Progress Software Corp (PRGS) Declares Quarterly Dividend of $0.16

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.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Thursday, March 28th. The software maker reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.08). The business had revenue of $89.50 million for the quarter, compared to the consensus estimate of $87.64 million. Progress Software had a return on equity of 30.57% and a net margin of 15.27%. Progress Software’s revenue was down 6.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.54 earnings per share. On average, analysts forecast that Progress Software will post 2.09 EPS for the current year.

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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Dividend History for Progress Software (NASDAQ:PRGS)

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