PROG (NYSE:PRG) Issues Q4 Earnings Guidance

PROG (NYSE:PRG) issued an update on its fourth quarter earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $0.70-$0.80 for the period, compared to the consensus 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 issued reports on the stock. KeyCorp lifted their price objective on shares of PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. TD Cowen lifted their price target on PROG from $40.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Jefferies Financial Group increased their price objective on PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Loop Capital raised PROG from a “hold” rating to a “buy” rating and lifted their target price for the company from $41.00 to $55.00 in a research report on Monday, August 19th. Finally, Raymond James raised PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price target for the company in a research report on Thursday. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $50.00.

PROG Price Performance

Shares of NYSE PRG opened at $42.09 on Friday. 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 stock has a fifty day simple moving average of $46.97 and a two-hundred day simple moving average of $39.82. PROG has a 1-year low of $26.39 and a 1-year high of $50.28. The firm has a market cap of $1.82 billion, a price-to-earnings ratio of 17.18 and a beta of 2.11.

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

PROG Announces Dividend

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