PROG (NYSE:PRG) Releases Q4 2024 Earnings Guidance

PROG (NYSE:PRG) updated its fourth quarter 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 0.700-0.800 for the period, compared to the consensus earnings per share estimate of 0.720. The company issued revenue guidance of $599.8 million-$619.8 million, compared to the consensus revenue estimate of $596.9 million. PROG also updated its FY 2024 guidance to 3.300-3.400 EPS.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. TD Cowen upped their target price on PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. KeyCorp upped their price objective 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. Jefferies Financial Group increased 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. Finally, Loop Capital upgraded shares of PROG from a “hold” rating to a “buy” rating and boosted their price target for the company from $41.00 to $55.00 in a report on Monday, August 19th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.40.

PROG Price Performance

Shares of PRG stock opened at $46.97 on Wednesday. The stock’s 50-day moving average is $46.87 and its 200 day moving average is $39.63. PROG has a 1-year low of $26.39 and a 1-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 company has a market cap of $2.03 billion, a P/E ratio of 19.17 and a beta of 2.11.

PROG (NYSE:PRG) last released its quarterly earnings results on Wednesday, July 24th. The company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $573.23 million. During the same period last year, the business earned $0.92 EPS. The company’s revenue was down .1% compared to the same quarter last year. Research analysts predict that PROG will post 3.34 earnings per share for the current fiscal year.

PROG Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Tuesday, August 20th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date was Tuesday, August 20th. PROG’s payout ratio is presently 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.