PROG (NYSE:PRG) Updates FY24 Earnings Guidance

PROG (NYSE:PRG) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $3.25-3.40 for the period, compared to the consensus EPS estimate of $3.00. The company issued revenue guidance of $2.40-2.45 billion, compared to the consensus revenue estimate of $2.35 billion. PROG also updated its FY 2024 guidance to 3.250-3.400 EPS.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. TD Cowen boosted their target price on shares of PROG from $38.00 to $40.00 and gave the company a buy rating in a research report on Thursday, April 25th. Loop Capital increased their price objective on shares of PROG from $31.00 to $35.00 and gave the stock a hold rating in a research report on Thursday, April 25th. Finally, BTIG Research began coverage on PROG in a research report on Friday, June 7th. They issued a neutral rating for the company. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $39.60.

PROG Stock Up 20.5 %

Shares of PROG stock traded up $7.09 during trading hours on Wednesday, reaching $41.72. The company’s stock had a trading volume of 1,716,723 shares, compared to its average volume of 382,888. The company has a market capitalization of $1.80 billion, a P/E ratio of 17.10 and a beta of 2.10. The stock’s fifty day simple moving average is $35.04 and its two-hundred day simple moving average is $33.21. PROG has a one year low of $26.39 and a one year high of $44.81. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.83 and a current ratio of 3.91.

PROG (NYSE:PRG) last announced 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 business had revenue of $641.87 million for the quarter, compared to analysts’ expectations of $632.24 million. PROG had a net margin of 4.71% and a return on equity of 26.67%. On average, research analysts forecast that PROG will post 2.98 earnings per share for the current year.

PROG Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 11th. Investors of record on Tuesday, May 28th were given a dividend of $0.12 per share. The ex-dividend date was Friday, May 24th. This represents a $0.48 annualized dividend and a dividend yield of 1.15%. PROG’s payout ratio is 19.59%.

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.