PROG Holdings, Inc. Declares Quarterly Dividend of $0.12 (NYSE:PRG)

PROG Holdings, Inc. (NYSE:PRG) declared a quarterly dividend on Thursday, November 7th,NASDAQ Dividends reports. Stockholders of record on Tuesday, November 19th will be paid a dividend of 0.12 per share on Tuesday, December 3rd. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date of this dividend is Tuesday, November 19th.

PROG has a dividend payout ratio of 12.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect PROG to earn $3.80 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 12.6%.

PROG Stock Up 1.0 %

NYSE PRG traded up $0.49 during mid-day trading on Friday, hitting $47.91. The company’s stock had a trading volume of 425,477 shares, compared to its average volume of 409,016. The company has a current ratio of 4.97, a quick ratio of 2.34 and a debt-to-equity ratio of 0.94. The company’s 50 day simple moving average is $46.70 and its 200 day simple moving average is $40.65. PROG has a twelve month low of $26.39 and a twelve month high of $50.28. The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of 13.14 and a beta of 2.11.

PROG (NYSE:PRG) last posted its earnings results on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.76 by $0.01. PROG had a net margin of 6.55% and a return on equity of 24.56%. The company had revenue of $606.10 million during the quarter, compared to the consensus estimate of $601.86 million. During the same period in the previous year, the firm posted $0.90 earnings per share. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. Analysts anticipate that PROG will post 3.35 earnings per share for the current year.

Analysts Set New Price Targets

PRG has been the subject of several analyst reports. 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, October 24th. KeyCorp increased their price target 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 lifted 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. Loop Capital upgraded shares of PROG from a “hold” rating to a “buy” rating and increased their target price for the company from $41.00 to $55.00 in a report on Monday, August 19th. Finally, TD Cowen raised their price target on shares of PROG from $40.00 to $47.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $52.60.

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.