PROG (NYSE:PRG) Releases FY24 Earnings Guidance

PROG (NYSE:PRG) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $2.85-3.10 for the period, compared to the consensus estimate of $2.86. The company issued revenue guidance of $2.29-2.36 billion, compared to the consensus revenue estimate of $2.32 billion. PROG also updated its FY 2024 guidance to 2.850-3.100 EPS.

PROG Stock Down 2.7 %

Shares of PRG opened at $33.98 on Friday. The stock has a market capitalization of $1.48 billion, a PE ratio of 13.87 and a beta of 2.08. PROG has a 1 year low of $26.39 and a 1 year high of $44.81. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.49 and a current ratio of 3.91. The company’s 50-day simple moving average is $32.36 and its 200-day simple moving average is $30.72.

PROG (NYSE:PRG) last issued its quarterly earnings results on Wednesday, April 24th. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.08. The business had revenue of $641.87 million for the quarter, compared to analysts’ expectations of $632.24 million. PROG had a net margin of 4.71% and a return on equity of 26.67%. Analysts forecast that PROG will post 3 earnings per share for the current fiscal year.

PROG Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were given a dividend of $0.12 per share. The ex-dividend date was Wednesday, March 13th. This represents a $0.48 annualized dividend and a dividend yield of 1.41%. PROG’s dividend payout ratio is presently 19.59%.

Analysts Set New Price Targets

PRG has been the topic of several analyst reports. Stephens raised shares of PROG from an equal weight rating to an overweight rating in a report on Tuesday, January 2nd. TD Cowen raised their target price on shares of PROG from $38.00 to $40.00 and gave the company a buy rating in a report on Thursday. Finally, Loop Capital raised their target price on shares of PROG from $31.00 to $35.00 and gave the company a hold rating in a report on Thursday. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, PROG presently has a consensus rating of Moderate Buy and an average price target of $39.60.

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.