Amalgamated Bank decreased its stake in Rent-A-Center, Inc. (NASDAQ:RCII – Get Rating) by 5.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,388 shares of the company's stock after selling 1,592 shares during the quarter. Amalgamated Bank owned approximately 0.05% of Rent-A-Center worth $765,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of RCII. Ieq Capital LLC acquired a new stake in Rent-A-Center in the 1st quarter valued at $50,808,000. Victory Capital Management Inc. boosted its stake in Rent-A-Center by 1,220.7% in the first quarter. Victory Capital Management Inc. now owns 270,330 shares of the company's stock worth $6,520,000 after purchasing an additional 249,861 shares in the last quarter. Philadelphia Financial Management of San Francisco LLC boosted its stake in Rent-A-Center by 255.0% in the first quarter. Philadelphia Financial Management of San Francisco LLC now owns 342,345 shares of the company's stock worth $8,624,000 after purchasing an additional 245,902 shares in the last quarter. State Street Corp boosted its stake in Rent-A-Center by 8.8% in the first quarter. State Street Corp now owns 2,333,336 shares of the company's stock worth $58,777,000 after purchasing an additional 189,510 shares in the last quarter. Finally, EMG Holdings L.P. acquired a new position in Rent-A-Center in the first quarter worth $2,443,000. Institutional investors and hedge funds own 83.45% of the company's stock.
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Insider Activity at Rent-A-Center
In related news, Director Jeffrey J. Brown acquired 1,223 shares of the company's stock in a transaction that occurred on Tuesday, July 12th. The stock was acquired at an average price of $20.69 per share, for a total transaction of $25,303.87. Following the completion of the acquisition, the director now owns 75,669 shares of the company's stock, valued at approximately $1,565,591.61. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 11.00% of the stock is currently owned by corporate insiders.
Analysts Set New Price Targets
A number of equities analysts have commented on the company. KeyCorp reduced their price objective on Rent-A-Center from $41.00 to $37.00 and set an "overweight" rating on the stock in a research note on Friday. Bank of America reduced their price objective on Rent-A-Center from $37.00 to $30.00 in a research note on Friday. StockNews.com lowered Rent-A-Center from a "buy" rating to a "hold" rating in a research note on Friday. Finally, Stephens lowered Rent-A-Center from an "overweight" rating to an "equal weight" rating and set a $42.00 price target on the stock. in a research note on Wednesday, June 29th.
Rent-A-Center Trading Down 21.6 %
Shares of RCII opened at $17.51 on Friday. The company has a quick ratio of 0.83, a current ratio of 3.37 and a debt-to-equity ratio of 2.45. Rent-A-Center, Inc. has a 12-month low of $17.50 and a 12-month high of $58.79. The firm has a market capitalization of $1.04 billion, a PE ratio of 24.66 and a beta of 1.61. The stock's fifty day simple moving average is $25.99 and its 200-day simple moving average is $25.00.
Rent-A-Center (NASDAQ:RCII – Get Rating) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.15. The business had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.06 billion. Rent-A-Center had a return on equity of 46.90% and a net margin of 1.02%. During the same quarter in the prior year, the firm posted $1.63 earnings per share. As a group, research analysts predict that Rent-A-Center, Inc. will post 4.2 earnings per share for the current year.
Rent-A-Center Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 25th. Investors of record on Tuesday, October 4th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Monday, October 3rd. This represents a $1.36 dividend on an annualized basis and a yield of 7.77%. Rent-A-Center's dividend payout ratio is presently 191.55%.
Rent-A-Center Company Profile
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Rent-A-Center, Inc, together with its subsidiaries, leases household durable goods to customers on a lease-to-own basis. The company operates in four segments: Rent-A-Center Business, Acima, Mexico, and Franchising. It offers furniture and accessories, appliances, consumer electronics, computers, tablets and smartphones, tools, tires, handbags, and other accessories under rental purchase agreements.
Further Reading
- Get a free copy of the StockNews.com research report on Rent-A-Center (RCII)
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