PROG (NYSE:PRG) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

PROG (NYSE:PRG) released its earnings results on Wednesday. The company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.76 by $0.01, Briefing.com reports. The company had revenue of $606.10 million during the quarter, compared to analysts’ expectations of $601.86 million. PROG had a return on equity of 26.30% and a net margin of 4.57%. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period last year, the firm earned $0.90 EPS.

PROG Trading Down 1.9 %

PRG stock traded down $0.81 during midday trading on Friday, hitting $42.09. 300,590 shares of the company’s stock were exchanged, compared to its average volume of 411,196. The stock’s fifty day moving average price is $47.00 and its 200-day moving average price is $39.76. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.80 and a current ratio of 3.87. The company has a market cap of $1.82 billion, a PE ratio of 17.52 and a beta of 2.11. PROG has a one year low of $26.39 and a one year high of $50.28.

PROG Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $0.48 annualized dividend and a yield of 1.14%. PROG’s dividend payout ratio is presently 19.59%.

Analyst Ratings Changes

Several research firms have recently commented on PRG. Jefferies Financial Group lifted their target price on PROG from $50.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. Raymond James upgraded PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price target on the stock in a research report on Thursday. KeyCorp raised their price target on PROG from $46.00 to $55.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Loop Capital upgraded PROG from a “hold” rating to a “buy” rating and raised their price target for the stock from $41.00 to $55.00 in a research report on Monday, August 19th. Finally, TD Cowen raised their price target on PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $50.00.

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.