PROG (NYSE:PRG) Releases Q2 Earnings Guidance

PROG (NYSE:PRG) updated its second quarter earnings guidance on Wednesday. The company provided EPS guidance of $0.65-0.75 for the period, compared to the consensus EPS estimate of $0.69. The company issued revenue guidance of $550-575 million, compared to the consensus revenue estimate of $565.93 million. PROG also updated its FY 2024 guidance to 2.850-3.100 EPS.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PRG. TD Cowen began coverage on PROG in a research report on Friday, March 8th. They set an outperform rating and a $37.00 target price on the stock. Stephens raised 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 given 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.

PROG Stock Performance

Shares of PRG stock opened at $32.76 on Wednesday. PROG has a 1-year low of $24.50 and a 1-year high of $44.81. The company has a current ratio of 3.66, a quick ratio of 1.49 and a debt-to-equity ratio of 1.00. The company has a market capitalization of $1.43 billion, a price-to-earnings ratio of 11.07 and a beta of 2.08. The stock’s fifty day simple moving average is $32.20 and its 200-day simple moving average is $30.63.

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

PROG Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were paid a $0.12 dividend. The ex-dividend date was Wednesday, March 13th. This represents a $0.48 dividend on an annualized basis and a yield of 1.47%. PROG’s dividend payout ratio (DPR) is currently 16.22%.

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.