PROG (NYSE:PRG) Trading 5.9% Higher on Better-Than-Expected Earnings

PROG Holdings, Inc. (NYSE:PRG)’s share price shot up 5.9% during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $36.00 and last traded at $34.70. 119,711 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 390,350 shares. The stock had previously closed at $32.77.

The company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.08. The firm had revenue of $641.87 million for the quarter, compared to the consensus estimate of $632.24 million. PROG had a net margin of 4.71% and a return on equity of 26.67%.

PROG Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.41%. The ex-dividend date was Wednesday, March 13th. PROG’s dividend payout ratio (DPR) is currently 19.59%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PRG. TD Cowen lifted their price target on PROG from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday. Stephens upgraded PROG from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, January 2nd. Finally, Loop Capital upped their price target on PROG from $31.00 to $35.00 and gave the stock a “hold” rating in a research note on Thursday. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $39.60.

Institutional Investors Weigh In On PROG

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

PROG Price Performance

The company has a 50 day moving average of $32.36 and a 200 day moving average of $30.72. The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of 13.87 and a beta of 2.08. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.49 and a current ratio of 3.91.

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.