PROG (NYSE:PRG) Updates Q2 2024 Earnings Guidance

PROG (NYSE:PRG) issued an update on its second quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 0.650-0.750 for the period, compared to the consensus earnings per share estimate of 0.690. The company issued revenue guidance of $550.0 million-$575.0 million, compared to the consensus revenue estimate of $565.9 million. PROG also updated its FY 2024 guidance to 2.850-3.100 EPS.

PROG Trading Up 1.5 %

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

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

PROG Dividend Announcement

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

Wall Street Analyst Weigh In

PRG has been the topic of several recent research reports. TD Cowen initiated coverage on shares of PROG in a research note on Friday, March 8th. They issued an outperform rating and a $37.00 price objective on the stock. 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 given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus 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.