JPMorgan Chase & Co. Increases Position in Aaron’s, Inc. (AAN)
JPMorgan Chase & Co. lifted its holdings in Aaron’s, Inc. (NYSE:AAN) by 6.8% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 929,135 shares of the company’s stock after purchasing an additional 59,129 shares during the period. JPMorgan Chase & Co. owned approximately 1.31% of Aaron’s worth $40,453,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. LS Investment Advisors LLC lifted its stake in Aaron’s by 34.5% in the second quarter. LS Investment Advisors LLC now owns 2,659 shares of the company’s stock worth $103,000 after acquiring an additional 682 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Aaron’s by 13.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,649 shares of the company’s stock worth $103,000 after acquiring an additional 312 shares during the last quarter. Riverhead Capital Management LLC lifted its stake in Aaron’s by 70.9% in the second quarter. Riverhead Capital Management LLC now owns 3,930 shares of the company’s stock worth $153,000 after acquiring an additional 1,630 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Aaron’s by 17.6% in the second quarter. Victory Capital Management Inc. now owns 4,708 shares of the company’s stock worth $183,000 after acquiring an additional 705 shares during the last quarter. Finally, Teacher Retirement System of Texas purchased a new position in Aaron’s in the second quarter worth approximately $201,000.
Several brokerages have recently weighed in on AAN. Stifel Nicolaus restated a “buy” rating and set a $55.00 price objective on shares of Aaron’s in a research report on Friday, September 1st. Sidoti upgraded shares of Aaron’s from a “neutral” rating to a “buy” rating and set a $45.00 price objective for the company in a research report on Wednesday, November 29th. Off Wall Street began coverage on shares of Aaron’s in a research report on Monday, September 18th. They set a “sell” rating for the company. Janney Montgomery Scott began coverage on shares of Aaron’s in a research report on Wednesday, October 18th. They set a “neutral” rating and a $42.00 price objective for the company. Finally, Jefferies Group restated a “buy” rating and set a $54.00 price objective on shares of Aaron’s in a research report on Thursday, September 7th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $43.30.
Aaron’s (NYSE:AAN) last announced its quarterly earnings data on Friday, October 27th. The company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.11). The firm had revenue of $838.80 million during the quarter, compared to analyst estimates of $827.20 million. Aaron’s had a net margin of 4.15% and a return on equity of 11.41%. The business’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.50 earnings per share. equities research analysts anticipate that Aaron’s, Inc. will post 2.47 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Wednesday, December 13th will be paid a dividend of $0.03 per share. The ex-dividend date is Tuesday, December 12th. This is a boost from Aaron’s’s previous quarterly dividend of $0.03. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.31%. Aaron’s’s dividend payout ratio is 5.79%.
In related news, CEO John W. Robinson sold 15,000 shares of the stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $36.24, for a total value of $543,600.00. Following the sale, the chief executive officer now directly owns 337,340 shares of the company’s stock, valued at approximately $12,225,201.60. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Steven A. Michaels sold 4,000 shares of the stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $37.15, for a total transaction of $148,600.00. Following the completion of the sale, the chief financial officer now directly owns 56,769 shares in the company, valued at $2,108,968.35. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 1,322,000 shares of company stock worth $60,890 and have sold 19,003 shares worth $692,308. Corporate insiders own 1.93% of the company’s stock.
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Aaron’s, Inc (Aaron’s) is an omnichannel provider of lease-purchase solutions. The Company engages in the sales and lease ownership and specialty retailing of furniture, consumer electronics, home appliances and accessories through its Company-operated and franchised stores in Canada, as well as its e-commerce platform, Aarons.com.
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