PROG (NYSE:PRG) Issues Quarterly Earnings Results, Beats Expectations By $0.03 EPS

PROG (NYSE:PRG) posted its quarterly earnings data on Wednesday. The company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.77 by $0.03, Zacks reports. The business had revenue of $623.30 million for the quarter, compared to analysts’ expectations of $612.67 million. PROG had a net margin of 6.55% and a return on equity of 24.56%. The firm’s revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.72 EPS.

PROG Stock Performance

Shares of PRG stock traded down $0.08 on Thursday, reaching $30.50. The stock had a trading volume of 99,237 shares, compared to its average volume of 391,095. The company has a quick ratio of 2.34, a current ratio of 4.97 and a debt-to-equity ratio of 0.94. The firm’s 50-day moving average is $42.39 and its two-hundred day moving average is $44.98. The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of 8.47 and a beta of 2.18. PROG has a 12 month low of $27.84 and a 12 month high of $50.28.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Raymond James raised shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price target on the stock in a research report on Thursday, October 24th. TD Cowen raised shares of PROG to a “strong-buy” rating in a research report on Friday, November 29th. Finally, Stephens reissued an “overweight” rating and set a $60.00 price target on shares of PROG in a research report on Thursday, January 2nd. One analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $53.83.

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.