Propel (TSE:PRL) Trading Down 2.7% - Should You Sell?

Key Points

• Propel Holdings Inc. experienced a share price decline of 2.7% during trading, closing at $31.15 after previously shutting at $32.00.
• Despite the drop in share price, several analysts have forecasted growth, with Scotiabank raising its price target from C$38.00 to C$43.00 and a consensus rating of "Strong Buy" among research analysts.
• Propel recently declared a quarterly dividend of $0.78, marking a significant increase from the prior dividend of $0.18, and resulting in an annualized yield of 10.0%.

Propel Holdings Inc. (TSE:PRL - Get Free Report)'s share price dropped 2.7% during trading on Thursday . The company traded as low as $30.97 and last traded at $31.15. Approximately 234,708 shares were traded during mid-day trading, an increase of 42% from the average daily volume of 165,752 shares. The stock had previously closed at $32.00.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Scotiabank upped their price target on Propel from C$38.00 to C$43.00 in a research note on Wednesday, July 23rd. Cormark raised Propel to a "moderate buy" rating in a research note on Thursday, July 10th. Finally, Raymond James Financial cut their price target on Propel from C$46.00 to C$42.00 in a research note on Wednesday, July 16th. Three research analysts have rated the stock with a Strong Buy rating and three have given a Buy rating to the company. Based on data from MarketBeat, Propel currently has a consensus rating of "Strong Buy".

Propel Price Performance

The firm has a 50 day simple moving average of $33.75 and a two-hundred day simple moving average of $31.36. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of 21.05 and a beta of 1.31.

Propel Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, September 4th were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 10.0%. This is an increase from Propel's previous quarterly dividend of $0.18. The ex-dividend date was Wednesday, August 27th. Propel's dividend payout ratio is currently 30.81%.

Insider Activity

In other Propel news, Senior Officer Noah Buchman sold 26,871 shares of the stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $37.34, for a total value of $1,003,424.94. 33.31% of the stock is owned by company insiders.

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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