Rent-A-Center Inc. (RCII) Bonds Trading 10.6% Lower
An issue of Rent-A-Center Inc. (NASDAQ:RCII) debt fell 10.6% against its face value during trading on Tuesday. The debt issue has a 6.625% coupon and is set to mature on November 15, 2020. The bonds in the issue are now trading at $86.38 and were trading at $96.94 one week ago. Price changes in a company’s debt in credit markets sometimes predict parallel changes in its share price.
Separately, Zacks Investment Research raised shares of Rent-A-Center from a “sell” rating to a “hold” rating in a research note on Monday, October 3rd. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Rent-A-Center has an average rating of “Buy” and a consensus target price of $22.72.
Shares of Rent-A-Center Inc. (NASDAQ:RCII) opened at 9.18 on Wednesday. The stock’s market capitalization is $487.60 million. The company’s 50-day moving average is $12.49 and its 200 day moving average is $13.02. Rent-A-Center Inc. has a 52 week low of $8.00 and a 52 week high of $26.26.
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Rent-A-Center (NASDAQ:RCII) last posted its earnings results on Wednesday, July 27th. The company reported $0.41 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by $0.08. Rent-A-Center had a negative net margin of 27.93% and a positive return on equity of 14.03%. The business had revenue of $749.60 million for the quarter, compared to analysts’ expectations of $782.12 million. During the same quarter last year, the business posted $0.50 earnings per share. The business’s revenue was down 8.1% compared to the same quarter last year. On average, equities analysts forecast that Rent-A-Center Inc. will post $1.73 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 20th. Shareholders of record on Monday, October 3rd will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $0.32 annualized dividend and a yield of 3.49%. Rent-A-Center’s dividend payout ratio (DPR) is currently -1.93%.
In other Rent-A-Center news, CEO Robert Dale Davis bought 10,000 shares of the company’s stock in a transaction on Monday, August 1st. The stock was purchased at an average cost of $10.87 per share, for a total transaction of $108,700.00. Following the acquisition, the chief executive officer now owns 131,850 shares of the company’s stock, valued at approximately $1,433,209.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.40% of the company’s stock.
Several large investors have recently added to or reduced their stakes in RCII. A.R.T. Advisors LLC boosted its stake in Rent-A-Center by 519.9% in the first quarter. A.R.T. Advisors LLC now owns 286,762 shares of the company’s stock valued at $4,545,000 after buying an additional 240,500 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in Rent-A-Center by 18.2% in the first quarter. Envestnet Asset Management Inc. now owns 246,098 shares of the company’s stock valued at $3,901,000 after buying an additional 37,940 shares in the last quarter. Pinnacle Holdings LLC boosted its stake in Rent-A-Center by 4.4% in the first quarter. Pinnacle Holdings LLC now owns 36,845 shares of the company’s stock valued at $584,000 after buying an additional 1,550 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Rent-A-Center by 87.5% in the first quarter. Renaissance Technologies LLC now owns 808,210 shares of the company’s stock valued at $12,810,000 after buying an additional 377,200 shares in the last quarter. Finally, Hancock Holding Co. purchased a new stake in Rent-A-Center during the first quarter valued at about $761,000. 9.58% of the stock is currently owned by institutional investors.
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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