PROG Holdings, Inc. to Issue Quarterly Dividend of $0.12 (NYSE:PRG)

PROG Holdings, Inc. (NYSE:PRG) declared a quarterly dividend on Thursday, November 7th,NASDAQ Dividends reports. Investors of record on Tuesday, November 19th will be given a dividend of 0.12 per share on Tuesday, December 3rd. This represents a $0.48 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date of this dividend is Tuesday, November 19th.

PROG has a payout ratio of 12.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect PROG to earn $3.80 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 12.6%.

PROG Stock Performance

NYSE:PRG traded up $0.49 during mid-day trading on Friday, reaching $47.91. 425,477 shares of the stock were exchanged, compared to its average volume of 409,016. The company has a 50 day simple moving average of $46.70 and a 200-day simple moving average of $40.65. PROG has a 1 year low of $26.39 and a 1 year high of $50.28. The stock has a market capitalization of $1.99 billion, a P/E ratio of 13.14 and a beta of 2.11. The company has a quick ratio of 2.34, a current ratio of 4.97 and a debt-to-equity ratio of 0.94.

PROG (NYSE:PRG) last announced its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.01. PROG had a return on equity of 24.56% and a net margin of 6.55%. The company had revenue of $606.10 million for the quarter, compared to the consensus estimate of $601.86 million. During the same period last year, the business posted $0.90 EPS. The company’s revenue was up 4.0% on a year-over-year basis. Analysts anticipate that PROG will post 3.35 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on PRG shares. TD Cowen lifted their target price on PROG from $40.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Raymond James raised 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, October 24th. KeyCorp raised their price target on PROG from $46.00 to $55.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Jefferies Financial Group raised their price target on PROG from $50.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Finally, Loop Capital raised 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 report on Monday, August 19th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, PROG presently has a consensus rating of “Moderate Buy” and an average price target of $52.60.

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.