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 (EPS) guidance of 3.300-3.400 for the period, compared to the consensus estimate of 3.380. The company issued revenue guidance of $2.4 billion-$2.5 billion, compared to the consensus revenue estimate of $2.4 billion. PROG also updated its Q4 guidance to $0.70-$0.80 EPS.

Analysts Set New Price Targets

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

PROG Price Performance

Shares of NYSE PRG traded up $0.63 during midday trading on Thursday, reaching $43.09. 263,363 shares of the stock traded hands, compared to its average volume of 410,000. The company’s 50 day moving average is $47.01 and its 200 day moving average is $39.74. PROG has a one year low of $26.39 and a one year high of $50.28. The company has a debt-to-equity ratio of 1.02, a current ratio of 3.87 and a quick ratio of 1.80. The stock has a market capitalization of $1.86 billion, a PE ratio of 17.33 and a beta of 2.11.

PROG (NYSE:PRG) last released its quarterly earnings data on Wednesday, July 24th. The company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.70 by $0.22. PROG had a net margin of 4.57% and a return on equity of 26.30%. The business had revenue of $592.16 million during the quarter, compared to analyst estimates of $573.23 million. During the same quarter last year, the business earned $0.92 earnings per share. PROG’s quarterly revenue was down .1% compared to the same quarter last year. On average, equities research analysts anticipate that PROG will post 3.34 earnings per share for the current year.

PROG Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were given a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $0.48 annualized dividend and a yield of 1.11%. PROG’s dividend payout ratio is currently 19.59%.

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.