PROG (NYSE:PRG) Updates Q2 2024 Earnings Guidance

PROG (NYSE:PRG) issued an update on its second quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 0.650-0.750 for the period, compared to the consensus earnings per share estimate of 0.690. The company issued revenue guidance of $550.0 million-$575.0 million, compared to the consensus revenue estimate of $565.9 million. PROG also updated its FY 2024 guidance to 2.850-3.100 EPS.

PROG Price Performance

PROG stock opened at $33.98 on Friday. The business has a 50-day simple moving average of $32.36 and a 200 day simple moving average of $30.72. PROG has a 52 week low of $26.39 and a 52 week high of $44.81. The company has a quick ratio of 1.49, a current ratio of 3.91 and a debt-to-equity ratio of 1.01. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of 13.87 and a beta of 2.08.

PROG (NYSE:PRG) last posted its quarterly earnings data on Wednesday, April 24th. The company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.08. PROG had a return on equity of 26.67% and a net margin of 4.71%. The firm had revenue of $641.87 million during the quarter, compared to analysts’ expectations of $632.24 million. On average, research analysts forecast that PROG will post 3 earnings per share for the current fiscal year.

PROG Dividend Announcement

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

Wall Street Analysts Forecast Growth

PRG has been the subject of a number of recent research reports. Loop Capital boosted their target price on PROG from $31.00 to $35.00 and gave the company a hold rating in a research note on Thursday. TD Cowen boosted their target price on PROG from $38.00 to $40.00 and gave the company a buy rating in a research note on Thursday. Finally, Stephens raised PROG from an equal weight rating to an overweight rating in a research note on Tuesday, January 2nd. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target 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.