PROG Holdings, Inc (NYSE:PRG) to Issue Quarterly Dividend of $0.14

PROG Holdings, Inc (NYSE:PRG) announced a quarterly dividend on Thursday, November 5th. Investors of record on Tuesday, November 17th will be given a dividend of $0.14 per share by the fintech holding company on Tuesday, December 1st. This represents a $0.56 annualized dividend and a yield of 1.4%. The ex-dividend date is Tuesday, November 17th.

PROG has decreased its dividend by an average of 0.4% annually over the last three years and has raised its dividend annually for the last 2 consecutive years. PROG has a payout ratio of 15.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect PROG to earn $5.58 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 10.0%.

PROG Price Performance

NYSE:PRG opened at $38.91 on Friday. PROG has a 12 month low of $25.18 and a 12 month high of $47.73. The stock has a 50 day moving average of $33.95 and a two-hundred day moving average of $35.76. The company has a current ratio of 3.81, a quick ratio of 2.25 and a debt-to-equity ratio of 1.07. The firm has a market cap of $1.55 billion, a P/E ratio of 10.49 and a beta of 1.83.

PROG (NYSE:PRG) last released its earnings results on Wednesday, October 28th. The fintech holding company reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.09 by ($0.03). The firm had revenue of $725.78 million during the quarter, compared to analysts’ expectations of $735.28 million. PROG had a net margin of 5.46% and a return on equity of 22.01%. On average, analysts expect that PROG will post 4.77 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PROG

Several large investors have recently made changes to their positions in the stock. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of PROG in the second quarter valued at about $1,552,000. Public Employees Retirement System of Ohio acquired a new position in PROG during the second quarter worth about $1,985,000. Squarepoint Ops LLC grew its position in PROG by 143.0% during the second quarter. Squarepoint Ops LLC now owns 107,278 shares of the fintech holding company’s stock worth $5,000,000 after buying an additional 63,128 shares during the period. Wellington Management Group LLP increased its holdings in PROG by 12.5% in the second quarter. Wellington Management Group LLP now owns 697,324 shares of the fintech holding company’s stock valued at $32,502,000 after buying an additional 77,291 shares in the last quarter. Finally, Segall Bryant & Hamill LLC purchased a new position in PROG in the first quarter valued at about $837,000. 97.92% of the stock is currently owned by institutional investors and hedge funds.

About PROG

PROG Holdings, Inc is a financial technology company that provides consumer payment and lease-to-own solutions through its operating businesses. Its services are designed to help consumers acquire household goods and other merchandise through retail stores, e-commerce websites and other merchant channels.

The company’s primary business is Progressive Leasing, a lease-to-own provider that gives consumers an alternative to traditional credit when purchasing products such as furniture, appliances, electronics, mattresses and other household merchandise.