PROG (NYSE:PRG) Releases Q2 Earnings Guidance

PROG (NYSE:PRG) updated its second quarter earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $0.65-0.75 for the period, compared to the consensus estimate of $0.69. The company issued revenue guidance of $550-575 million, compared to the consensus revenue estimate of $565.93 million. PROG also updated its FY 2024 guidance to 2.850-3.100 EPS.

PROG Stock Performance

Shares of NYSE:PRG traded down $1.08 during trading on Thursday, hitting $34.58. The company’s stock had a trading volume of 61,002 shares, compared to its average volume of 391,424. The company has a 50-day moving average of $32.25 and a 200-day moving average of $30.67. The company has a debt-to-equity ratio of 1.00, a current ratio of 3.66 and a quick ratio of 1.49. The firm has a market cap of $1.51 billion, a price-to-earnings ratio of 12.05 and a beta of 2.08. PROG has a 12 month low of $26.39 and a 12 month high of $44.81.

PROG (NYSE:PRG) last issued its quarterly earnings data on Wednesday, April 24th. The company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.08. PROG had a net margin of 5.77% and a return on equity of 28.83%. The firm had revenue of $641.87 million during the quarter, compared to the consensus estimate of $632.24 million. On average, sell-side analysts expect that PROG will post 2.83 earnings per share for the current year.

PROG Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were given a dividend of $0.12 per share. The ex-dividend date was Wednesday, March 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.39%. PROG’s payout ratio is currently 16.22%.

Analyst Ratings Changes

Several equities analysts have weighed in on PRG shares. Stephens raised shares of PROG from an equal weight rating to an overweight rating in a report on Tuesday, January 2nd. TD Cowen initiated coverage on shares of PROG in a research note on Friday, March 8th. They set an outperform rating and a $37.00 target price on the stock. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, PROG currently has an average rating of Moderate Buy and a consensus price target of $39.60.

PROG Company Profile

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.