PROG (NYSE:PRG) Releases Q4 2024 Earnings Guidance

PROG (NYSE:PRG) issued an update on its fourth quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 0.700-0.800 for the period, compared to the consensus 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 Down 1.9 %

Shares of PRG opened at $42.09 on Friday. The company has a current ratio of 3.87, a quick ratio of 1.80 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $1.82 billion, a PE ratio of 17.18 and a beta of 2.11. The firm’s 50 day moving average is $46.97 and its 200-day moving average is $39.82. PROG has a 12 month low of $26.39 and a 12 month high of $50.28.

PROG (NYSE:PRG) last posted its quarterly earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, topping 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 business had revenue of $606.10 million for the quarter, compared to analyst estimates of $601.86 million. During the same quarter last year, the business posted $0.90 EPS. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. Equities research analysts forecast that PROG will post 3.34 EPS for the current year.

PROG Dividend Announcement

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

Analysts Set New Price Targets

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

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.