PROG (NYSE:PRG) Issues 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 (EPS) guidance of 2.850-3.100 for the period, compared to the consensus 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 Performance

NYSE PRG traded down $1.06 during midday trading on Thursday, hitting $34.60. The company had a trading volume of 86,157 shares, compared to its average volume of 391,755. The company has a quick ratio of 1.49, a current ratio of 3.66 and a debt-to-equity ratio of 1.00. The stock has a market cap of $1.51 billion, a price-to-earnings ratio of 11.59 and a beta of 2.08. The firm has a fifty day simple moving average of $32.25 and a two-hundred day simple moving average of $30.67. PROG has a fifty-two week low of $26.39 and a fifty-two week high of $44.81.

PROG (NYSE:PRG) last announced its quarterly earnings results on Wednesday, April 24th. The company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.08. PROG had a net margin of 5.77% and a return on equity of 28.83%. The firm had revenue of $641.87 million during the quarter, compared to the consensus estimate of $632.24 million. Equities analysts forecast that PROG will post 2.83 earnings per share for the current fiscal year.

PROG Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date of this dividend was Wednesday, March 13th. PROG’s dividend payout ratio (DPR) is 16.22%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Stephens upgraded shares of PROG from an equal weight rating to an overweight rating in a report on Tuesday, January 2nd. TD Cowen began coverage on shares of PROG in a research report on Friday, March 8th. They issued an outperform rating and a $37.00 price objective on the stock. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $39.60.

PROG Company Profile

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.