Progress Software Co. (PRGS) to Issue Quarterly Dividend of $0.18 on September 16th

Progress Software Co. (NASDAQ:PRGS) declared a quarterly dividend on Tuesday, June 18th, Zacks reports. Stockholders of record on Monday, September 2nd will be paid a dividend of 0.175 per share by the software maker on Monday, September 16th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend is Friday, August 30th.

Progress Software has increased its dividend payment by an average of 1.5% annually over the last three years. Progress Software has a dividend payout ratio of 13.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect Progress Software to earn $4.18 per share next year, which means the company should continue to be able to cover its $0.70 annual dividend with an expected future payout ratio of 16.7%.

Progress Software Price Performance

PRGS traded down $0.04 on Wednesday, hitting $57.81. 53,027 shares of the company were exchanged, compared to its average volume of 475,939. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.95 and a current ratio of 1.12. The business’s fifty day moving average is $55.32 and its 200 day moving average is $53.11. Progress Software has a fifty-two week low of $48.00 and a fifty-two week high of $62.34. The firm has a market capitalization of $2.47 billion, a P/E ratio of 35.39, a price-to-earnings-growth ratio of 7.25 and a beta of 0.93.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Tuesday, June 25th. The software maker reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.13. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. The company had revenue of $175.08 million for the quarter, compared to analyst estimates of $168.60 million. As a group, sell-side analysts anticipate that Progress Software will post 3.91 EPS for the current year.

Analyst Ratings Changes

PRGS has been the topic of several recent research reports. Oppenheimer reaffirmed an “outperform” rating and issued a $66.00 price target on shares of Progress Software in a report on Wednesday, June 26th. StockNews.com downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 26th. DA Davidson reaffirmed a “buy” rating and issued a $65.00 price target on shares of Progress Software in a report on Wednesday, June 26th. Wedbush upped their price objective on shares of Progress Software from $67.00 to $68.00 and gave the company an “outperform” rating in a research note on Thursday, July 18th. Finally, Jefferies Financial Group reduced their price objective on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a research note on Wednesday, June 26th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Progress Software currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.50.

Insider Buying and Selling

In related news, CFO Anthony Folger sold 3,767 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $50.50, for a total transaction of $190,233.50. Following the completion of the transaction, the chief financial officer now owns 37,542 shares of the company’s stock, valued at $1,895,871. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Kathryn Kulikoski sold 2,918 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $54.09, for a total value of $157,834.62. Following the completion of the sale, the insider now owns 4,142 shares of the company’s stock, valued at $224,040.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Anthony Folger sold 3,767 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $50.50, for a total transaction of $190,233.50. Following the completion of the sale, the chief financial officer now directly owns 37,542 shares of the company’s stock, valued at approximately $1,895,871. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,530 shares of company stock valued at $955,238. Insiders own 3.40% of the company’s stock.

Progress Software Company Profile

Progress Software Corporation develops, deploys, and manages business applications in the United States and internationally. The company offers OpenEdge, an application development platform for running business-critical applications; Chef, a DevOps/DevSecOps automation software; Developer Tools that consists of software development tooling collection, including .NET and JavaScript UI components for web, desktop and mobile applications, reporting and report management tools, and automated testing and mocking tools; Kemp LoadMaster, an application delivery and security product offering cloud-native, and virtual and hardware load balancers; and Sitefinity, a digital experience platform foundation delivering intelligent and ROI-driving tools for marketers.