Propel (TSE:PRL) Shares Down 1.2% – Here’s What Happened

Propel Holdings Inc. (TSE:PRL)’s share price traded down 1.2% during mid-day trading on Monday . The company traded as low as $21.60 and last traded at $21.72. 128,243 shares traded hands during trading, a decline of 52% from the average session volume of 267,512 shares. The stock had previously closed at $21.99.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Scotiabank lowered shares of Propel from a “sector outperform” rating to a “sector perform” rating and cut their price target for the company from C$35.00 to C$27.00 in a research note on Tuesday, April 28th. Stifel Nicolaus cut their price target on shares of Propel from C$38.00 to C$32.00 and set a “buy” rating on the stock in a research note on Wednesday, March 4th. ATB Cormark Capital Markets cut their price target on shares of Propel from C$38.00 to C$27.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 4th. Canaccord Genuity Group cut their price target on shares of Propel from C$37.00 to C$27.00 in a research note on Wednesday, March 4th. Finally, Ventum Financial cut their price target on shares of Propel from C$4.00 to C$3.00 and set a “buy” rating on the stock in a research note on Wednesday, March 4th. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy”.

Propel Trading Down 1.2%

The firm’s fifty day moving average price is $21.39 and its 200 day moving average price is $22.45. The firm has a market capitalization of $863.21 million, a PE ratio of 16.37 and a beta of 0.83.

Propel Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Wednesday, June 3rd were issued a $0.24 dividend. This is an increase from Propel’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Friday, May 15th. This represents a $0.96 annualized dividend and a dividend yield of 4.4%. Propel’s payout ratio is currently 43.86%.

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).