PROG Holdings, Inc. (NYSE:PRG) Announces Dividend Increase – $0.13 Per Share

PROG Holdings, Inc. (NYSE:PRG) announced a quarterly dividend on Wednesday, February 26th, RTT News reports. Shareholders of record on Thursday, March 13th will be paid a dividend of 0.13 per share on Tuesday, March 25th. This represents a $0.52 annualized dividend and a yield of 1.88%. This is a positive change from PROG’s previous quarterly dividend of $0.12.

PROG has a payout ratio of 12.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect PROG to earn $4.13 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 11.6%.

PROG Stock Down 5.1 %

PROG stock traded down $1.48 during trading hours on Wednesday, hitting $27.69. 962,069 shares of the stock traded hands, compared to its average volume of 495,051. The firm’s 50-day moving average price is $41.14 and its two-hundred day moving average price is $44.69. The company has a market cap of $1.15 billion, a PE ratio of 6.10 and a beta of 2.18. The company has a current ratio of 5.24, a quick ratio of 2.34 and a debt-to-equity ratio of 0.99. PROG has a one year low of $27.62 and a one year high of $50.28.

PROG (NYSE:PRG) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.03. PROG had a net margin of 8.01% and a return on equity of 24.25%. The company had revenue of $623.30 million during the quarter, compared to the consensus estimate of $612.67 million. During the same quarter last year, the firm earned $0.72 earnings per share. The firm’s quarterly revenue was up 7.9% compared to the same quarter last year. On average, research analysts forecast that PROG will post 3.45 EPS for the current year.

Insider Buying and Selling at PROG

In related news, Director Douglas C. Curling acquired 10,000 shares of the stock in a transaction on Friday, February 21st. The shares were acquired at an average price of $29.88 per share, for a total transaction of $298,800.00. Following the transaction, the director now owns 45,913 shares in the company, valued at approximately $1,371,880.44. This trade represents a 27.85 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.74% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on PRG. TD Cowen raised shares of PROG to a “strong-buy” rating in a report on Friday, November 29th. Stephens reissued an “overweight” rating and set a $60.00 price target on shares of PROG in a research note on Thursday, January 2nd. Finally, Jefferies Financial Group downgraded shares of PROG from a “buy” rating to a “hold” rating and reduced their target price for the stock from $58.00 to $29.00 in a report on Wednesday. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $49.00.

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.