PROG (NYSE:PRG) Issues 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 Performance

PROG stock opened at $32.76 on Wednesday. The company has a quick ratio of 1.49, a current ratio of 3.66 and a debt-to-equity ratio of 1.00. The company has a market capitalization of $1.43 billion, a PE ratio of 11.07 and a beta of 2.08. The firm has a fifty day simple moving average of $32.20 and a two-hundred day simple moving average of $30.63. PROG has a twelve month low of $24.50 and a twelve month high of $44.81.

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

PROG Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date of this dividend was Wednesday, March 13th. PROG’s payout ratio is 16.22%.

Wall Street Analyst Weigh In

PRG has been the topic of several analyst reports. Stephens upgraded shares of PROG from an equal weight rating to an overweight rating in a research note on Tuesday, January 2nd. TD Cowen assumed coverage on shares of PROG in a research note on Friday, March 8th. They issued an outperform rating and a $37.00 target price on the stock. One research analyst has rated the stock with a hold rating and four have issued 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 $39.60.

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.