PROG (NYSE:PRG) Updates Q2 Earnings Guidance

PROG (NYSE:PRG) issued an update on its second quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of $0.65-0.75 for the period, compared to the consensus earnings per share estimate of $0.69. The company issued revenue guidance of $550-575 million, compared to the consensus revenue estimate of $565.93 million. PROG also updated its FY 2024 guidance to 2.850-3.100 EPS.

PROG Stock Performance

PRG traded down $0.81 during trading on Friday, hitting $34.11. 83,136 shares of the company traded hands, compared to its average volume of 392,642. The firm has a market cap of $1.49 billion, a P/E ratio of 14.25 and a beta of 2.08. The stock’s fifty day moving average is $32.30 and its 200 day moving average is $30.70. 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 has a one year low of $26.39 and a one year high of $44.81.

PROG (NYSE:PRG) last posted its quarterly earnings results on Wednesday, April 24th. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.08. The company had revenue of $641.87 million during the quarter, compared to analyst estimates of $632.24 million. PROG had a net margin of 4.71% and a return on equity of 26.67%. As a group, equities analysts predict that PROG will post 2.86 EPS for the current fiscal year.

PROG Dividend Announcement

The business 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. The ex-dividend date was Wednesday, March 13th. This represents a $0.48 annualized dividend and a yield of 1.41%. PROG’s payout ratio is currently 19.59%.

Wall Street Analyst Weigh In

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