Progress Software Corp (NASDAQ:PRGS) announced a quarterly dividend on Monday, June 29th, Wall Street Journal reports. Shareholders of record on Tuesday, September 1st will be paid a dividend of 0.165 per share by the software maker on Tuesday, September 15th. This represents a $0.66 annualized dividend and a dividend yield of 1.69%. The ex-dividend date is Monday, August 31st.
Progress Software has a dividend payout ratio of 23.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Progress Software to earn $2.48 per share next year, which means the company should continue to be able to cover its $0.66 annual dividend with an expected future payout ratio of 26.6%.
Shares of NASDAQ:PRGS traded up $1.34 during trading hours on Monday, hitting $38.94. The company’s stock had a trading volume of 395,224 shares, compared to its average volume of 329,432. The firm’s fifty day moving average price is $38.83 and its 200 day moving average price is $39.60. Progress Software has a 52 week low of $28.09 and a 52 week high of $52.50. The company has a market capitalization of $1.68 billion, a price-to-earnings ratio of 36.86 and a beta of 1.10. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.19 and a quick ratio of 1.19.
Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Thursday, June 25th. The software maker reported $0.63 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.01). Progress Software had a return on equity of 34.91% and a net margin of 10.81%. The company had revenue of $102.51 million for the quarter, compared to analysts’ expectations of $99.17 million. During the same quarter last year, the company earned $0.65 earnings per share. The company’s revenue for the quarter was down .9% compared to the same quarter last year. On average, equities research analysts predict that Progress Software will post 2.38 earnings per share for the current fiscal year.
PRGS has been the subject of a number of research analyst reports. Wedbush reduced their target price on Progress Software from $58.00 to $42.00 and set an “outperform” rating for the company in a research note on Friday, March 27th. Benchmark raised their target price on shares of Progress Software from $39.00 to $43.00 and gave the stock a “buy” rating in a report on Friday. Zacks Investment Research lowered shares of Progress Software from a “buy” rating to a “hold” rating in a report on Saturday, May 30th. ValuEngine raised Progress Software from a “sell” rating to a “hold” rating in a research report on Friday, March 13th. Finally, TheStreet raised Progress Software from a “c+” rating to a “b” rating in a report on Tuesday, May 5th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $45.75.
About Progress Software
Progress Software Corporation develops business applications worldwide. The company operates in three segments: OpenEdge, Data Connectivity and Integration, and Application Development and Deployment. The OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities; Progress Kinvey, a platform for building enterprise applications; NativeScript, an open-source application development platform; and DataRPM, a cognitive predictive maintenance solution for industrial IoT.
Featured Story: What is the FTSE 100 index?
Receive News & Ratings for Progress Software Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progress Software and related companies with MarketBeat.com's FREE daily email newsletter.