PROG (NYSE:PRG) Releases FY 2024 Earnings Guidance

PROG (NYSE:PRG) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 2.850-3.100 for the period, compared to the consensus estimate of 2.860. The company issued revenue guidance of $2.3 billion-$2.4 billion, compared to the consensus revenue estimate of $2.3 billion. PROG also updated its FY24 guidance to $2.85-3.10 EPS.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PRG. Stephens upgraded PROG from an equal weight rating to an overweight rating in a research note on Tuesday, January 2nd. Loop Capital raised their price objective on PROG from $31.00 to $35.00 and gave the company a hold rating in a research note on Thursday. Finally, TD Cowen increased their target price on PROG from $38.00 to $40.00 and gave the stock a buy rating in a report on Thursday. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, PROG presently has an average rating of Moderate Buy and an average price target of $39.60.

PROG Trading Down 2.6 %

NYSE:PRG opened at $34.02 on Friday. The company has a market cap of $1.49 billion, a PE ratio of 13.87 and a beta of 2.08. PROG has a 52 week low of $26.39 and a 52 week high of $44.81. The company has a quick ratio of 1.49, a current ratio of 3.91 and a debt-to-equity ratio of 1.01. The business’s 50 day moving average is $32.36 and its two-hundred day moving average is $30.72.

PROG (NYSE:PRG) last announced its quarterly earnings results on Wednesday, April 24th. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.08. The business had revenue of $641.87 million for the quarter, compared to the consensus estimate of $632.24 million. PROG had a return on equity of 26.67% and a net margin of 4.71%. On average, analysts predict that PROG will post 3 EPS for the current year.

PROG Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.41%. The ex-dividend date of this dividend was Wednesday, March 13th. PROG’s dividend payout ratio (DPR) 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.