Progress Software Corp (NASDAQ:PRGS) announced a quarterly dividend on Tuesday, April 2nd, Wall Street Journal reports. Shareholders of record on Monday, June 3rd will be paid a dividend of 0.155 per share by the software maker on Monday, June 17th. This represents a $0.62 annualized dividend and a yield of 1.34%. The ex-dividend date is Friday, May 31st.
Progress Software has a payout ratio of 29.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Progress Software to earn $2.22 per share next year, which means the company should continue to be able to cover its $0.62 annual dividend with an expected future payout ratio of 27.9%.
Shares of PRGS stock opened at $46.13 on Thursday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.18 and a current ratio of 1.18. The company has a market cap of $2.05 billion, a price-to-earnings ratio of 21.66 and a beta of 0.72. Progress Software has a 52 week low of $30.23 and a 52 week high of $47.60.
Several equities analysts have recently weighed in on PRGS shares. ValuEngine raised shares of Progress Software from a “hold” rating to a “buy” rating in a research note on Saturday, March 30th. Wedbush raised their target price on shares of Progress Software from $36.00 to $42.00 and gave the company a “neutral” rating in a research note on Friday, March 29th. Finally, Zacks Investment Research cut shares of Progress Software from a “hold” rating to a “sell” rating in a research note on Friday, January 25th. Two analysts have rated the stock with a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $43.00.
In other news, Director John R. Egan sold 45,000 shares of Progress Software stock in a transaction on Friday, April 5th. The stock was sold at an average price of $45.01, for a total transaction of $2,025,450.00. Following the completion of the sale, the director now owns 73,206 shares of the company’s stock, valued at $3,295,002.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles Francis Kane sold 7,764 shares of the business’s stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $45.58, for a total value of $353,883.12. Following the completion of the transaction, the director now directly owns 80,890 shares of the company’s stock, valued at approximately $3,686,966.20. The disclosure for this sale can be found here. Insiders have sold 72,764 shares of company stock valued at $3,284,333 in the last three months. Insiders own 1.70% of the company’s stock.
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Progress Software Company Profile
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.
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