PROG Holdings, Inc. to Issue Quarterly Dividend of $0.13 (NYSE:PRG)

PROG Holdings, Inc. (NYSE:PRG) declared a quarterly dividend on Thursday, May 8th, Wall Street Journal reports. Investors of record on Tuesday, May 20th will be paid a dividend of 0.13 per share on Tuesday, June 3rd. This represents a $0.52 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date is Tuesday, May 20th.

PROG has a dividend payout ratio of 14.2% meaning its dividend is sufficiently covered by earnings. Analysts expect PROG to earn $4.13 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 12.6%.

PROG Stock Up 0.2%

Shares of PRG opened at $30.10 on Friday. PROG has a 52 week low of $23.50 and a 52 week high of $50.28. The firm has a market cap of $1.21 billion, a P/E ratio of 6.63 and a beta of 1.81. The firm’s 50-day simple moving average is $26.67 and its 200 day simple moving average is $36.59. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.34 and a current ratio of 5.24.

PROG (NYSE:PRG) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.08. PROG had a net margin of 8.01% and a return on equity of 24.25%. The business had revenue of $684.09 million for the quarter, compared to analyst estimates of $678.23 million. During the same quarter in the prior year, the business earned $0.91 EPS. PROG’s quarterly revenue was up 6.6% on a year-over-year basis. On average, analysts forecast that PROG will post 3.45 earnings per share for the current year.

Insider Transactions at PROG

In other PROG news, CFO Brian Garner bought 3,500 shares of the firm’s stock in a transaction on Tuesday, May 13th. The shares were purchased at an average price of $28.93 per share, for a total transaction of $101,255.00. Following the completion of the transaction, the chief financial officer now directly owns 132,597 shares in the company, valued at approximately $3,836,031.21. The trade was a 2.71% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Steven A. Michaels bought 14,000 shares of the firm’s stock in a transaction on Monday, May 12th. The stock was acquired at an average price of $29.03 per share, for a total transaction of $406,420.00. Following the transaction, the chief executive officer now owns 559,641 shares of the company’s stock, valued at approximately $16,246,378.23. The trade was a 2.57% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 29,150 shares of company stock valued at $852,692. Company insiders own 3.21% of the company’s stock.

Hedge Funds Weigh In On PROG

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRG. Caxton Associates LLP bought a new position in PROG in the 1st quarter valued at approximately $233,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in PROG by 5.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,363 shares of the company’s stock valued at $648,000 after purchasing an additional 1,162 shares during the last quarter. Royal Bank of Canada lifted its stake in PROG by 23.4% in the 1st quarter. Royal Bank of Canada now owns 35,910 shares of the company’s stock valued at $955,000 after purchasing an additional 6,807 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in PROG by 5.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 313,611 shares of the company’s stock valued at $8,342,000 after purchasing an additional 16,126 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in PROG by 62.7% in the 1st quarter. Millennium Management LLC now owns 673,405 shares of the company’s stock valued at $17,913,000 after purchasing an additional 259,630 shares during the last quarter. Institutional investors own 97.92% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on PRG. KeyCorp cut their price objective on shares of PROG from $50.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, April 24th. Jefferies Financial Group downgraded shares of PROG from a “buy” rating to a “hold” rating and cut their price objective for the company from $58.00 to $29.00 in a report on Wednesday, February 26th. Finally, Loop Capital cut their price objective on shares of PROG from $45.00 to $40.00 and set a “buy” rating for the company in a report on Thursday, April 24th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, PROG presently has an average rating of “Moderate Buy” and a consensus target price of $44.83.

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.