PROG (NYSE:PRG) Updates FY 2024 Earnings Guidance

PROG (NYSE:PRG) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 2.850-3.100 for the period, compared to the consensus earnings per share estimate of 2.860. The company issued revenue guidance of $2.3 billion-$2.4 billion, compared to the consensus revenue estimate of $2.3 billion. PROG also updated its FY24 guidance to $2.85-3.10 EPS.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PRG. Stephens raised PROG from an equal weight rating to an overweight rating in a research note on Tuesday, January 2nd. TD Cowen lifted their price objective on PROG from $38.00 to $40.00 and gave the stock a buy rating in a research note on Thursday. Finally, Loop Capital lifted their price objective on PROG from $31.00 to $35.00 and gave the stock a hold rating in a research note on Thursday. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, PROG presently has a consensus rating of Moderate Buy and an average target price of $39.60.

PROG Trading Down 2.3 %

PRG stock traded down $0.82 during mid-day trading on Friday, reaching $34.10. The company’s stock had a trading volume of 110,899 shares, compared to its average volume of 392,881. The company has a market cap of $1.49 billion, a price-to-earnings ratio of 14.25 and a beta of 2.08. The business’s 50 day moving average price is $32.30 and its 200 day moving average price is $30.70. The company has a current ratio of 3.91, a quick ratio of 1.49 and a debt-to-equity ratio of 1.01. PROG has a 12 month low of $26.39 and a 12 month high of $44.81.

PROG (NYSE:PRG) last released its quarterly earnings data on Wednesday, April 24th. The company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.83 by $0.08. The firm had revenue of $641.87 million during the quarter, compared to the consensus estimate of $632.24 million. PROG had a return on equity of 26.67% and a net margin of 4.71%. On average, equities research analysts predict that PROG will post 2.86 EPS for the current year.

PROG Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were issued a dividend of $0.12 per share. The ex-dividend date was Wednesday, March 13th. This represents a $0.48 annualized dividend and a dividend yield of 1.41%. PROG’s dividend 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.