Propel (TSE:PRL) Stock Price Down 13.5% - Here's What Happened

Key Points

• Propel Holdings Inc. stock experienced a significant decline, dropping 13.5% to a trading price of $21.90.
• The company recently increased its quarterly dividend from $0.18 to $0.78 per share, resulting in a 14.5% dividend yield.
• Analysts have mixed views, with Cormark raising its rating to "moderate buy," while Scotiabank and Raymond James lowered their price targets.

Propel Holdings Inc. (TSE:PRL - Get Free Report) shares fell 13.5% during mid-day trading on Wednesday . The company traded as low as $21.26 and last traded at $21.90. 385,877 shares changed hands during mid-day trading, an increase of 117% from the average session volume of 177,626 shares. The stock had previously closed at $25.32.

Analyst Ratings Changes

A number of brokerages recently issued reports on PRL. Cormark raised Propel to a "moderate buy" rating in a report on Thursday, July 10th. Scotiabank lowered their price target on Propel from C$43.00 to C$40.00 and set an "outperform" rating for the company in a report on Friday, October 24th. Finally, Raymond James Financial lowered their price target on Propel from C$46.00 to C$42.00 in a report on Wednesday, July 16th. One investment analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. Based on data from MarketBeat.com, Propel currently has an average rating of "Buy".

Propel Stock Down 15.2%

The company has a fifty day moving average of $29.13 and a two-hundred day moving average of $32.06. The stock has a market capitalization of $837.22 million, a price-to-earnings ratio of 14.51 and a beta of 1.07.

Propel Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, September 4th were issued a dividend of $0.78 per share. This is a boost from Propel's previous quarterly dividend of $0.18. This represents a $3.12 annualized dividend and a dividend yield of 14.5%. The ex-dividend date of this dividend was Wednesday, August 27th. Propel's dividend payout ratio is 30.81%.

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.

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