12 month low of $26.39 and a 12 month high of $44.81. The company has a current ratio of 3.91, a quick ratio of 1.49 and a debt-to-equity ratio of 1.01. The company has a 50-day moving average price of $32.36 and a 200 day moving average price of $30.72. The stock has a market cap of $1.48 billion, a PE ratio of 13.87 and a beta of 2.08.

PROG (NYSE:PRG) last released its quarterly earnings results on Wednesday, April 24th. The company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.08. PROG had a net margin of 4.71% and a return on equity of 26.67%. The firm had revenue of $641.87 million during the quarter, compared to analysts’ expectations of $632.24 million. Equities research analysts anticipate that PROG will post 3 earnings per share for the current year.

PROG Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were paid a dividend of $0.12 per share. The ex-dividend date was Wednesday, March 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.41%. PROG’s dividend payout ratio is presently 19.59%.

Analysts Set New Price Targets

PRG has been the subject of a number of research analyst reports. Stephens upgraded shares of PROG from an equal weight rating to an overweight rating in a report on Tuesday, January 2nd. Loop Capital lifted their price objective on shares of PROG from $31.00 to $35.00 and gave the company a hold rating in a report on Thursday. Finally, TD Cowen lifted their price objective on shares of PROG from $38.00 to $40.00 and gave the company a buy rating in a report on Thursday. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $39.60.

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.