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

PROG Holdings, Inc. (NYSE:PRG) declared a quarterly dividend on Wednesday, February 26th, RTT News reports. Shareholders of record on Thursday, March 13th will be paid a dividend of 0.13 per share on Tuesday, March 25th. This represents a $0.52 annualized dividend and a 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% meaning its dividend is sufficiently covered by earnings. Research 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 Price Performance

Shares of NYSE PRG opened at $27.69 on Thursday. The stock has a fifty day simple moving average of $40.85 and a two-hundred day simple moving average of $44.58. PROG has a 1-year low of $27.62 and a 1-year high of $50.28. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of 6.10 and a beta of 2.18. The company has a current ratio of 5.24, a quick ratio of 2.34 and a debt-to-equity ratio of 0.99.

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

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on PRG shares. Stephens restated an “overweight” rating and set a $60.00 target price on shares of PROG in a research report on Thursday, January 2nd. Jefferies Financial Group downgraded PROG from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $58.00 to $29.00 in a research report on Wednesday. Finally, TD Cowen upgraded PROG to a “strong-buy” rating in a research report on Friday, November 29th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $49.00.

Insider Buying and Selling at PROG

In other news, Director Douglas C. Curling purchased 10,000 shares of the stock in a transaction on Friday, February 21st. The shares were acquired at an average price of $29.88 per share, for a total transaction of $298,800.00. Following the completion of the transaction, the director now directly owns 45,913 shares of the company’s stock, valued at approximately $1,371,880.44. This trade represents a 27.85 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Company insiders own 2.74% of the company’s stock.

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.