An issue of Rent-A-Center Inc (NASDAQ:RCII) bonds rose 2.9% against their face value during trading on Tuesday. The high-yield issue of debt has a 4.75% coupon and is set to mature on May 1, 2021. The bonds in the issue are now trading at $86.25 and were trading at $81.50 one week ago. Price moves in a company’s bonds in credit markets sometimes anticipate parallel moves in its share price.
A number of brokerages recently commented on RCII. Raymond James Financial, Inc. upgraded Rent-A-Center from a “market perform” rating to a “strong-buy” rating and set a $15.00 price objective for the company in a research note on Wednesday, April 12th. Loop Capital reissued a “hold” rating and issued a $8.00 price target on shares of Rent-A-Center in a research note on Wednesday, April 12th. Stephens assumed coverage on Rent-A-Center in a research note on Thursday, January 12th. They issued an “equal weight” rating for the company. Janney Montgomery Scott assumed coverage on Rent-A-Center in a research note on Thursday, April 6th. They issued a “buy” rating and a $12.00 price target for the company. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $11.50 target price (up previously from $8.50) on shares of Rent-A-Center in a research note on Monday. One analyst has rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $13.07.
Shares of Rent-A-Center Inc (NASDAQ:RCII) traded up 0.65% during midday trading on Thursday, hitting $10.89. The stock had a trading volume of 623,210 shares. The firm’s 50-day moving average price is $9.36 and its 200-day moving average price is $10.11. Rent-A-Center Inc has a one year low of $7.76 and a one year high of $15.94. The firm’s market capitalization is $579.30 million.
The company also recently announced a quarterly dividend, which will be paid on Thursday, April 20th. Stockholders of record on Monday, April 3rd will be paid a $0.08 dividend. The ex-dividend date is Thursday, March 30th. This represents a $0.32 annualized dividend and a dividend yield of 2.96%. Rent-A-Center’s dividend payout ratio is presently -1.95%.
In other news, EVP Christopher A. Korst bought 5,000 shares of Rent-A-Center stock in a transaction dated Thursday, February 16th. The stock was bought at an average cost of $8.32 per share, for a total transaction of $41,600.00. Following the purchase, the executive vice president now directly owns 32,549 shares in the company, valued at approximately $270,807.68. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Mark E. Speese purchased 100,000 shares of the company’s stock in a transaction that occurred on Friday, February 17th. The stock was acquired at an average cost of $8.45 per share, for a total transaction of $845,000.00. Following the transaction, the chairman now owns 744,627 shares in the company, valued at approximately $6,292,098.15. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 1,805,233 shares of company stock valued at $15,593,865. 3.40% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in RCII. Louisiana State Employees Retirement System boosted its position in shares of Rent-A-Center by 1.4% in the first quarter. Louisiana State Employees Retirement System now owns 21,700 shares of the company’s stock valued at $192,000 after buying an additional 300 shares during the last quarter. Bank of Montreal Can boosted its position in shares of Rent-A-Center by 7,016.1% in the first quarter. Bank of Montreal Can now owns 65,041 shares of the company’s stock valued at $577,000 after buying an additional 64,127 shares during the last quarter. Creative Planning boosted its position in shares of Rent-A-Center by 24.2% in the first quarter. Creative Planning now owns 47,716 shares of the company’s stock valued at $423,000 after buying an additional 9,300 shares during the last quarter. Teachers Advisors LLC boosted its position in shares of Rent-A-Center by 14.1% in the fourth quarter. Teachers Advisors LLC now owns 95,214 shares of the company’s stock valued at $1,071,000 after buying an additional 11,761 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new position in shares of Rent-A-Center during the fourth quarter valued at $305,000. 96.78% of the stock is currently owned by institutional investors and hedge funds.
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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