PROG (NYSE:PRG) Posts Quarterly Earnings Results

PROG (NYSE:PRG) announced its quarterly earnings results on Wednesday. The company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.83 by $0.08, reports. PROG had a net margin of 4.71% and a return on equity of 26.67%. The company had revenue of $641.87 million for the quarter, compared to analyst estimates of $632.24 million.

PROG Trading Down 2.1 %

PROG stock opened at $34.92 on Friday. The company has a 50 day moving average price of $32.30 and a 200 day moving average price of $30.70. PROG has a 52 week low of $26.39 and a 52 week high of $44.81. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.49 and a current ratio of 3.91. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of 14.25 and a beta of 2.08.

PROG Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.37%. The ex-dividend date of this dividend was Wednesday, March 13th. PROG’s dividend payout ratio is 19.59%.

Analyst Ratings Changes

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

Hedge Funds Weigh In On PROG

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRG. Blue Trust Inc. bought a new position in PROG in the 4th quarter worth $27,000. BluePath Capital Management LLC acquired a new stake in shares of PROG during the 3rd quarter valued at about $31,000. Acadian Asset Management LLC acquired a new position in PROG in the third quarter valued at about $33,000. Skandinaviska Enskilda Banken AB publ bought a new position in shares of PROG in the third quarter worth about $103,000. Finally, Counterpoint Mutual Funds LLC raised its stake in shares of PROG by 19.0% in the third quarter. Counterpoint Mutual Funds LLC now owns 3,572 shares of the company’s stock worth $119,000 after acquiring an additional 570 shares during the last quarter. Institutional investors and hedge funds own 97.92% of the company’s stock.

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.