JPMorgan Chase & Co. reduced its stake in Rent-A-Center Inc. (NASDAQ:RCII) by 95.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 100,357 shares of the company’s stock after selling 2,287,567 shares during the period. JPMorgan Chase & Co. owned approximately 0.19% of Rent-A-Center worth $890,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. Brandes Investment Partners LP increased its stake 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 increased its stake 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 stake in Rent-A-Center during the fourth quarter valued at $16,127,000. Renaissance Technologies LLC increased its stake 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. Finally, Parametric Portfolio Associates LLC increased its stake in Rent-A-Center by 22.1% in the first quarter. Parametric Portfolio Associates LLC now owns 451,769 shares of the company’s stock valued at $4,007,000 after buying an additional 81,833 shares during the last quarter.
Rent-A-Center Inc. (RCII) traded up 1.05% during trading on Friday, hitting $12.50. The stock had a trading volume of 1,595,548 shares. The company’s 50 day moving average is $12.65 and its 200 day moving average is $10.87. The firm’s market cap is $666.26 million. Rent-A-Center Inc. has a 52-week low of $7.76 and a 52-week high of $13.89.
Rent-A-Center (NASDAQ:RCII) last announced its quarterly earnings data on Wednesday, July 26th. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by $0.08. The company had revenue of $667.64 million for the quarter, compared to analysts’ expectations of $667.04 million. Rent-A-Center had a negative net margin of 5.57% and a negative return on equity of 43.47%. Rent-A-Center’s quarterly revenue was down 10.9% compared to the same quarter last year. During the same period last year, the firm earned $0.41 earnings per share. Equities research analysts forecast that Rent-A-Center Inc. will post $0.06 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 20th. Stockholders of record on Monday, July 3rd were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date of this dividend was Thursday, June 29th.
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Several analysts recently weighed in on RCII shares. Loop Capital restated a “sell” rating and issued a $8.00 price target on shares of Rent-A-Center in a research note on Tuesday, July 18th. BidaskClub downgraded Rent-A-Center from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Zacks Investment Research downgraded Rent-A-Center from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. Jefferies Group LLC cut their price target on Rent-A-Center from $12.00 to $9.00 and set a “hold” rating on the stock in a research note on Wednesday, May 3rd. Finally, Stifel Nicolaus reiterated a “hold” rating and set a $13.00 target price (up from $11.50) on shares of Rent-A-Center in a research note on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $11.00.
In related news, Director Steven L. Pepper acquired 45,000 shares of the company’s stock in a transaction dated Tuesday, May 23rd. The shares were purchased at an average cost of $10.93 per share, with a total value of $491,850.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.40% of the stock is owned by insiders.
Rent-A-Center Company Profile
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.
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