PROG Holdings, Inc. Declares Quarterly Dividend of $0.12

PROG Holdings, Inc. (NYSE:PRG) has announced a quarterly dividend of $0.12 per share, as disclosed on November 7th. This dividend will be payable on December 3rd to investors who are on record as of November 19th. With this dividend, the annualized payout amounts to $0.48, which corresponds to a yield of 1.00%. The ex-dividend date, or the cutoff for dividend eligibility, is also set for November 19th.

The company's payout ratio stands at 12.3%, indicating that the dividend is well-supported by earnings. Analysts project that PROG will earn $3.80 per share in the upcoming year, which should ensure the company can maintain its $0.48 annual dividend with a future payout ratio projected at 12.6%.

Recent Trading Performance

On Friday, NYSE:PRG experienced a rise of 1.0%, reaching a price of $47.91 during trading hours. The trading volume hit 425,477 shares, surpassing the average of 409,016 shares. Key financial indicators include a current ratio of 4.97, a quick ratio of 2.34, and a debt-to-equity ratio of 0.94. Over the past year, PROG's stock has fluctuated between a low of $26.39 and a high of $50.28.

PROG released its earnings results on October 23rd, revealing earnings per share (EPS) of $0.77 for the quarter, exceeding analysts' expectations by $0.01. The revenue for the quarter amounted to $606.10 million, slightly above the forecast of $601.86 million. The firm demonstrated a solid return on equity of 24.56% and a net margin of 6.55%, with quarterly revenue up by 4.0% compared to the same quarter last year, during which the EPS was $0.90. For the current year, analysts anticipate PROG to generate 3.35 earnings per share.

Analysts' Price Target Updates

Various brokerage firms have recently adjusted their price targets for PROG. On October 1st, Jefferies Financial Group raised their target to $58.00 from $50.00. Similarly, Raymond James upgraded their rating for PROG from "market perform" to "outperform" with a target of $48.00 on October 24th. TD Cowen also increased their target from $40.00 to $47.00 and recommended a "buy" in a report from July 25th. Loop Capital and KeyCorp further upgraded their ratings and price targets on PROG, indicating strong analyst interest in the stock. Currently, market sentiment is generally positive, with one analyst rating it as a hold and six others recommending a buy. According to available data, PROG holds a consensus rating of "Moderate Buy" with an average target price of $52.60.

Company Overview

PROG Holdings, Inc. (NYSE: PRG) operates primarily in the financial technology sector from its headquarters in Salt Lake City, Utah. The company is structured into three main segments: Progressive Leasing, which provides lease-to-own options for credit-challenged customers mostly through e-commerce and retail partners; Vive Financial, which offers revolving credit products via private label and branded credit cards; and Four Technologies, which presents Buy Now, Pay Later (BNPL) options for consumers across various credit backgrounds through its platform that allows for interest-free installments.

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