PROG (NYSE:PRG) Updates FY24 Earnings Guidance

PROG (NYSE:PRG) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $2.85-3.10 for the period, compared to the consensus earnings per share 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 Up 8.8 %

Shares of NYSE:PRG traded up $2.89 during trading on Wednesday, hitting $35.66. The company’s stock had a trading volume of 525,348 shares, compared to its average volume of 393,301. The business has a 50 day moving average price of $32.20 and a two-hundred day moving average price of $30.63. The company has a market capitalization of $1.56 billion, a PE ratio of 11.69 and a beta of 2.08. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.49 and a current ratio of 3.66. PROG has a fifty-two week low of $24.72 and a fifty-two week high of $44.81.

PROG (NYSE:PRG) last posted its quarterly earnings results on Wednesday, February 21st. The company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.67 by $0.05. The business had revenue of $577.40 million during the quarter, compared to the consensus estimate of $568.35 million. PROG had a net margin of 5.77% and a return on equity of 28.83%. The company’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.84 earnings per share. As a group, research analysts expect that PROG will post 2.83 EPS for the current fiscal year.

PROG Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.35%. PROG’s payout ratio is currently 16.22%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. TD Cowen assumed coverage on shares of PROG in a research note on Friday, March 8th. They set an outperform rating and a $37.00 target price for the company. Stephens raised shares of PROG from an equal weight rating to an overweight rating in a research report on Tuesday, January 2nd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock 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.