PROG (NYSE:PRG) Releases FY24 Earnings Guidance

PROG (NYSE:PRG) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $2.85-3.10 for the period, compared to the consensus earnings per share estimate of $2.86. The company issued revenue guidance of $2.29-2.36 billion, compared to the consensus revenue estimate of $2.32 billion. PROG also updated its FY 2024 guidance to 2.850-3.100 EPS.

Analyst Ratings Changes

A number of research firms have commented on PRG. TD Cowen lifted their target price on PROG from $38.00 to $40.00 and gave the company a buy rating in a research report on Thursday. Stephens upgraded PROG from an equal weight rating to an overweight rating in a research report on Tuesday, January 2nd. Finally, Loop Capital lifted their target price on PROG from $31.00 to $35.00 and gave the company a hold rating in a research report on Thursday. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $39.60.

PROG Trading Down 2.3 %

PRG traded down $0.81 during mid-day trading on Friday, hitting $34.11. 83,136 shares of the stock were exchanged, compared to its average volume of 392,642. The firm’s fifty day moving average is $32.30 and its two-hundred day moving average is $30.70. PROG has a 1-year low of $26.39 and a 1-year high of $44.81. The company has a current ratio of 3.91, a quick ratio of 1.49 and a debt-to-equity ratio of 1.01. The company has a market cap of $1.49 billion, a PE ratio of 14.25 and a beta of 2.08.

PROG (NYSE:PRG) last issued its quarterly earnings results on Wednesday, April 24th. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.08. PROG had a return on equity of 26.67% and a net margin of 4.71%. The company had revenue of $641.87 million for the quarter, compared to the consensus estimate of $632.24 million. Equities analysts forecast that PROG will post 2.86 earnings per share for the current fiscal year.

PROG Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were issued a dividend of $0.12 per share. The ex-dividend date was Wednesday, March 13th. This represents a $0.48 annualized dividend and a yield of 1.41%. 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.