Pinebridge Investments L.P. Decreases Stake in Rent-A-Center Inc (NASDAQ:RCII)
Pinebridge Investments L.P. reduced its position in Rent-A-Center Inc (NASDAQ:RCII) by 33.2% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 43,058 shares of the company’s stock after selling 21,447 shares during the period. Pinebridge Investments L.P.’s holdings in Rent-A-Center were worth $1,146,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. KBC Group NV boosted its position in Rent-A-Center by 258.1% in the 2nd quarter. KBC Group NV now owns 215,013 shares of the company’s stock valued at $5,726,000 after buying an additional 154,977 shares during the last quarter. Stone Ridge Asset Management LLC boosted its position in Rent-A-Center by 5.8% in the 2nd quarter. Stone Ridge Asset Management LLC now owns 61,740 shares of the company’s stock valued at $1,644,000 after buying an additional 3,400 shares during the last quarter. Ontario Teachers Pension Plan Board purchased a new position in Rent-A-Center in the 1st quarter valued at about $1,475,000. Hillsdale Investment Management Inc. purchased a new position in Rent-A-Center in the 2nd quarter valued at about $855,000. Finally, SG Americas Securities LLC purchased a new position in Rent-A-Center in the 2nd quarter valued at about $136,000.
A number of equities analysts have weighed in on RCII shares. BidaskClub cut shares of Rent-A-Center from a “buy” rating to a “hold” rating in a research report on Tuesday, August 20th. Janney Montgomery Scott raised shares of Rent-A-Center from a “neutral” rating to a “buy” rating in a research report on Thursday, August 8th. Stifel Nicolaus set a $28.00 price objective on shares of Rent-A-Center and gave the company a “hold” rating in a research report on Friday, September 6th. Stephens upgraded shares of Rent-A-Center from an “underweight” rating to an “equal” rating and set a $27.00 target price on the stock in a research note on Monday, June 24th. Finally, ValuEngine upgraded shares of Rent-A-Center from a “sell” rating to a “hold” rating in a research note on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Rent-A-Center currently has a consensus rating of “Hold” and an average price target of $22.83.
Rent-A-Center (NASDAQ:RCII) last issued its earnings results on Wednesday, August 7th. The company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.04. The business had revenue of $655.90 million for the quarter, compared to analyst estimates of $642.86 million. Rent-A-Center had a net margin of 4.40% and a return on equity of 32.63%. The company’s revenue for the quarter was up .0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.47 EPS. On average, research analysts anticipate that Rent-A-Center Inc will post 2.26 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 9th. Stockholders of record on Monday, September 23rd will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date is Friday, September 20th. This is a positive change from Rent-A-Center’s previous quarterly dividend of $0.08.
Rent-A-Center Company Profile
Rent-A-Center, Inc, together with its subsidiaries, leases household durable goods to customers on a rent-to-own basis. The company operates through four segments: Core U.S., Acceptance Now, Mexico, and Franchising. It offers durable products, such as consumer electronics; appliances; computers, including tablets; smartphones; wheels and tires; and furniture, including accessories under rental purchase agreements.
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