PROG (NYSE:PRG) Updates FY 2024 Earnings Guidance

PROG (NYSE:PRG) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 2.850-3.100 for the period, compared to the consensus earnings per share estimate of 2.860. The company issued revenue guidance of $2.3 billion-$2.4 billion, compared to the consensus revenue estimate of $2.3 billion. PROG also updated its FY24 guidance to $2.85-3.10 EPS.

PROG Stock Down 2.6 %

NYSE PRG opened at $34.02 on Friday. The business’s fifty day simple moving average is $32.36 and its 200-day simple moving average is $30.72. 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 firm has a market cap of $1.49 billion, a PE ratio of 13.87 and a beta of 2.08. PROG has a 52 week low of $26.39 and a 52 week high of $44.81.

PROG (NYSE:PRG) last issued 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. The firm had revenue of $641.87 million during the quarter, compared to the consensus estimate of $632.24 million. PROG had a return on equity of 26.67% and a net margin of 4.71%. As a group, equities analysts anticipate that PROG will post 3 earnings per share for the current year.

PROG Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.41%. The ex-dividend date of this dividend was Wednesday, March 13th. PROG’s dividend payout ratio is currently 19.59%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PRG. Stephens raised PROG from an equal weight rating to an overweight rating in a research report on Tuesday, January 2nd. Loop Capital boosted their price objective on PROG from $31.00 to $35.00 and gave the stock a hold rating in a research report on Thursday. Finally, TD Cowen boosted their price objective on PROG from $38.00 to $40.00 and gave the stock a buy rating in a research report on Thursday. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average 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.