PROG Holdings, Inc. (NYSE:PRG) Announces Quarterly Dividend of $0.12

PROG Holdings, Inc. (NYSE:PRG) announced a quarterly dividend on Thursday, November 7th,NASDAQ Dividends reports. Investors of record on Tuesday, November 19th will be paid a dividend of 0.12 per share on Tuesday, December 3rd. This represents a $0.48 annualized dividend and a dividend yield of 1.00%. The ex-dividend date of this dividend is Tuesday, November 19th.

PROG has a payout ratio of 12.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect PROG to earn $3.80 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 12.6%.

PROG Trading Up 1.0 %

NYSE:PRG traded up $0.49 during trading hours on Friday, hitting $47.91. The company had a trading volume of 425,477 shares, compared to its average volume of 409,016. The company has a current ratio of 4.97, a quick ratio of 2.34 and a debt-to-equity ratio of 0.94. The company has a 50-day moving average of $46.70 and a 200 day moving average of $40.65. The company has a market cap of $1.99 billion, a P/E ratio of 13.14 and a beta of 2.11. PROG has a 1 year low of $26.39 and a 1 year high of $50.28.

PROG (NYSE:PRG) last issued its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.01. 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 24.56% and a net margin of 6.55%. The firm’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.90 EPS. Sell-side analysts expect that PROG will post 3.35 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have issued reports on PRG. Jefferies Financial Group upped their target price on PROG from $50.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Raymond James upgraded PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price target for the company in a report on Thursday, October 24th. TD Cowen increased their price target on PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Loop Capital upgraded PROG from a “hold” rating to a “buy” rating and increased their price target for the stock from $41.00 to $55.00 in a report on Monday, August 19th. Finally, KeyCorp increased their price target on PROG from $46.00 to $55.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, PROG presently has a consensus rating of “Moderate Buy” and an average target price of $52.60.

About PROG

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.