PROG (NYSE:PRG) Issues FY24 Earnings Guidance

PROG (NYSE:PRG) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $2.85-3.10 for the period, compared to the consensus estimate of $2.86. The company issued revenue guidance of $2.29-2.36 billion, compared to the consensus revenue estimate of $2.32 billion. PROG also updated its FY 2024 guidance to 2.850-3.100 EPS.

PROG Stock Down 3.0 %

Shares of PROG stock traded down $1.08 on Thursday, hitting $34.58. The company had a trading volume of 61,002 shares, compared to its average volume of 391,424. The stock has a 50-day moving average of $32.25 and a 200-day moving average of $30.67. The firm has a market capitalization of $1.51 billion, a P/E ratio of 12.05 and a beta of 2.08. The company has a debt-to-equity ratio of 1.00, a current ratio of 3.66 and a quick ratio of 1.49. PROG has a twelve month low of $26.39 and a twelve month high of $44.81.

PROG (NYSE:PRG) last issued its quarterly earnings results on Wednesday, April 24th. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.08. PROG had a net margin of 5.77% and a return on equity of 28.83%. The company had revenue of $641.87 million during the quarter, compared to analysts’ expectations of $632.24 million. Research analysts predict 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. Investors of record on Thursday, March 14th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date of this dividend was Wednesday, March 13th. PROG’s dividend payout ratio is currently 16.22%.

Wall Street Analysts Forecast Growth

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

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.