PROG (NYSE:PRG) Issues FY24 Earnings Guidance

PROG (NYSE:PRG) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $2.85-3.10 for the period, compared to the consensus EPS estimate of $2.86. The company issued revenue guidance of $2.29-2.36 billion, compared to the consensus revenue estimate of $2.32 billion. PROG also updated its FY 2024 guidance to 2.850-3.100 EPS.

PROG Stock Up 1.5 %

Shares of NYSE:PRG opened at $32.76 on Wednesday. The company has a market capitalization of $1.43 billion, a price-to-earnings ratio of 11.07 and a beta of 2.08. The company has a debt-to-equity ratio of 1.00, a current ratio of 3.66 and a quick ratio of 1.49. The business’s 50-day moving average is $32.20 and its 200-day moving average is $30.63. PROG has a 1 year low of $24.50 and a 1 year high of $44.81.

PROG (NYSE:PRG) last announced its quarterly earnings data on Wednesday, February 21st. The company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.05. The company had revenue of $577.40 million for the quarter, compared to the consensus estimate of $568.35 million. PROG had a return on equity of 28.83% and a net margin of 5.77%. The firm’s revenue was down 5.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.84 EPS. Equities research analysts predict that PROG will post 2.83 earnings per share for the current year.

PROG Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date was Wednesday, March 13th. PROG’s dividend payout ratio (DPR) is currently 16.22%.

Wall Street Analyst Weigh In

PRG has been the topic of a number of research reports. TD Cowen initiated coverage on PROG in a research note on Friday, March 8th. They set an outperform rating and a $37.00 price target on the stock. Stephens raised PROG from an equal weight rating to an overweight rating in a report on Tuesday, January 2nd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $39.60.

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.