Propel (TSE:PRL) Cut to “Hold” at Scotiabank

Scotiabank downgraded shares of Propel (TSE:PRL) from a strong-buy rating to a hold rating in a report published on Friday morning,Zacks.com reports.

A number of other analysts have also issued reports on the company. Canaccord Genuity Group raised Propel to a “strong-buy” rating in a research note on Friday, October 4th. Ventum Financial set a C$38.00 price objective on Propel and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Ventum Cap Mkts raised Propel to a “strong-buy” rating in a research note on Tuesday, October 8th. Eight Capital boosted their price objective on Propel from C$38.00 to C$45.00 in a research note on Friday. Finally, Raymond James boosted their price objective on Propel from C$34.00 to C$40.00 in a research note on Thursday, November 7th.

Propel Price Performance

Shares of TSE:PRL opened at $38.18 on Friday. The business’s 50 day moving average price is $31.70 and its 200-day moving average price is $25.22. The firm has a market capitalization of $1.31 billion, a PE ratio of 26.70 and a beta of 1.75. Propel has a 1 year low of $8.65 and a 1 year high of $40.88.

Propel Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Wednesday, December 4th will be given a $0.15 dividend. The ex-dividend date is Friday, November 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.57%. This is an increase from Propel’s previous quarterly dividend of $0.14. Propel’s payout ratio is currently 39.16%.

About Propel

Propel Holdings Inc operates as a financial technology company. The company’s lending platform facilitates to credit products, such as installment loans and lines of credit under the MoneyKey, CreditFresh, and Fora Credit brands to American consumers. It also offers marketing, analytics, and loan servicing services.