PROG (NYSE:PRG) Issues Q4 Earnings Guidance

by · The Markets Daily

PROG (NYSE:PRG – Get Free Report) updated its fourth quarter earnings guidance on Wednesday. The company provided earnings per share guidance of $0.70-$0.80 for the period, compared to the consensus earnings per share estimate of $0.74. The company issued revenue guidance of $599.8-$619.8 million, compared to the consensus revenue estimate of $604.47 million. PROG also updated its FY 2024 guidance to 3.300-3.400 EPS.

PROG Trading Down 1.5 %

PROG stock traded down $0.64 during trading hours on Friday, reaching $42.26. 53,952 shares of the company’s stock were exchanged, compared to its average volume of 410,004. The firm’s 50 day simple moving average is $47.00 and its 200 day simple moving average is $39.76. PROG has a twelve month low of $26.39 and a twelve month high of $50.28. The company has a quick ratio of 1.80, a current ratio of 3.87 and a debt-to-equity ratio of 1.02. The firm has a market capitalization of $1.82 billion, a PE ratio of 17.52 and a beta of 2.11.

PROG (NYSE:PRG – Get Free Report) last released its earnings results on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.76 by $0.01. PROG had a return on equity of 26.30% and a net margin of 4.57%. The business had revenue of $606.10 million during the quarter, compared to analysts’ expectations of $601.86 million. During the same quarter last year, the firm posted $0.90 earnings per share. The firm’s revenue was up 4.0% on a year-over-year basis. Research analysts predict that PROG will post 3.34 earnings per share for the current year.

PROG Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Tuesday, August 20th were paid a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $0.48 annualized dividend and a dividend yield of 1.14%. PROG’s dividend payout ratio is currently 19.59%.

Wall Street Analysts Forecast Growth

PRG has been the subject of a number of research reports. Raymond James upgraded shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price target for the company in a report on Thursday. Loop Capital upgraded PROG from a “hold” rating to a “buy” rating and raised their target price for the company from $41.00 to $55.00 in a research note on Monday, August 19th. TD Cowen boosted their price target on shares of PROG from $40.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Jefferies Financial Group upped 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, KeyCorp lifted their price target on PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $50.00.

Check Out Our Latest Stock Analysis on PRG

PROG Company Profile

(Get Free Report)

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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