PROG (NYSE:PRG – Get Free Report) 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.
Get Our Latest Stock Report on PROG
PROG Stock Up 20.5 %
PROG (NYSE:PRG – Get Free Report) 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.
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