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 guidance of 2.850-3.100 for the period, compared to the consensus earnings per share 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.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Stephens upgraded shares of PROG from an equal weight rating to an overweight rating in a research note on Tuesday, January 2nd. TD Cowen assumed coverage on shares of PROG in a research note on Friday, March 8th. They issued an outperform rating and a $37.00 target price on the stock. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $39.60.

PROG Price Performance

PRG opened at $32.76 on Wednesday. The firm has a market cap of $1.43 billion, a price-to-earnings ratio of 11.07 and a beta of 2.08. PROG has a fifty-two week low of $24.50 and a fifty-two week high of $44.81. The company’s 50-day moving average price is $32.20 and its 200 day moving average price is $30.63. The company has a quick ratio of 1.49, a current ratio of 3.66 and a debt-to-equity ratio of 1.00.

PROG (NYSE:PRG) last released its quarterly earnings data on Wednesday, February 21st. The company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.05. The firm had revenue of $577.40 million for the quarter, compared to analyst estimates of $568.35 million. PROG had a net margin of 5.77% and a return on equity of 28.83%. PROG’s quarterly revenue was down 5.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.84 earnings per share. As a group, sell-side analysts expect that PROG will post 2.83 earnings per share for the current year.

PROG Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $0.48 annualized dividend and a yield of 1.47%. PROG’s dividend payout ratio (DPR) is 16.22%.

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.