Rent-A-Center Inc. (RCII) Bonds Trading 10.6% Lower
An issue of Rent-A-Center Inc. (NASDAQ:RCII) bonds fell 10.6% against their face value during trading on Wednesday. The debt issue has a 6.625% coupon and will mature on November 15, 2020. The debt is now trading at $86.38 and was trading at $96.94 last week. Price moves in a company’s bonds in credit markets sometimes anticipate parallel moves in its share price.
Separately, Zacks Investment Research downgraded Rent-A-Center from a “buy” rating to a “hold” rating in a research report on Wednesday, June 29th. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Rent-A-Center presently has a consensus rating of “Buy” and a consensus target price of $22.72.
Shares of Rent-A-Center Inc. (NASDAQ:RCII) opened at 9.55 on Thursday. The firm’s market cap is $507.26 million. Rent-A-Center Inc. has a one year low of $8.00 and a one year high of $26.26. The firm has a 50-day moving average price of $12.38 and a 200 day moving average price of $13.00.
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Rent-A-Center (NASDAQ:RCII) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.41 EPS for the quarter, missing analysts’ consensus estimates 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 earned $749.60 million during the quarter, compared to analysts’ expectations of $782.12 million. During the same quarter in the previous year, the company posted $0.50 EPS. The company’s revenue was down 8.1% compared to the same quarter last year. On average, analysts forecast that Rent-A-Center Inc. will post $1.73 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 20th. Stockholders of record on Monday, October 3rd will be issued a $0.08 dividend. The ex-dividend date is Thursday, September 29th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.35%. Rent-A-Center’s payout ratio is currently -1.93%.
In other Rent-A-Center news, CEO Robert Dale Davis acquired 10,000 shares of the company’s stock in a transaction dated Monday, August 1st. The shares were acquired at an average price 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 in the company, valued at approximately $1,433,209.50. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 3.40% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in RCII. Thompson Siegel & Walmsley LLC increased its position in Rent-A-Center by 77.9% in the second quarter. Thompson Siegel & Walmsley LLC now owns 1,218,472 shares of the company’s stock worth $14,963,000 after buying an additional 533,388 shares during the last quarter. Teachers Retirement System of The State of Kentucky increased its position in Rent-A-Center by 22.1% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 14,300 shares of the company’s stock worth $176,000 after buying an additional 2,588 shares during the last quarter. BlackRock Fund Advisors increased its position in Rent-A-Center by 32.7% in the first quarter. BlackRock Fund Advisors now owns 3,318,496 shares of the company’s stock worth $52,598,000 after buying an additional 817,206 shares during the last quarter. Renaissance Technologies LLC increased its position in Rent-A-Center by 87.5% in the first quarter. Renaissance Technologies LLC now owns 808,210 shares of the company’s stock worth $12,810,000 after buying an additional 377,200 shares during the last quarter. Finally, Hancock Holding Co. acquired a new position in Rent-A-Center during the first quarter worth approximately $761,000. Institutional investors and hedge funds own 9.58% of the company’s stock.
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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