Geode Capital Management LLC Sells 345,587 Shares of Rent-A-Center Inc. (RCII)

Geode Capital Management LLC cut its stake in shares of Rent-A-Center Inc. (NASDAQ:RCII) by 44.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 434,343 shares of the company’s stock after selling 345,587 shares during the period. Geode Capital Management LLC owned 0.82% of Rent-A-Center worth $3,852,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Rent-A-Center by 3.2% in the first quarter. Vanguard Group Inc. now owns 7,115,980 shares of the company’s stock valued at $63,118,000 after buying an additional 223,478 shares in the last quarter. Frontier Capital Management Co. LLC increased its stake 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 in the last quarter. 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 in the last quarter. FMR LLC purchased a new stake in Rent-A-Center during the first quarter valued at about $10,676,000. Finally, California Public Employees Retirement System increased its stake in Rent-A-Center by 16.5% in the first quarter. California Public Employees Retirement System now owns 557,171 shares of the company’s stock valued at $4,942,000 after buying an additional 79,100 shares in the last quarter.

Shares of Rent-A-Center Inc. (RCII) traded up 1.091% during trading on Friday, hitting $12.505. The stock had a trading volume of 269,282 shares. The firm has a 50-day moving average of $12.62 and a 200 day moving average of $10.84. Rent-A-Center Inc. has a 1-year low of $7.76 and a 1-year high of $13.89. The company’s market capitalization is $666.53 million.

Rent-A-Center (NASDAQ:RCII) last posted its earnings results on Wednesday, July 26th. The company reported ($0.01) earnings per share for the quarter, missing the Zacks’ 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 during the quarter, compared to analyst estimates of $667.04 million. During the same quarter in the prior year, the company earned $0.41 EPS. The company’s revenue was down 10.9% on a year-over-year basis. Equities research analysts predict 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. Investors of record on Monday, July 3rd were issued a $0.08 dividend. The ex-dividend date of this dividend was Thursday, June 29th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.59%.

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RCII has been the topic of several recent research reports. Loop Capital reissued 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 dropped 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 reissued a “hold” rating and issued a $13.00 price target (up previously from $11.50) on shares of Rent-A-Center in a research note on Friday, July 28th. 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 assigned a strong buy rating to the stock. Rent-A-Center currently has a consensus rating of “Hold” and an average target price of $11.00.

In other Rent-A-Center news, Director Steven L. Pepper bought 45,000 shares of the stock in a transaction that occurred on Tuesday, May 23rd. The shares were bought at an average price of $10.93 per share, for a total transaction of $491,850.00. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 3.40% of the company’s stock.

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

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