PROG (NYSE:PRG) Updates Q2 2024 Earnings Guidance

PROG (NYSE:PRG) issued an update on its second quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 0.650-0.750 for the period, compared to the consensus earnings per share estimate of 0.690. The company issued revenue guidance of $550.0 million-$575.0 million, compared to the consensus revenue estimate of $565.9 million. PROG also updated its FY 2024 guidance to 2.850-3.100 EPS.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. TD Cowen assumed coverage on PROG in a report on Friday, March 8th. They set an outperform rating and a $37.00 price objective on the stock. Stephens raised PROG from an equal weight rating to an overweight rating in a research report on Tuesday, January 2nd. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $39.60.

PROG Stock Performance

Shares of PRG stock traded down $1.06 during trading on Thursday, reaching $34.60. 86,157 shares of the company’s stock were exchanged, compared to its average volume of 391,755. The company has a quick ratio of 1.49, a current ratio of 3.66 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $1.51 billion, a PE ratio of 11.59 and a beta of 2.08. PROG has a twelve month low of $26.39 and a twelve month high of $44.81. The firm’s fifty day moving average price is $32.25 and its 200-day moving average price is $30.67.

PROG (NYSE:PRG) last released its quarterly earnings results on Wednesday, April 24th. The company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.08. The business had revenue of $641.87 million during the quarter, compared to the consensus estimate of $632.24 million. PROG had a return on equity of 28.83% and a net margin of 5.77%. As a group, sell-side analysts anticipate that PROG will post 2.83 EPS for the current year.

PROG Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were paid a $0.12 dividend. The ex-dividend date was Wednesday, March 13th. This represents a $0.48 annualized dividend and a yield of 1.39%. PROG’s dividend payout ratio (DPR) is presently 16.22%.

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.