PROG (NYSE:PRG) Updates Q2 2024 Earnings Guidance

PROG (NYSE:PRG) updated its second quarter 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 0.650-0.750 for the period, compared to the consensus estimate of 0.690. The company issued revenue guidance of $550.0 million-$575.0 million, compared to the consensus revenue estimate of $565.9 million. PROG also updated its FY 2024 guidance to 2.850-3.100 EPS.

Analyst Ratings Changes

Several analysts have recently commented on the stock. TD Cowen assumed coverage on shares of PROG in a report on Friday, March 8th. They issued an outperform rating and a $37.00 price objective on the stock. Stephens upgraded shares of PROG from an equal weight rating to an overweight rating in a research report on Tuesday, January 2nd. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $39.60.

PROG Price Performance

PROG stock opened at $32.76 on Wednesday. PROG has a 12-month low of $24.50 and a 12-month high of $44.81. The stock has a market cap of $1.43 billion, a P/E ratio of 11.07 and a beta of 2.08. The company has a 50-day moving average price of $32.20 and a 200 day moving average price of $30.63. The company has a current ratio of 3.66, a quick ratio of 1.49 and a debt-to-equity ratio of 1.00.

PROG (NYSE:PRG) last released its quarterly earnings data on Wednesday, February 21st. The company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.05. PROG had a net margin of 5.77% and a return on equity of 28.83%. The firm had revenue of $577.40 million during the quarter, compared to analysts’ expectations of $568.35 million. During the same period last year, the business earned $0.84 earnings per share. PROG’s revenue was down 5.7% compared to the same quarter last year. Sell-side analysts anticipate that PROG will post 2.83 earnings per share for the current year.

PROG Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.47%. The ex-dividend date of this dividend was Wednesday, March 13th. PROG’s dividend payout ratio (DPR) is presently 16.22%.

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.