PROG (NYSE:PRG) Releases Q4 2024 Earnings Guidance

PROG (NYSE:PRG) issued an update on its fourth quarter 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 0.700-0.800 for the period, compared to the consensus EPS estimate of 0.720. The company issued revenue guidance of $599.8 million-$619.8 million, compared to the consensus revenue estimate of $596.9 million. PROG also updated its FY 2024 guidance to 3.300-3.400 EPS.

PROG Stock Performance

Shares of NYSE:PRG opened at $46.97 on Wednesday. The firm has a fifty day simple moving average of $46.87 and a two-hundred day simple moving average of $39.63. PROG has a 52 week low of $26.39 and a 52 week high of $50.28. 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 $2.03 billion, a P/E ratio of 19.17 and a beta of 2.11.

PROG (NYSE:PRG) last released its quarterly earnings results on Wednesday, July 24th. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.70 by $0.22. PROG had a return on equity of 26.30% and a net margin of 4.57%. The company had revenue of $592.16 million during the quarter, compared to analyst estimates of $573.23 million. During the same quarter last year, the business posted $0.92 earnings per share. The firm’s revenue was down .1% on a year-over-year basis. On average, analysts expect that PROG will post 3.34 earnings per share for the current fiscal year.

PROG Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Tuesday, August 20th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.02%. The ex-dividend date was Tuesday, August 20th. PROG’s dividend payout ratio is currently 19.59%.

Analyst Ratings Changes

Several research analysts have commented on the stock. TD Cowen lifted their price objective on shares of PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. KeyCorp lifted their price target on shares of PROG from $46.00 to $55.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Loop Capital raised shares of PROG from a “hold” rating to a “buy” rating and increased their price objective for the stock from $41.00 to $55.00 in a research report on Monday, August 19th. Finally, Jefferies Financial Group raised their price objective on shares of PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, PROG currently has an average rating of “Moderate Buy” and a consensus price target of $50.40.

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.