PROG (NYSE:PRG) Updates Q4 2024 Earnings Guidance

PROG (NYSE:PRG) updated its fourth quarter 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 0.700-0.800 for the period, compared to the consensus estimate of 0.720. The company issued revenue guidance of $599.8 million-$619.8 million, compared to the consensus revenue estimate of $596.9 million. PROG also updated its FY 2024 guidance to 3.300-3.400 EPS.

PROG Stock Performance

NYSE PRG traded up $0.63 on Thursday, hitting $43.09. 263,363 shares of the stock traded hands, compared to its average volume of 410,000. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.80 and a current ratio of 3.87. The business’s fifty day moving average is $47.01 and its two-hundred day moving average is $39.74. PROG has a 12 month low of $26.39 and a 12 month high of $50.28. The firm has a market capitalization of $1.86 billion, a price-to-earnings ratio of 17.33 and a beta of 2.11.

PROG (NYSE:PRG) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.22. PROG had a return on equity of 26.30% and a net margin of 4.57%. The company had revenue of $592.16 million during the quarter, compared to analyst estimates of $573.23 million. During the same quarter last year, the firm posted $0.92 EPS. The firm’s revenue for the quarter was down .1% on a year-over-year basis. As a group, equities analysts anticipate that PROG will post 3.34 EPS for the current fiscal year.

PROG Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Tuesday, August 20th were paid a $0.12 dividend. The ex-dividend date was Tuesday, August 20th. This represents a $0.48 annualized dividend and a dividend yield of 1.11%. PROG’s payout ratio is 19.59%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PRG shares. TD Cowen boosted their target price on shares of PROG from $40.00 to $47.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Loop Capital upgraded PROG from a “hold” rating to a “buy” rating and boosted their price objective for the company from $41.00 to $55.00 in a research note on Monday, August 19th. Jefferies Financial Group raised their target price on PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Raymond James upgraded 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. Finally, KeyCorp raised 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 investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $50.00.

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.