PROG Holdings, Inc. (NYSE:PRG) Announces Quarterly Dividend of $0.12

PROG Holdings, Inc. (NYSE:PRG) made an announcement on Thursday, November 7th regarding its quarterly dividend. The company stated that investors who are on record by Tuesday, November 19th will receive a payment of $0.12 per share on Tuesday, December 3rd. This decision translates to an annualized dividend of $0.48, reflecting a yield of 1.00%. It's important to note that the ex-dividend date for this dividend is set for Tuesday, November 19th.

Financial Health and Payout Ratio

PROG's payout ratio stands at 12.3%, indicating that the company’s earnings comfortably support its dividend payments. Analysts predict that PROG will achieve earnings of $3.80 per share in the coming year, suggesting that it will continue to meet its annual dividend of $0.48, with an expected payout ratio slightly increasing to 12.6%.

Recent Stock Performance

On Friday, shares of NYSE:PRG experienced a modest upswing, climbing by 1.0% to reach a price of $47.91. During the trading hours, approximately 425,477 shares changed hands, compared to the average trading volume of 409,016 shares. PROG’s financial metrics reveal a healthy current ratio of 4.97 and a quick ratio of 2.34, along with a debt-to-equity ratio of 0.94. In terms of stock performance over the past year, the company's shares have varied between a low of $26.39 and a high of $50.28.

Earnings Report Insight

In its most recent earnings report, PROG Holdings, Inc. disclosed an EPS of $0.77 for the quarter, which exceeds the consensus estimate of $0.76. The company's total revenue for the quarter reached $606.10 million, outperforming the analysts' expected revenue of $601.86 million. PROG also noted a return on equity of 24.56% and a net margin of 6.55%, with its quarterly revenue showing a growth of 4.0% compared to the same quarter last year.

Recent Analyst Ratings

A number of financial analysts have recently updated their price targets for PROG. Jefferies Financial Group adjusted their target from $50.00 to $58.00, issuing a "buy" rating. Raymond James upgraded their recommendation from "market perform" to "outperform" with a price target of $48.00. Similarly, TD Cowen increased their target from $40.00 to $47.00, citing a "buy" rating. Other analysts, including Loop Capital and KeyCorp, raised their price targets to $55.00 and provided positive ratings. Overall, PROG currently carries a consensus rating of "Moderate Buy" with an average price target set at $52.60.

About PROG Holdings

PROG Holdings, Inc., traded under the ticker NYSE: PRG, is a financial technology holding company located in Salt Lake City, Utah. The company operates through three main divisions: Progressive Leasing, which provides lease-to-own solutions primarily aimed at credit-challenged consumers through various retail channels; Vive Financial, which caters to consumers who don't qualify for traditional lending by offering revolving credit products; and Four Technologies, which enables Buy Now, Pay Later (BNPL) solutions for all credit types through its unique platform.

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