PROG Holdings, Inc. (NYSE:PRG) to Issue $0.12 Quarterly Dividend

PROG Holdings, Inc. (NYSE:PRG) announced a quarterly dividend on Thursday, November 7th,NASDAQ Dividends reports. Stockholders 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 dividend payout ratio of 12.3% meaning its dividend is sufficiently covered by earnings. Equities 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 Price Performance

Shares of PROG stock opened at $47.72 on Monday. The firm has a market cap of $1.98 billion, a PE ratio of 13.22 and a beta of 2.11. PROG has a twelve month low of $26.39 and a twelve month high of $50.28. The company has a quick ratio of 2.34, a current ratio of 4.97 and a debt-to-equity ratio of 0.94. The business has a 50-day moving average price of $46.92 and a 200 day moving average price of $41.35.

PROG (NYSE:PRG) last posted its quarterly earnings data 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 24.56% and a net margin of 6.55%. The business had revenue of $606.10 million during the quarter, compared to analysts’ expectations of $601.86 million. During the same period in the previous year, the business earned $0.90 earnings per share. The business’s revenue was up 4.0% compared to the same quarter last year. Sell-side analysts predict that PROG will post 3.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other PROG news, VP George M. Sewell sold 3,500 shares of the company’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $48.88, for a total value of $171,080.00. Following the completion of the sale, the vice president now directly owns 12,639 shares in the company, valued at $617,794.32. This represents a 21.69 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brian Garner sold 5,000 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $49.29, for a total value of $246,450.00. Following the completion of the sale, the chief financial officer now directly owns 107,720 shares of the company’s stock, valued at $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 valued at $5,759,152 in the last ninety days. 2.74% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Raymond James raised shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price objective on the stock in a report on Thursday, October 24th. Loop Capital raised shares of PROG from a “hold” rating to a “buy” rating and raised their price target for the company from $41.00 to $55.00 in a research note on Monday, August 19th. TD Cowen boosted their price objective on PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. KeyCorp raised their target price on PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Finally, Jefferies Financial Group lifted their price target on PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus 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.