PROG (NYSE:PRG) Updates FY24 Earnings Guidance

PROG (NYSE:PRG) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $2.85-3.10 for the period, compared to the consensus earnings per share 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 Performance

Shares of PRG stock traded down $0.81 during midday trading on Friday, hitting $34.11. 83,136 shares of the company were exchanged, compared to its average volume of 392,642. The firm has a market capitalization of $1.49 billion, a P/E ratio of 14.25 and a beta of 2.08. 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 firm’s 50 day moving average price is $32.30 and its two-hundred day moving average price is $30.70. PROG has a 52 week low of $26.39 and a 52 week high of $44.81.

PROG (NYSE:PRG) last posted its quarterly earnings data on Wednesday, April 24th. The company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.08. The firm had revenue of $641.87 million during the quarter, compared to the consensus estimate of $632.24 million. PROG had a net margin of 4.71% and a return on equity of 26.67%. As a group, equities research analysts anticipate that PROG will post 2.86 earnings per share for the current year.

PROG Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors 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 19.59%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on PRG shares. Stephens upgraded shares of PROG from an equal weight rating to an overweight rating in a research 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 research 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 research report on Thursday. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, PROG has a consensus rating of Moderate Buy and a consensus price target of $39.60.

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.