PROG (NYSE:PRG) Issues Q4 2024 Earnings Guidance

PROG (NYSE:PRG) issued an update on its fourth quarter 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 0.700-0.800 for the period, compared to the consensus EPS estimate of 0.720. The company issued revenue guidance of $599.8 million-$619.8 million, compared to the consensus revenue estimate of $596.9 million. PROG also updated its FY 2024 guidance to 3.300-3.400 EPS.

PROG Stock Performance

Shares of PROG stock opened at $42.09 on Friday. The firm has a fifty day moving average of $46.97 and a two-hundred day moving average of $39.82. The stock has a market capitalization of $1.82 billion, a price-to-earnings ratio of 17.18 and a beta of 2.11. PROG has a 52 week low of $26.39 and a 52 week high of $50.28. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.80 and a current ratio of 3.87.

PROG (NYSE:PRG) last announced its quarterly 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. PROG had a net margin of 4.57% and a return on equity of 26.30%. The company had revenue of $606.10 million during the quarter, compared to analyst estimates of $601.86 million. During the same quarter in the previous year, the business earned $0.90 EPS. The firm’s revenue was up 4.0% on a year-over-year basis. As a group, equities research analysts predict that PROG will post 3.34 EPS for the current year.

PROG Dividend Announcement

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

Analysts Set New Price Targets

PRG has been the subject of several research analyst reports. Raymond James raised shares of 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. Jefferies Financial Group upped their target price on shares of PROG from $50.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Loop Capital raised shares of PROG from a “hold” rating to a “buy” rating and upped their target price for the stock from $41.00 to $55.00 in a research note on Monday, August 19th. KeyCorp upped their target price on shares of PROG from $46.00 to $55.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Finally, TD Cowen upped their target price on shares of PROG from $40.00 to $47.00 and gave the stock a “buy” rating in a research note 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 stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus 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.