PROG (NYSE:PRG) Releases Q4 2024 Earnings Guidance

PROG (NYSE:PRG) updated its fourth quarter 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 0.700-0.800 for the period, compared to the consensus 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.

Analyst Ratings Changes

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

PROG Stock Up 1.5 %

Shares of PRG stock traded up $0.63 on Thursday, hitting $43.09. The stock had a trading volume of 263,363 shares, compared to its average volume of 410,000. The company has a debt-to-equity ratio of 1.02, a current ratio of 3.87 and a quick ratio of 1.80. The business has a 50 day moving average of $47.01 and a 200 day moving average of $39.74. PROG has a 12-month low of $26.39 and a 12-month high of $50.28. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of 17.33 and a beta of 2.11.

PROG (NYSE:PRG) last posted its 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. The firm had revenue of $592.16 million for the quarter, compared to analysts’ expectations of $573.23 million. PROG had a net margin of 4.57% and a return on equity of 26.30%. The company’s quarterly revenue was down .1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.92 EPS. As a group, analysts expect that PROG will post 3.34 EPS for the current year.

PROG Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were paid a $0.12 dividend. The ex-dividend date was Tuesday, August 20th. This represents a $0.48 dividend on an annualized basis and a yield of 1.11%. PROG’s dividend payout ratio (DPR) is presently 19.59%.

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.