PROG (NYSE:PRG) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

PROG (NYSE:PRG) posted its earnings results on Wednesday. The company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.01, Briefing.com reports. The business had revenue of $606.10 million during the quarter, compared to analyst estimates of $601.86 million. PROG had a return on equity of 26.30% and a net margin of 4.57%. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.90 earnings per share.

PROG Stock Performance

PROG stock traded down $0.81 during mid-day trading on Friday, reaching $42.09. The company’s stock had a trading volume of 300,642 shares, compared to its average volume of 411,196. 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. The business has a 50 day moving average price of $46.97 and a 200-day moving average price of $39.82. The firm has a market cap of $1.82 billion, a price-to-earnings ratio of 17.18 and a beta of 2.11.

PROG Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.14%. The ex-dividend date of this dividend was Tuesday, August 20th. PROG’s dividend payout ratio is currently 19.59%.

Analysts Set New Price Targets

PRG has been the topic of a number of analyst reports. Raymond James upgraded shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price objective on the stock in a research note on Thursday. Jefferies Financial Group boosted their price objective on shares of PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. KeyCorp raised their target price on PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Loop Capital upgraded PROG from a “hold” rating to a “buy” rating and boosted their price target for the stock from $41.00 to $55.00 in a research note on Monday, August 19th. Finally, TD Cowen lifted their price objective on PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $50.00.

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.