PROG (NYSE:PRG) Issues Quarterly Earnings Results

PROG (NYSE:PRG) posted its quarterly earnings data on Wednesday. The company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.01, Briefing.com reports. PROG had a return on equity of 26.30% and a net margin of 4.57%. The business had revenue of $606.10 million during the quarter, compared to the consensus estimate of $601.86 million. During the same period in the prior year, the business posted $0.90 earnings per share. PROG’s quarterly revenue was up 4.0% on a year-over-year basis.

PROG Stock Performance

NYSE PRG traded up $0.46 during trading hours on Thursday, reaching $42.92. 620,207 shares of the company were exchanged, compared to its average volume of 411,733. The company has a quick ratio of 1.80, a current ratio of 3.87 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $1.85 billion, a P/E ratio of 17.33 and a beta of 2.11. PROG has a 1 year low of $26.39 and a 1 year high of $50.28. The business’s 50 day simple moving average is $47.01 and its 200-day simple moving average is $39.74.

PROG Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Tuesday, August 20th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date was Tuesday, August 20th. PROG’s payout ratio is 19.59%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Loop Capital upgraded PROG from a “hold” rating to a “buy” rating and raised their price objective for the stock from $41.00 to $55.00 in a research report on Monday, August 19th. TD Cowen raised their price objective on shares of PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. KeyCorp boosted their target price on PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Jefferies Financial Group upped their price objective on shares of PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Finally, Raymond James raised PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price objective for the company in a research note on Thursday. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $50.00.

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.