PROG (NYSE:PRG) Updates Q4 Earnings Guidance

PROG (NYSE:PRG) issued an update on its fourth quarter earnings guidance on Wednesday. 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.

Analysts Set New Price Targets

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

PROG Price Performance

Shares of NYSE PRG traded down $0.64 during midday trading on Friday, hitting $42.26. 53,952 shares of the company’s stock were exchanged, compared to its average volume of 410,004. 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 business’s fifty day moving average price is $47.00 and its two-hundred day moving average price is $39.76. The company has a market cap of $1.82 billion, a price-to-earnings ratio of 17.52 and a beta of 2.11. PROG has a 12-month low of $26.39 and a 12-month high of $50.28.

PROG (NYSE:PRG) last released its earnings results on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.01. PROG had a return on equity of 26.30% and a net margin of 4.57%. The business had revenue of $606.10 million for the quarter, compared to analysts’ expectations of $601.86 million. During the same quarter in the prior year, the firm earned $0.90 earnings per share. The firm’s revenue was up 4.0% on a year-over-year basis. As a group, research analysts forecast that PROG will post 3.34 EPS for the current fiscal year.

PROG Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date was Tuesday, August 20th. PROG’s payout ratio is currently 19.59%.

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.