Fmr LLC Invests $10.68 Million in Rent-A-Center Inc. (NASDAQ:RCII)

FMR LLC acquired a new stake in shares of Rent-A-Center Inc. (NASDAQ:RCII) during the first quarter, according to its most recent 13F filing with the SEC. The fund acquired 1,203,655 shares of the company’s stock, valued at approximately $10,676,000. FMR LLC owned 2.26% of Rent-A-Center at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Frontier Capital Management Co. LLC boosted its position in Rent-A-Center by 7.4% in the first quarter. Frontier Capital Management Co. LLC now owns 3,174,144 shares of the company’s stock valued at $28,155,000 after buying an additional 217,842 shares during the last quarter. Brandes Investment Partners LP boosted its position in Rent-A-Center by 5.9% in the first quarter. Brandes Investment Partners LP now owns 2,023,427 shares of the company’s stock valued at $17,948,000 after buying an additional 113,195 shares during the last quarter. State Street Corp boosted its position in Rent-A-Center by 8.8% in the fourth quarter. State Street Corp now owns 1,593,327 shares of the company’s stock valued at $17,927,000 after buying an additional 128,770 shares during the last quarter. Norges Bank bought a new position in Rent-A-Center during the fourth quarter valued at $16,127,000. Finally, Renaissance Technologies LLC boosted its position in Rent-A-Center by 12.5% in the fourth quarter. Renaissance Technologies LLC now owns 492,210 shares of the company’s stock valued at $5,537,000 after buying an additional 54,700 shares during the last quarter.

Shares of Rent-A-Center Inc. (NASDAQ RCII) traded up 1.05% during trading on Friday, hitting $12.50. 1,595,548 shares of the company were exchanged. The firm’s market capitalization is $666.26 million. The firm’s 50-day moving average price is $12.65 and its 200 day moving average price is $10.87. Rent-A-Center Inc. has a 12 month low of $7.76 and a 12 month high of $13.89.

Rent-A-Center (NASDAQ:RCII) last announced its earnings results on Wednesday, July 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by $0.08. Rent-A-Center had a negative return on equity of 43.47% and a negative net margin of 5.57%. The business had revenue of $667.64 million for the quarter, compared to analyst estimates of $667.04 million. During the same period last year, the firm earned $0.41 EPS. The company’s revenue for the quarter was down 10.9% compared to the same quarter last year. On average, equities research analysts expect that Rent-A-Center Inc. will post $0.06 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 20th. Shareholders of record on Monday, July 3rd were paid a dividend of $0.08 per share. The ex-dividend date was Thursday, June 29th. This represents a $0.32 annualized dividend and a yield of 2.56%.

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A number of brokerages have commented on RCII. BidaskClub raised shares of Rent-A-Center from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 5th. Zacks Investment Research raised shares of Rent-A-Center from a “sell” rating to a “hold” rating in a report on Friday, July 28th. Stifel Nicolaus reaffirmed a “hold” rating and set a $13.00 target price (up from $11.50) on shares of Rent-A-Center in a report on Friday, July 28th. Loop Capital cut shares of Rent-A-Center from a “hold” rating to a “sell” rating and set a $8.00 price objective for the company. in a research note on Wednesday, June 7th. Finally, Jefferies Group LLC reduced their price objective on shares of Rent-A-Center from $12.00 to $9.00 and set a “hold” rating for the company in a research note on Wednesday, May 3rd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Rent-A-Center has a consensus rating of “Hold” and a consensus target price of $11.00.

In other news, Director Steven L. Pepper purchased 45,000 shares of the stock in a transaction dated Tuesday, May 23rd. The shares were purchased at an average price of $10.93 per share, with a total value of $491,850.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 3.40% of the company’s stock.

About Rent-A-Center

Rent-A-Center, Inc is a rent-to-own operator in North America. The Company provides an opportunity to obtain ownership of products, such as consumer electronics, appliances, computers (including tablets), smartphones and furniture (including accessories), under rental purchase agreements. The Company operates in four segments: Core U.S., Acceptance Now, Mexico, and Franchising.

Institutional Ownership by Quarter for Rent-A-Center (NASDAQ:RCII)

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