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

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

PROG Price Performance

Shares of PRG stock traded up $0.46 during trading hours on Thursday, hitting $42.92. The stock had a trading volume of 620,207 shares, compared to its average volume of 411,733. The company has a debt-to-equity ratio of 1.02, a current ratio of 3.87 and a quick ratio of 1.80. The stock has a market capitalization of $1.85 billion, a price-to-earnings ratio of 17.33 and a beta of 2.11. PROG has a one year low of $26.39 and a one year high of $50.28. The stock's 50-day moving average price is $47.01 and its two-hundred day moving average price is $39.74.

PROG Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were paid a dividend of $0.12 per share. The ex-dividend date was Tuesday, August 20th. This represents a $0.48 annualized dividend and a yield of 1.12%. PROG's payout ratio is 19.59%.

Analyst Upgrades and Downgrades

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

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