PROG Holdings, Inc. (NYSE:PRG) to Issue Dividend Increase - $0.13 Per Share

PROG Holdings, Inc. (NYSE:PRG - Get Free Report) announced a quarterly dividend on Wednesday, February 26th, RTT News reports. Investors 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 dividend yield of 1.83%. The ex-dividend date of this dividend is Thursday, March 13th. This is an increase from PROG's previous quarterly dividend of $0.12.

PROG has a dividend 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 Performance

NYSE:PRG traded up $0.47 during mid-day trading on Friday, hitting $28.38. 624,140 shares of the company traded hands, compared to its average volume of 500,906. The stock's fifty day moving average price is $40.30 and its 200-day moving average price is $44.42. PROG has a one year low of $27.61 and a one year high of $50.28. The company has a quick ratio of 2.34, a current ratio of 5.24 and a debt-to-equity ratio of 0.99. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of 6.25 and a beta of 2.18.

PROG (NYSE:PRG - Get Free Report) last released its quarterly earnings results on Wednesday, February 19th. The company reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.03. PROG had a return on equity of 24.25% and a net margin of 8.01%. The business had revenue of $623.30 million during the quarter, compared to analyst estimates of $612.67 million. During the same quarter in the previous year, the company posted $0.72 earnings per share. PROG's revenue for the quarter was up 7.9% on a year-over-year basis. Research analysts anticipate that PROG will post 3.45 earnings per share for the current fiscal year.

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Insider Activity

In other news, Director Douglas C. Curling bought 10,000 shares of the firm's stock in a transaction that occurred on Friday, February 21st. The shares were bought at an average cost of $29.88 per share, for a total transaction of $298,800.00. Following the completion of the transaction, the director now owns 45,913 shares of the company's stock, valued at approximately $1,371,880.44. This represents a 27.85 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Caroline Sio-Chin Sheu bought 1,650 shares of the firm's stock in a transaction that occurred on Wednesday, February 26th. The stock was purchased at an average price of $28.01 per share, for a total transaction of $46,216.50. Following the completion of the transaction, the director now directly owns 18,291 shares of the company's stock, valued at $512,330.91. This represents a 9.92 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 2.74% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Jefferies Financial Group lowered PROG from a "buy" rating to a "hold" rating and cut their price target for the company from $58.00 to $29.00 in a report on Wednesday. TD Cowen raised PROG to a "strong-buy" rating in a report on Friday, November 29th. Finally, Stephens restated an "overweight" rating and issued a $60.00 price objective on shares of PROG in a research report on Thursday, January 2nd. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $49.00.

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.