Propel (TSE:PRL) Sets New 1-Year High – Here’s Why

Propel Holdings Inc. (TSE:PRL) reached a new 52-week high during trading on Wednesday. The stock traded as high as $29.81 and last traded at $28.86, with a volume of 403,623 shares changing hands. The stock had previously closed at $26.51.

Analysts Set New Price Targets

Several brokerages recently weighed in on PRL. Raymond James Financial raised Propel from a “moderate buy” rating to a “strong-buy” rating and raised their target price for the company from C$31.00 to C$38.00 in a research note on Thursday, August 6th. Scotia boosted their target price on shares of Propel from C$27.00 to C$29.00 and gave the stock a “sector perform” rating in a report on Friday, August 7th. TD Securities raised shares of Propel to a “strong-buy” rating in a research note on Tuesday, July 14th. ATB Cormark Capital Markets raised their target price on shares of Propel from C$29.00 to C$38.00 and gave the stock an “outperform” rating in a report on Friday, August 7th. Finally, Ventum lifted their price target on shares of Propel from C$30.00 to C$34.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy”.

Propel Stock Performance

The stock has a 50-day simple moving average of $24.97 and a 200 day simple moving average of $23.36. The company has a market cap of $1.20 billion, a P/E ratio of 22.19 and a beta of 0.79.

Propel (TSE:PRL) last announced its quarterly earnings data on Tuesday, November 3rd. The company reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.11). The firm had revenue of $201.47 million during the quarter, compared to the consensus estimate of $279.95 million. Propel had a net margin of 8.81% and a return on equity of 21.12%. Sell-side analysts anticipate that Propel Holdings Inc. will post 5.39 earnings per share for the current fiscal year.

Propel Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Thursday, September 3rd were given a dividend of $0.2550 per share. The ex-dividend date of this dividend was Friday, August 14th. This is a boost from Propel’s previous quarterly dividend of $0.24. This represents a $1.02 annualized dividend and a dividend yield of 3.4%. Propel’s payout ratio is presently 46.03%.

Insider Activity at Propel

In other Propel news, insider Cindy Usprech sold 9,196 shares of the business’s stock in a transaction on Thursday, September 24th. The stock was sold at an average price of $25.86, for a total value of $237,808.56. 33.31% of the stock is currently owned by corporate insiders.

Propel Company Profile

Propel Holdings Inc is a financial technology company committed to credit inclusion and helping underserved consumers by providing fair, fast, and transparent access to credit. It operates through its two brands: MoneyKey and CreditFresh. The company, through its MoneyKey brand, is a state-licensed direct lender and offers either Installment Loans or Lines of Credit to new customers in several US states. Through its CreditFresh brand, the company operates as a bank servicer that provides marketing, technology, and loan servicing services to unaffiliated, FDIC insured, state-chartered banks in the US (Bank Program).