Propel (TSE:PRL) Shares Up 2.5% - Time to Buy?

Key Points

• Propel Holdings Inc. shares rose 2.5% in mid-day trading, with a trading volume increase of 75% over the average, reflecting heightened investor interest.
• Raymond James Financial cut its price target for Propel shares from C$46.00 to C$42.00, while Scotiabank raised its target from C$38.00 to C$43.00, indicating mixed analyst sentiments.
• Propel announced an increase in its quarterly dividend to $0.78, representing an 8.5% yield and marking a significant rise from the previous $0.18 dividend.

Propel Holdings Inc. (TSE:PRL - Get Free Report)'s share price traded up 2.5% on Thursday . The company traded as high as $37.33 and last traded at $36.62. 302,753 shares traded hands during trading, an increase of 75% from the average session volume of 173,237 shares. The stock had previously closed at $35.71.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PRL. Cormark upgraded Propel to a "moderate buy" rating in a report on Thursday, July 10th. Raymond James Financial lowered their price target on Propel from C$46.00 to C$42.00 in a report on Wednesday, July 16th. Finally, Scotiabank increased their price target on Propel from C$38.00 to C$43.00 in a report on Wednesday, July 23rd. Three investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, Propel currently has an average rating of "Strong Buy" and an average price target of $42.00.

Propel Trading Down 1.7%

The firm's fifty day moving average price is $35.86 and its 200-day moving average price is $31.71. The company has a market cap of $1.00 billion, a P/E ratio of 22.27 and a beta of 1.75.

Propel Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, September 4th will be paid a $0.78 dividend. The ex-dividend date of this dividend is Wednesday, August 27th. This is an increase from Propel's previous quarterly dividend of $0.18. This represents a $3.12 dividend on an annualized basis and a yield of 8.7%. Propel's payout ratio is presently 34.64%.

Insider Activity

In other news, Senior Officer Gary Edelstein sold 4,500 shares of the stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $38.81, for a total transaction of $174,645.00. Also, Senior Officer Jonathan Krauklis sold 5,000 shares of the stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $36.00, for a total transaction of $180,000.00. In the last three months, insiders sold 104,443 shares of company stock valued at $3,726,023. Corporate insiders own 33.31% of the company's stock.

About Propel

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.