PROG (NYSE:PRG) Updates FY 2024 Earnings Guidance

PROG (NYSE:PRG - Get Free Report) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 3.300-3.400 for the period, compared to the consensus estimate of 3.380. The company issued revenue guidance of $2.4 billion-$2.5 billion, compared to the consensus revenue estimate of $2.4 billion. PROG also updated its Q4 guidance to $0.70-$0.80 EPS.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on PRG. Loop Capital raised shares of 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. KeyCorp raised their price target on shares of PROG from $46.00 to $55.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 10th. TD Cowen raised their price target on shares of PROG from $40.00 to $47.00 and gave the stock a "buy" rating in a research report on Thursday, July 25th. Finally, Jefferies Financial Group raised their price target on shares of PROG from $50.00 to $58.00 and gave the stock a "buy" rating in a research report on Tuesday, October 1st. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $50.40.

PROG Stock Performance

PROG stock traded down $4.51 during mid-day trading on Wednesday, reaching $42.46. The company's stock had a trading volume of 759,027 shares, compared to its average volume of 410,714. The firm has a market cap of $1.83 billion, a price-to-earnings ratio of 17.55 and a beta of 2.11. The business has a 50 day moving average price of $46.99 and a 200-day moving average price of $39.72. The company has a current ratio of 3.87, a quick ratio of 1.80 and a debt-to-equity ratio of 1.02. PROG has a twelve month low of $26.39 and a twelve month high of $50.28.

PROG (NYSE:PRG - Get Free Report) last released its quarterly earnings data on Wednesday, July 24th. The company reported $0.92 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.22. The firm had revenue of $592.16 million during the quarter, compared to the consensus estimate of $573.23 million. PROG had a net margin of 4.57% and a return on equity of 26.30%. The firm's revenue was down .1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.92 earnings per share. Sell-side analysts predict that PROG will post 3.34 EPS for the current fiscal year.

PROG Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date of this dividend was Tuesday, August 20th. PROG's dividend payout ratio is presently 19.59%.

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.