PROG Holdings, Inc. (PRG) to Issue Quarterly Dividend of $0.13 on March 25th

PROG Holdings, Inc. (NYSE:PRG) announced a quarterly dividend on Wednesday, February 26th, RTT News reports. Shareholders of record on Thursday, March 13th will be given a dividend of 0.13 per share on Tuesday, March 25th. This represents a $0.52 annualized dividend and a yield of 1.86%. The ex-dividend date is Thursday, March 13th. This is a positive change from PROG’s previous quarterly dividend of $0.12.

PROG has a dividend payout ratio of 12.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect PROG to earn $4.13 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 11.6%.

PROG Trading Up 1.0 %

PROG stock opened at $27.97 on Friday. The company has a current ratio of 5.24, a quick ratio of 2.34 and a debt-to-equity ratio of 0.99. The business’s fifty day simple moving average is $40.57 and its two-hundred day simple moving average is $44.46. PROG has a 12 month low of $27.61 and a 12 month high of $50.28. The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of 6.16 and a beta of 2.18.

PROG (NYSE:PRG) last released its earnings results on Wednesday, February 19th. The company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.77 by $0.03. PROG had a return on equity of 24.25% and a net margin of 8.01%. The business had revenue of $623.30 million for the quarter, compared to the consensus estimate of $612.67 million. During the same period in the previous year, the company posted $0.72 earnings per share. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. As a group, equities analysts predict that PROG will post 3.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Douglas C. Curling purchased 10,000 shares of PROG stock in a transaction on Friday, February 21st. The stock was acquired at an average price of $29.88 per share, for a total transaction of $298,800.00. Following the completion of the transaction, the director now directly owns 45,913 shares in the company, valued at $1,371,880.44. This represents a 27.85 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Caroline Sio-Chin Sheu purchased 1,650 shares of PROG stock in a transaction on Wednesday, February 26th. The stock was bought at an average price of $28.01 per share, with a total value of $46,216.50. Following the transaction, the director now owns 18,291 shares of the company’s stock, valued at approximately $512,330.91. This represents a 9.92 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 2.74% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Jefferies Financial Group cut PROG from a “buy” rating to a “hold” rating and decreased their price target for the stock from $58.00 to $29.00 in a research note on Wednesday. Stephens restated an “overweight” rating and issued a $60.00 price target on shares of PROG in a research note on Thursday, January 2nd. Finally, TD Cowen upgraded PROG to a “strong-buy” rating in a research report on Friday, November 29th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $49.00.

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.