Progress Software said on March 28, 2023 that its board of directors declared a regular
quarterly dividend of $0.18 per share ($0.70 annualized).
Previously, the company paid $0.18 per share.
Shares must be purchased before the ex-div date of May 31, 2023 to qualify for the dividend.
Shareholders of record as of June 1, 2023
will receive the payment on June 15, 2023.
At the current share price of $58.65 / share,
the stock’s dividend yield is 1.19%.
Looking back five years and taking a sample every week, the average dividend yield has been
1.57%,
the lowest has been 1.19%,
and the highest has been 2.19%.
The standard deviation of yields is 0.18 (n=236).
The current dividend yield is
2.16 standard deviations
below
the historical average.
Additionally, the company’s dividend payout ratio is 0.31.
The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0)
means 100% of the company’s income is paid in a dividend.
A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a
healthy situation.
Companies with few growth prospects are expected to pay out most of their income in dividends, which typically
means a payout ratio between 0.5 and 1.0.
Companies with good growth prospects are expected to retain some earnings in order to invest
in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company’s 3-Year dividend growth rate is 0.06%,
demonstrating that it has increased its dividend over time.
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Analyst Price Forecast Suggests 0.52% Downside
As of March 29, 2023,
the average one-year price target for Progress Software is $58.34.
The forecasts range from a low of $45.45 to a high of $73.50.
The average price target represents a decrease of 0.52% from its latest reported closing price of $58.65.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Progress Software
is $642MM, an increase of 3.40%.
The projected annual non-GAAP EPS
is $4.42.
What is the Fund Sentiment?
There are 608 funds or institutions reporting positions in Progress Software.
This is an increase
of
22
owner(s) or 3.75% in the last quarter.
Average portfolio weight of all funds dedicated to PRGS is 0.20%,
a decrease
of 7.48%.
Total shares owned by institutions increased
in the last three months by 0.08% to 53,117K shares.
The put/call ratio of PRGS is 1.51, indicating a
bearish
outlook.
What are Large Shareholders Doing?
IJR – iShares Core S&P Small-Cap ETF
holds 3,186K shares
representing 7.35% ownership of the company.
In it’s prior filing, the firm reported owning 3,180K shares, representing
an increase
of 0.18%.
The firm
increased
its portfolio allocation in PRGS by 8.06% over the last quarter.
Segall Bryant & Hamill
holds 1,656K shares
representing 3.82% ownership of the company.
In it’s prior filing, the firm reported owning 1,777K shares, representing
a decrease
of 7.29%.
The firm
increased
its portfolio allocation in PRGS by 3.54% over the last quarter.
Boston Trust Walden
holds 1,619K shares
representing 3.73% ownership of the company.
In it’s prior filing, the firm reported owning 1,609K shares, representing
an increase
of 0.61%.
The firm
increased
its portfolio allocation in PRGS by 5.88% over the last quarter.
Wellington Management Group Llp
holds 1,596K shares
representing 3.68% ownership of the company.
In it’s prior filing, the firm reported owning 1,213K shares, representing
an increase
of 23.98%.
The firm
decreased
its portfolio allocation in PRGS by 99.98% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares
holds 1,299K shares
representing 3.00% ownership of the company.
In it’s prior filing, the firm reported owning 1,297K shares, representing
an increase
of 0.15%.
The firm
increased
its portfolio allocation in PRGS by 9.66% over the last quarter.
Progress Software Background Information
(This description is provided by the company.)
Progress provides the best products to develop, deploy and manage high-impact business applications. Its comprehensive product stack is designed to make technology teams more productive and it has a deep commitment to the developer community, both open source and commercial alike. With Progress, organizations can accelerate the creation and delivery of strategic business applications, automate the process by which apps are configured, deployed and scaled, and make critical data and content more accessible and secure-leading to competitive differentiation and business success. Over 1,700 independent software vendors, 100,000+ enterprise customers, and a three-million-strong developer community rely on Progress to power their applications.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
