PROG (NYSE:PRG) Posts Quarterly Earnings Results, Beats Estimates By $0.08 EPS

PROG (NYSE:PRG) issued its earnings results on Wednesday. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.08, reports. The firm had revenue of $641.87 million for the quarter, compared to the consensus estimate of $632.24 million. PROG had a net margin of 4.71% and a return on equity of 26.67%.

PROG Stock Performance

PRG traded down $0.90 during trading on Friday, hitting $34.02. The company’s stock had a trading volume of 338,434 shares, compared to its average volume of 284,479. The company has a quick ratio of 1.49, a current ratio of 3.91 and a debt-to-equity ratio of 1.01. PROG has a one year low of $26.39 and a one year high of $44.81. The firm has a market cap of $1.49 billion, a PE ratio of 13.87 and a beta of 2.08. The business’s 50 day simple moving average is $32.36 and its 200-day simple moving average is $30.72.

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 given a $0.12 dividend. The ex-dividend date was Wednesday, March 13th. This represents a $0.48 annualized dividend and a yield of 1.41%. PROG’s payout ratio is presently 19.59%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on PRG shares. Stephens upgraded shares of PROG from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, January 2nd. Loop Capital upped their target price on shares of PROG from $31.00 to $35.00 and gave the stock a “hold” rating in a research note on Thursday. Finally, TD Cowen increased their price objective on shares of PROG from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $39.60.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Blue Trust Inc. bought a new stake in shares of PROG during the 4th quarter valued at $27,000. BluePath Capital Management LLC bought a new stake in shares of PROG during the 3rd quarter valued at $31,000. Acadian Asset Management LLC bought a new stake in shares of PROG during the 3rd quarter valued at $33,000. Skandinaviska Enskilda Banken AB publ bought a new stake in shares of PROG during the 3rd quarter valued at $103,000. Finally, Counterpoint Mutual Funds LLC raised its position in shares of PROG by 19.0% during the 3rd quarter. Counterpoint Mutual Funds LLC now owns 3,572 shares of the company’s stock valued at $119,000 after purchasing an additional 570 shares during the period. 97.92% of the stock is currently owned by institutional investors.

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.