Rent-A-Center, Inc. (NASDAQ:RCII – Get Rating) was the recipient of a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 4,630,000 shares, an increase of 24.5% from the August 31st total of 3,720,000 shares. Based on an average daily volume of 688,900 shares, the days-to-cover ratio is presently 6.7 days. Currently, 8.8% of the company's shares are sold short.
Insider Activity
In related news, Director Jeffrey J. Brown acquired 1,223 shares of the company's stock in a transaction dated Tuesday, July 12th. The stock was purchased at an average price of $20.69 per share, with a total value of $25,303.87. Following the completion of the purchase, the director now owns 75,669 shares in the company, valued at approximately $1,565,591.61. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 11.00% of the company's stock.
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Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the company. Capital Advisory Group Advisory Services LLC bought a new position in shares of Rent-A-Center in the first quarter worth approximately $81,000. Steward Partners Investment Advisory LLC lifted its stake in shares of Rent-A-Center by 672.8% in the first quarter. Steward Partners Investment Advisory LLC now owns 3,555 shares of the company's stock worth $90,000 after buying an additional 3,095 shares in the last quarter. Gladius Capital Management LP lifted its stake in shares of Rent-A-Center by 47.7% in the first quarter. Gladius Capital Management LP now owns 4,345 shares of the company's stock worth $110,000 after buying an additional 1,403 shares in the last quarter. Benjamin F. Edwards & Company Inc. lifted its stake in shares of Rent-A-Center by 11.2% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 4,378 shares of the company's stock worth $110,000 after buying an additional 441 shares in the last quarter. Finally, Point72 Hong Kong Ltd lifted its stake in shares of Rent-A-Center by 16.8% in the second quarter. Point72 Hong Kong Ltd now owns 5,897 shares of the company's stock worth $115,000 after buying an additional 847 shares in the last quarter. Institutional investors own 83.45% of the company's stock.
Analyst Ratings Changes
A number of research analysts have issued reports on the stock. Bank of America reduced their price objective on shares of Rent-A-Center from $37.00 to $30.00 in a research report on Friday. StockNews.com cut shares of Rent-A-Center from a "buy" rating to a "hold" rating in a research report on Friday. KeyCorp reduced their price target on shares of Rent-A-Center from $41.00 to $37.00 and set an "overweight" rating on the stock in a research report on Friday. Finally, Stephens cut shares of 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 report on Wednesday, June 29th.
Rent-A-Center Stock Down 21.6 %
RCII traded down $4.82 during midday trading on Friday, reaching $17.51. The company's stock had a trading volume of 4,229,868 shares, compared to its average volume of 588,782. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of 24.66 and a beta of 1.61. The company has a current ratio of 3.37, a quick ratio of 0.83 and a debt-to-equity ratio of 2.45. Rent-A-Center has a 1 year low of $17.50 and a 1 year high of $58.79. The stock's 50-day moving average is $25.99 and its 200-day moving average is $25.00.
Rent-A-Center (NASDAQ:RCII – Get Rating) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $1.15 earnings per share for the quarter, topping analysts' consensus estimates of $1.00 by $0.15. The business had revenue of $1.07 billion for the quarter, compared to analysts' expectations of $1.06 billion. Rent-A-Center had a net margin of 1.02% and a return on equity of 46.90%. During the same quarter in the prior year, the company earned $1.63 earnings per share. As a group, research analysts expect that Rent-A-Center will post 4.2 EPS for the current year.
Rent-A-Center Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Tuesday, October 4th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 7.77%. The ex-dividend date of this dividend is Monday, October 3rd. Rent-A-Center's dividend payout ratio (DPR) 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.
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