PROG (NYSE:PRG) Announces Earnings Results

PROG (NYSE:PRG) posted its quarterly earnings data on Wednesday. The company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.01, Briefing.com reports. PROG had a net margin of 4.57% and a return on equity of 26.30%. The company had revenue of $606.10 million for the quarter, compared to the consensus estimate of $601.86 million. During the same period last year, the company earned $0.90 earnings per share. The firm’s revenue was up 4.0% compared to the same quarter last year.

PROG Price Performance

Shares of PRG stock traded up $0.46 during trading hours on Thursday, reaching $42.92. The company’s stock had a trading volume of 620,207 shares, compared to its average volume of 411,733. PROG has a fifty-two week low of $26.39 and a fifty-two week high of $50.28. The firm’s 50 day simple moving average is $47.01 and its 200-day simple moving average is $39.74. The company has a quick ratio of 1.80, a current ratio of 3.87 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $1.85 billion, a price-to-earnings ratio of 17.33 and a beta of 2.11.

PROG Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were paid a $0.12 dividend. The ex-dividend date was Tuesday, August 20th. This represents a $0.48 dividend on an annualized basis and a yield of 1.12%. PROG’s dividend payout ratio (DPR) is 19.59%.

Analysts Set New Price Targets

A number of research firms have recently commented on PRG. Raymond James upgraded shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price objective for the company in a research note on Thursday. TD Cowen raised their target price on shares of PROG from $40.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Loop Capital upgraded shares of PROG from a “hold” rating to a “buy” rating and increased their price target for the company from $41.00 to $55.00 in a research note on Monday, August 19th. KeyCorp boosted their price objective on shares of PROG from $46.00 to $55.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Finally, Jefferies Financial Group raised their target price on shares of PROG from $50.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $50.00.

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.