PROG Holdings, Inc. (NYSE:PRG) to Issue Dividend Increase – $0.13 Per Share

PROG Holdings, Inc. (NYSE:PRG) declared a quarterly dividend on Wednesday, February 26th, RTT News reports. Investors of record on Thursday, March 13th will be given a dividend of 0.13 per share on Tuesday, March 25th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.88%. This is an increase from PROG’s previous quarterly dividend of $0.12.

PROG has a dividend payout ratio of 12.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect PROG to earn $4.13 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 11.6%.

PROG Stock Down 5.1 %

PRG stock opened at $27.69 on Thursday. The company has a quick ratio of 2.34, a current ratio of 5.24 and a debt-to-equity ratio of 0.99. The business has a 50 day moving average price of $40.85 and a two-hundred day moving average price of $44.58. The company has a market cap of $1.15 billion, a price-to-earnings ratio of 6.10 and a beta of 2.18. PROG has a twelve month low of $27.62 and a twelve month high of $50.28.

PROG (NYSE:PRG) last released its quarterly earnings data on Wednesday, February 19th. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.03. PROG had a return on equity of 24.25% and a net margin of 8.01%. The company had revenue of $623.30 million during the quarter, compared to analysts’ expectations of $612.67 million. During the same period last year, the firm posted $0.72 earnings per share. The business’s revenue was up 7.9% on a year-over-year basis. Analysts anticipate that PROG will post 3.45 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Douglas C. Curling purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The shares were acquired at an average cost of $29.88 per share, with a total value of $298,800.00. Following the purchase, the director now owns 45,913 shares in the company, valued at $1,371,880.44. This represents a 27.85 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.74% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

PRG has been the topic of several recent analyst reports. Jefferies Financial Group lowered PROG from a “buy” rating to a “hold” rating and decreased their price target for the company from $58.00 to $29.00 in a research note on Wednesday. TD Cowen upgraded PROG to a “strong-buy” rating in a research report on Friday, November 29th. Finally, Stephens reiterated an “overweight” rating and issued a $60.00 price target on shares of PROG in a research report on Thursday, January 2nd. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.00.

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.