PROG Holdings, Inc. (NYSE:PRG) Declares Quarterly Dividend of $0.12

PROG Holdings, Inc. (NYSE:PRG) declared a quarterly dividend on Thursday, November 7th,NASDAQ Dividends reports. Shareholders of record on Tuesday, November 19th will be given a dividend of 0.12 per share on Tuesday, December 3rd. This represents a $0.48 annualized dividend and a yield of 1.01%. The ex-dividend date of this dividend is Tuesday, November 19th.

PROG has a payout ratio of 12.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect PROG to earn $3.80 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 12.6%.

PROG Stock Down 0.1 %

NYSE:PRG opened at $47.72 on Monday. The company’s 50-day simple moving average is $46.92 and its 200-day simple moving average is $41.35. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.34 and a current ratio of 4.97. PROG has a fifty-two week low of $26.39 and a fifty-two week high of $50.28. The stock has a market capitalization of $1.98 billion, a P/E ratio of 13.22 and a beta of 2.11.

PROG (NYSE:PRG) last announced its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.01. The company had revenue of $606.10 million during the quarter, compared to the consensus estimate of $601.86 million. PROG had a net margin of 6.55% and a return on equity of 24.56%. PROG’s revenue was up 4.0% compared to the same quarter last year. During the same period last year, the firm earned $0.90 earnings per share. On average, equities analysts anticipate that PROG will post 3.35 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Raymond James raised PROG from a “market perform” rating to an “outperform” rating and set a $48.00 target price on the stock in a research report on Thursday, October 24th. Jefferies Financial Group upped their price objective on shares of PROG from $50.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. KeyCorp lifted their target price 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. Stephens started coverage on shares of PROG in a research report on Wednesday, November 13th. They set an “overweight” rating and a $60.00 target price on the stock. Finally, Loop Capital raised shares of PROG from a “hold” rating to a “buy” rating and raised their price target for the stock from $41.00 to $55.00 in a report on Monday, August 19th. One equities 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, PROG presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.83.

Insider Activity at PROG

In other PROG news, CFO Brian Garner sold 5,000 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $49.29, for a total transaction of $246,450.00. Following the sale, the chief financial officer now directly owns 107,720 shares of the company’s stock, valued at approximately $5,309,518.80. This trade represents a 4.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael Todd King sold 1,500 shares of PROG stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $46.97, for a total value of $70,455.00. Following the transaction, the insider now owns 37,017 shares of the company’s stock, valued at $1,738,688.49. The trade was a 3.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 119,207 shares of company stock worth $5,759,152 over the last quarter. Insiders own 2.74% of the company’s stock.

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.