PROG (NYSE:PRG) Updates FY24 Earnings Guidance

PROG (NYSE:PRG) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $2.85-3.10 for the period, compared to the consensus earnings per share estimate of $2.86. The company issued revenue guidance of $2.29-2.36 billion, compared to the consensus revenue estimate of $2.32 billion. PROG also updated its FY 2024 guidance to 2.850-3.100 EPS.

PROG Stock Performance

Shares of PRG opened at $33.98 on Friday. The business’s 50 day moving average is $32.36 and its two-hundred day moving average is $30.72. PROG has a 52-week low of $26.39 and a 52-week high of $44.81. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of 13.87 and a beta of 2.08. The company has a quick ratio of 1.49, a current ratio of 3.91 and a debt-to-equity ratio of 1.01.

PROG (NYSE:PRG) last announced its earnings results 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 return on equity of 26.67% and a net margin of 4.71%. The company had revenue of $641.87 million for the quarter, compared to analyst estimates of $632.24 million. Analysts forecast that PROG will post 3 EPS for the current fiscal year.

PROG Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.41%. The ex-dividend date of this dividend was Wednesday, March 13th. PROG’s dividend payout ratio is currently 19.59%.

Wall Street Analyst Weigh In

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

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.