Progress Software Corp. Plans Quarterly Dividend of $0.13 (PRGS)
Progress Software Corp. (NASDAQ:PRGS) declared a quarterly dividend on Wednesday, September 28th. Stockholders of record on Thursday, December 1st will be paid a dividend of 0.125 per share on Thursday, December 15th. This represents a $0.50 annualized dividend and a dividend yield of 1.76%.
Shares of Progress Software Corp. (NASDAQ:PRGS) traded up 1.61% during trading on Wednesday, hitting $28.40. The stock had a trading volume of 464,141 shares. The stock’s 50 day moving average is $28.53 and its 200-day moving average is $26.88. The company’s market cap is $1.38 billion. Progress Software Corp. has a 12-month low of $21.94 and a 12-month high of $29.80.
Progress Software Corp. (NASDAQ:PRGS) last announced its quarterly earnings data on Wednesday, September 28th. The company reported $0.44 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by $0.01. The firm earned $102 million during the quarter, compared to the consensus estimate of $104.72 million. Progress Software Corp. had a negative net margin of 0.79% and a positive return on equity of 11.42%. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.39 earnings per share. Analysts forecast that Progress Software Corp. will post $1.61 earnings per share for the current year.
Several analysts recently weighed in on the company. Ladenburg Thalmann lowered Progress Software Corp. from a “buy” rating to a “neutral” rating in a report on Tuesday, September 13th. They noted that the move was a valuation call. Zacks Investment Research lowered Progress Software Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, August 31st. JMP Securities reissued a “hold” rating on shares of Progress Software Corp. in a report on Sunday, July 3rd. TheStreet raised Progress Software Corp. from a “hold” rating to a “buy” rating in a report on Thursday, June 30th. Finally, Wedbush reissued a “hold” rating and issued a $24.00 price objective on shares of Progress Software Corp. in a report on Sunday, June 26th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $28.56.
In related news, CAO Paul A. Jalbert sold 21,041 shares of the stock in a transaction that occurred on Monday, July 11th. The stock was sold at an average price of $28.93, for a total value of $608,716.13. Following the completion of the transaction, the chief accounting officer now directly owns 22,125 shares of the company’s stock, valued at approximately $640,076.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Praesidium Investment Manageme sold 900,000 shares of the stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $28.11, for a total value of $25,299,000.00. The disclosure for this sale can be found here. 2.60% of the stock is owned by corporate insiders.
A number of institutional investors have recently modified their holdings of the company. Pacad Investment Ltd. purchased a new stake in Progress Software Corp. during the second quarter worth $126,000. Sei Investments Co. increased its stake in Progress Software Corp. by 221.5% in the second quarter. Sei Investments Co. now owns 5,105 shares of the company’s stock worth $140,000 after buying an additional 3,517 shares during the period. KCG Holdings Inc. purchased a new stake in Progress Software Corp. during the second quarter worth $252,000. BlackRock Inc. increased its stake in Progress Software Corp. by 137.3% in the second quarter. BlackRock Inc. now owns 12,051 shares of the company’s stock worth $331,000 after buying an additional 6,973 shares during the period. Finally, Paradigm Asset Management Co. LLC increased its stake in Progress Software Corp. by 17.5% in the second quarter. Paradigm Asset Management Co. LLC now owns 16,750 shares of the company’s stock worth $460,000 after buying an additional 2,500 shares during the period. 92.65% of the stock is owned by institutional investors and hedge funds.
Progress Software Corp. Company Profile
Progress Software Corporation is a global software company. The Company offers solutions in the development, deployment and management of business applications on premise or in the cloud, on platforms or devices, to various data sources. The Company operates through three segments: OpenEdge; Data Connectivity and Integration, and Application Development and Deployment.
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