Propel (TSE:PRL) Shares Down 13.5% After Analyst Downgrade

Propel Holdings Inc. (TSE:PRL) shares fell 13.5% during mid-day trading on Wednesday after Ventum Financial lowered their price target on the stock from C$42.00 to C$40.00. The company traded as low as $21.26 and last traded at $21.90. 385,877 shares traded hands during mid-day trading, an increase of 117% from the average session volume of 177,626 shares. The stock had previously closed at $25.32.

A number of other brokerages have also commented on PRL. Scotiabank dropped their price target on Propel from C$40.00 to C$38.00 in a research note on Wednesday. Cormark raised shares of Propel to a “moderate buy” rating in a research note on Thursday, July 10th. Finally, Raymond James Financial decreased their price target on shares of Propel from C$42.00 to C$35.00 in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company. According to MarketBeat.com, Propel currently has a consensus rating of “Buy”.

Propel Stock Down 1.8%

The firm has a 50 day moving average price of $28.69 and a 200 day moving average price of $31.91. The stock has a market cap of $829.81 million, a P/E ratio of 14.38 and a beta of 1.07.

Propel Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Thursday, December 4th will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Friday, November 14th. Propel’s dividend payout ratio (DPR) is 30.81%.

About Propel

Propel Holdings Inc is a financial technology company committed to credit inclusion and helping underserved consumers by providing fair, fast, and transparent access to credit. It operates through its two brands: MoneyKey and CreditFresh. The company, through its MoneyKey brand, is a state-licensed direct lender and offers either Installment Loans or Lines of Credit to new customers in several US states.