PROG Holdings, Inc. (PRG) To Go Ex-Dividend on March 13th

PROG Holdings, Inc. (NYSE:PRG) announced a quarterly dividend on Wednesday, February 26th, RTT News reports. Stockholders of record on Thursday, March 13th will be paid a dividend of 0.13 per share on Tuesday, March 25th. This represents a $0.52 annualized dividend and a dividend yield of 1.92%. The ex-dividend date of this dividend is Thursday, March 13th. This is a 8.3% increase from PROG’s previous quarterly dividend of $0.12.

PROG has a payout ratio of 13.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect PROG to earn $4.13 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 12.6%.

PROG Stock Performance

Shares of PRG opened at $27.14 on Tuesday. The firm has a market cap of $1.11 billion, a PE ratio of 5.98 and a beta of 2.14. PROG has a 1 year low of $26.49 and a 1 year high of $50.28. The company has a debt-to-equity ratio of 0.99, a current ratio of 5.24 and a quick ratio of 2.34. The stock’s fifty day moving average price is $38.56 and its two-hundred day moving average price is $43.69.

PROG (NYSE:PRG) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.03. The company had revenue of $623.30 million for the quarter, compared to analysts’ expectations of $612.67 million. PROG had a net margin of 8.01% and a return on equity of 24.25%. PROG’s revenue was up 7.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.72 EPS. On average, equities research analysts forecast that PROG will post 3.45 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Jefferies Financial Group cut shares of PROG from a “buy” rating to a “hold” rating and cut their price target for the stock from $58.00 to $29.00 in a research note on Wednesday, February 26th. Stephens reiterated an “overweight” rating and issued a $60.00 target price on shares of PROG in a research report on Thursday, January 2nd. Finally, TD Cowen upgraded PROG to a “strong-buy” rating in a research report on Friday, November 29th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, PROG currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.00.

Insiders Place Their Bets

In related news, Director Douglas C. Curling purchased 10,000 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The stock was bought at an average cost of $29.88 per share, with a total value of $298,800.00. Following the completion of the purchase, the director now directly owns 45,913 shares in the company, valued at approximately $1,371,880.44. This represents a 27.85 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Caroline Sio-Chin Sheu purchased 1,650 shares of PROG stock in a transaction that occurred on Wednesday, February 26th. The stock was purchased at an average cost of $28.01 per share, for a total transaction of $46,216.50. Following the completion of the purchase, the director now owns 18,291 shares of the company’s stock, valued at $512,330.91. This trade represents a 9.92 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.74% of the stock is currently owned by insiders.

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.