PROG (NYSE:PRG) Releases Q2 Earnings Guidance

PROG (NYSE:PRG) issued an update on its second quarter earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $0.65-0.75 for the period, compared to the consensus estimate of $0.69. The company issued revenue guidance of $550-575 million, compared to the consensus revenue estimate of $565.93 million. PROG also updated its FY 2024 guidance to 2.850-3.100 EPS.

PROG Stock Up 8.8 %

PRG traded up $2.89 during trading on Wednesday, hitting $35.66. The company had a trading volume of 525,348 shares, compared to its average volume of 393,301. The company has a market cap of $1.56 billion, a PE ratio of 11.69 and a beta of 2.08. The business has a 50-day moving average of $32.20 and a 200-day moving average of $30.63. The company has a debt-to-equity ratio of 1.00, a current ratio of 3.66 and a quick ratio of 1.49. PROG has a 1-year low of $24.72 and a 1-year high of $44.81.

PROG (NYSE:PRG) last announced its earnings results 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 firm had revenue of $577.40 million during the quarter, compared to analyst estimates of $568.35 million. PROG had a net margin of 5.77% and a return on equity of 28.83%. PROG’s revenue was down 5.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.84 EPS. As a group, analysts forecast that PROG will post 2.83 earnings per share for the current year.

PROG Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date was Wednesday, March 13th. PROG’s payout ratio is 16.22%.

Analyst Ratings Changes

A number of analysts have commented on PRG shares. TD Cowen started coverage on shares of PROG in a research note on Friday, March 8th. They set an outperform rating and a $37.00 price objective for the company. Stephens raised shares of PROG from an equal weight rating to an overweight rating in a research note on Tuesday, January 2nd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus 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.