PROG (NYSE:PRG – Get Free Report) updated its second quarter 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 0.650-0.750 for the period, compared to the consensus estimate of 0.690. The company issued revenue guidance of $550.0 million-$575.0 million, compared to the consensus revenue estimate of $565.9 million. PROG also updated its FY 2024 guidance to 2.850-3.100 EPS.
Analyst Upgrades and Downgrades
Several brokerages have commented on PRG. Stephens raised shares of PROG from an equal weight rating to an overweight rating in a research report on Tuesday, January 2nd. TD Cowen initiated coverage on shares of PROG in a research report on Friday, March 8th. They issued an outperform rating and a $37.00 price target on the stock. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $39.60.
Read Our Latest Research Report on PRG
PROG Stock Performance
PROG (NYSE:PRG – Get Free Report) last posted its earnings results on Wednesday, February 21st. The company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.05. The business 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 revenue was down 5.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.84 EPS. On average, research analysts forecast that PROG will post 2.83 EPS for the current fiscal year.
PROG Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date was Wednesday, March 13th. PROG’s dividend payout ratio (DPR) is presently 16.22%.
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.
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