PROG (NYSE:PRG) Issues Q4 Earnings Guidance

PROG (NYSE:PRG) updated its fourth quarter earnings guidance on Wednesday. The company provided earnings per share guidance of $0.70-$0.80 for the period, compared to the consensus earnings per share estimate of $0.74. The company issued revenue guidance of $599.8-$619.8 million, compared to the consensus revenue estimate of $604.47 million. PROG also updated its FY 2024 guidance to 3.300-3.400 EPS.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PRG. TD Cowen increased their price target on PROG from $40.00 to $47.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Loop Capital upgraded PROG from a “hold” rating to a “buy” rating and increased their target price for the company from $41.00 to $55.00 in a research note on Monday, August 19th. Jefferies Financial Group increased their target price on PROG from $50.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. Finally, KeyCorp increased their price objective on shares of PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $50.40.

PROG Stock Down 8.7 %

NYSE PRG traded down $4.10 during mid-day trading on Wednesday, reaching $42.87. 331,094 shares of the company’s stock traded hands, compared to its average volume of 408,562. PROG has a 1-year low of $26.39 and a 1-year high of $50.28. The company has a fifty day simple moving average of $46.99 and a 200-day simple moving average of $39.72. The company has a current ratio of 3.87, a quick ratio of 1.80 and a debt-to-equity ratio of 1.02. The company has a market cap of $1.85 billion, a price-to-earnings ratio of 17.55 and a beta of 2.11.

PROG (NYSE:PRG) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.22. PROG had a return on equity of 26.30% and a net margin of 4.57%. The business had revenue of $592.16 million during the quarter, compared to the consensus estimate of $573.23 million. During the same period last year, the firm earned $0.92 earnings per share. The company’s revenue for the quarter was down .1% compared to the same quarter last year. As a group, equities research analysts expect that PROG will post 3.34 EPS for the current year.

PROG Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date of this dividend was Tuesday, August 20th. PROG’s dividend payout ratio is presently 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.