PROG (NYSE:PRG) Announces Earnings Results, Beats Expectations By $0.01 EPS

PROG (NYSE:PRG) released its quarterly earnings data on Wednesday. The company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.76 by $0.01, Briefing.com reports. PROG had a net margin of 4.57% and a return on equity of 26.30%. The business had revenue of $606.10 million during the quarter, compared to analyst estimates of $601.86 million. During the same quarter last year, the business earned $0.90 earnings per share. PROG’s quarterly revenue was up 4.0% compared to the same quarter last year.

PROG Trading Up 1.1 %

PROG stock traded up $0.46 during mid-day trading on Thursday, hitting $42.92. The company’s stock had a trading volume of 620,207 shares, compared to its average volume of 411,733. PROG has a one year low of $26.39 and a one year high of $50.28. The stock has a market cap of $1.85 billion, a PE ratio of 17.33 and a beta of 2.11. The company has a 50 day moving average of $47.01 and a 200-day moving average of $39.74. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.80 and a current ratio of 3.87.

PROG Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date was Tuesday, August 20th. PROG’s payout ratio is currently 19.59%.

Analyst Upgrades and Downgrades

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

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.