PROG (NYSE:PRG) Releases Q2 2024 Earnings Guidance

PROG (NYSE:PRG) updated its second quarter 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 0.650-0.750 for the period, compared to the consensus 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 Price Performance

PRG stock traded down $0.82 during trading on Friday, hitting $34.10. The stock had a trading volume of 110,899 shares, compared to its average volume of 392,881. The company has a debt-to-equity ratio of 1.01, a current ratio of 3.91 and a quick ratio of 1.49. PROG has a twelve month low of $26.39 and a twelve month high of $44.81. The stock has a market capitalization of $1.49 billion, a P/E ratio of 14.25 and a beta of 2.08. The company’s 50-day moving average price is $32.30 and its two-hundred day moving average price is $30.70.

PROG (NYSE:PRG) last posted its quarterly earnings data on Wednesday, April 24th. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.08. PROG had a return on equity of 26.67% and a net margin of 4.71%. The company had revenue of $641.87 million for the quarter, compared to analysts’ expectations of $632.24 million. As a group, research analysts predict that PROG will post 2.86 EPS for the current fiscal year.

PROG Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.41%. The ex-dividend date was Wednesday, March 13th. PROG’s payout ratio is 19.59%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on PRG shares. Stephens upgraded PROG from an equal weight rating to an overweight rating in a report on Tuesday, January 2nd. TD Cowen boosted their target price on PROG from $38.00 to $40.00 and gave the stock a buy rating in a report on Thursday. Finally, Loop Capital boosted their target price on PROG from $31.00 to $35.00 and gave the stock a hold rating in a report on Thursday. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently 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.