PROG Holdings, Inc (NYSE:PRG) to Issue Quarterly Dividend of $0.14

Key Points

• PROG declared a quarterly dividend of $0.14 per share, payable December 1 to shareholders of record November 17. That equals $0.56 annually and a 1.4% yield.
• The dividend appears well covered: PROG’s current payout ratio is 15.3%, with analysts forecasting a 10.0% payout ratio based on next year’s expected earnings.
• PROG’s latest quarterly results fell short of estimates, reporting EPS of $1.06 versus $1.09 expected and revenue of $725.78 million versus $735.28 million expected.

PROG Holdings, Inc (NYSE:PRG - Get Free Report) declared a quarterly dividend on Thursday, November 5th. Stockholders of record on Tuesday, November 17th will be given a dividend of $0.14 per share by the fintech holding company on Tuesday, December 1st. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Tuesday, November 17th.

PROG has decreased its dividend payment by an average of 0.4% per year over the last three years and has raised its dividend every year for the last 2 years. PROG has a payout ratio of 15.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect PROG to earn $5.58 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 10.0%.

PROG Trading Down 2.5%

PRG opened at $38.91 on Friday. The company's 50 day moving average is $33.95 and its 200-day moving average is $35.76. PROG has a 1-year low of $25.18 and a 1-year high of $47.73. The company has a current ratio of 3.81, a quick ratio of 2.25 and a debt-to-equity ratio of 1.07. The company has a market cap of $1.55 billion, a P/E ratio of 10.49 and a beta of 1.83.

PROG (NYSE:PRG - Get Free Report) last released its quarterly earnings data on Wednesday, October 28th. The fintech holding company reported $1.06 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.09 by ($0.03). The company had revenue of $725.78 million for the quarter, compared to analyst estimates of $735.28 million. PROG had a return on equity of 22.01% and a net margin of 5.46%. Equities research analysts predict that PROG will post 4.77 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have issued reports on PRG shares. Stephens lowered their target price on PROG from $55.00 to $49.00 and set an "overweight" rating for the company in a report on Thursday, October 29th. B. Riley Financial upped their price objective on PROG from $57.00 to $64.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Loop Capital raised PROG from a "hold" rating to a "buy" rating and set a $45.00 price objective for the company in a research note on Thursday, October 8th. Zacks Research lowered shares of PROG from a "strong-buy" rating to a "hold" rating in a report on Monday, September 28th. Finally, Jefferies Financial Group cut their target price on shares of PROG from $60.00 to $50.00 and set a "buy" rating on the stock in a research report on Wednesday, October 7th. Seven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, PROG has an average rating of "Moderate Buy" and an average target price of $47.38.

PROG Company Profile

PROG Holdings, Inc is a financial technology company that provides consumer payment and lease-to-own solutions through its operating businesses. Its services are designed to help consumers acquire household goods and other merchandise through retail stores, e-commerce websites and other merchant channels.

The company's primary business is Progressive Leasing, a lease-to-own provider that gives consumers an alternative to traditional credit when purchasing products such as furniture, appliances, electronics, mattresses and other household merchandise.

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