PROG (NYSE:PRG) Issues Quarterly Earnings Results, Beats Expectations By $0.08 EPS

PROG (NYSE:PRG) issued its earnings results on Wednesday. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.08, reports. The firm had revenue of $641.87 million for the quarter, compared to analysts’ expectations of $632.24 million. PROG had a net margin of 4.71% and a return on equity of 26.67%.

PROG Stock Performance

Shares of PRG traded down $0.90 during mid-day trading on Friday, reaching $34.02. 338,434 shares of the company’s stock were exchanged, compared to its average volume of 284,479. The company has a debt-to-equity ratio of 1.01, a current ratio of 3.91 and a quick ratio of 1.49. The stock has a market capitalization of $1.49 billion, a PE ratio of 13.87 and a beta of 2.08. The business’s fifty day simple moving average is $32.36 and its 200-day simple moving average is $30.72. PROG has a 52-week low of $26.39 and a 52-week high of $44.81.

PROG Dividend Announcement

The firm also recently announced 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 1.41%. PROG’s dividend payout ratio (DPR) is presently 19.59%.

Analysts Set New Price Targets

Several brokerages recently weighed in on PRG. Loop Capital raised their target price on shares of PROG from $31.00 to $35.00 and gave the company a “hold” rating in a report on Thursday. TD Cowen raised their target price on shares of PROG from $38.00 to $40.00 and gave the company a “buy” rating in a report on Thursday. Finally, Stephens raised shares of PROG from an “equal weight” rating to an “overweight” rating in a report on Tuesday, January 2nd. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, PROG has a consensus rating of “Moderate Buy” and an average price target of $39.60.

Hedge Funds Weigh In On PROG

A number of hedge funds and other institutional investors have recently bought and sold shares of PRG. Blue Trust Inc. purchased a new position in PROG in the 4th quarter valued at $27,000. BluePath Capital Management LLC purchased a new position in PROG in the 3rd quarter valued at $31,000. Acadian Asset Management LLC purchased a new position in PROG in the 3rd quarter valued at $33,000. Skandinaviska Enskilda Banken AB publ purchased a new position in PROG in the 3rd quarter valued at $103,000. Finally, Counterpoint Mutual Funds LLC grew its position in PROG by 19.0% in the 3rd quarter. Counterpoint Mutual Funds LLC now owns 3,572 shares of the company’s stock valued at $119,000 after buying an additional 570 shares during the last quarter. 97.92% of the stock is currently owned by hedge funds and other institutional investors.

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.