Propel (TSE:PRL) Stock Price Down 1.6% - Time to Sell?

Key Points

• Shares fell 1.6% intraday to about $22.96 with roughly 220,497 shares traded, about 26% below the average daily volume.
• Multiple analysts cut price targets on March 4 (e.g., Stifel to C$32, Canaccord to C$27, Raymond James to C$32), but the consensus rating remains "Buy".
• Propel raised its quarterly dividend to $0.225 (annualized $0.90), implying a yield of about 3.9% and a payout ratio near 38%.

Propel Holdings Inc. (TSE:PRL - Get Free Report)'s stock price dropped 1.6% during mid-day trading on Monday . The stock traded as low as $22.75 and last traded at $22.96. Approximately 220,497 shares changed hands during mid-day trading, a decline of 26% from the average daily volume of 296,494 shares. The stock had previously closed at $23.33.

Analyst Ratings Changes

A number of research analysts have recently commented on PRL shares. Stifel Nicolaus lowered their target price on Propel from C$38.00 to C$32.00 and set a "buy" rating for the company in a research note on Wednesday, March 4th. Canaccord Genuity Group reduced their price target on Propel from C$37.00 to C$27.00 in a research note on Wednesday, March 4th. Raymond James Financial decreased their price objective on Propel from C$45.00 to C$32.00 and set an "outperform" rating for the company in a report on Wednesday, March 4th. Ventum Financial lowered their price objective on Propel from C$4.00 to C$3.00 and set a "buy" rating for the company in a research report on Wednesday, March 4th. Finally, ATB Cormark Capital Markets dropped their target price on shares of Propel from C$38.00 to C$27.00 and set an "outperform" rating on the stock in a report on Wednesday, March 4th. Five research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy".

Propel Price Performance

The stock's 50 day simple moving average is $20.46 and its two-hundred day simple moving average is $23.01. The firm has a market cap of $903.77 million, a P/E ratio of 16.28 and a beta of 0.57.

Propel Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 4th. Investors of record on Wednesday, March 4th were given a dividend of $0.225 per share. This is a boost from Propel's previous quarterly dividend of $0.21. The ex-dividend date of this dividend was Friday, February 20th. This represents a $0.90 dividend on an annualized basis and a yield of 3.9%. Propel's dividend payout ratio is 38.09%.

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. 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).

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