PROG (NYSE:PRG) Issues Quarterly Earnings Results

PROG (NYSE:PRG) released its quarterly earnings data on Wednesday. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.22, Briefing.com reports. The business had revenue of $592.16 million for the quarter, compared to analyst estimates of $573.23 million. PROG had a return on equity of 26.30% and a net margin of 4.57%. The company’s revenue was down .1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.92 EPS.

PROG Stock Up 4.6 %

Shares of NYSE PRG traded up $1.95 during midday trading on Friday, reaching $44.28. 599,146 shares of the company’s stock were exchanged, compared to its average volume of 396,505. The stock has a market capitalization of $1.91 billion, a PE ratio of 17.76 and a beta of 2.10. PROG has a 52-week low of $26.39 and a 52-week high of $44.54. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.83 and a current ratio of 3.87. The business’s fifty day moving average price is $35.29 and its two-hundred day moving average price is $33.34.

PROG Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 11th. Shareholders of record on Tuesday, May 28th were given a $0.12 dividend. The ex-dividend date was Friday, May 24th. This represents a $0.48 dividend on an annualized basis and a yield of 1.08%. PROG’s payout ratio is currently 19.59%.

Analysts Set New Price Targets

Several research firms have issued reports on PRG. TD Cowen boosted their price objective on shares of PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday. BTIG Research assumed coverage on PROG in a report on Friday, June 7th. They issued a “neutral” rating for the company. KeyCorp boosted their price objective on PROG from $44.00 to $46.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, Loop Capital increased their target price on PROG from $35.00 to $41.00 and gave the company a “hold” rating in a research note on Thursday. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $42.60.

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.