Hollencrest Securities LLC Invests $665,000 in Rent-A-Center Inc (RCII)
Hollencrest Securities LLC purchased a new stake in shares of Rent-A-Center Inc (NASDAQ:RCII) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 75,000 shares of the company’s stock, valued at approximately $665,000. Hollencrest Securities LLC owned about 0.14% of Rent-A-Center at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Municipal Employees Retirement System of Michigan increased its stake in Rent-A-Center by 1.7% in the third quarter. Municipal Employees Retirement System of Michigan now owns 11,770 shares of the company’s stock valued at $149,000 after buying an additional 200 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in 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. Systematic Financial Management LP increased its stake in Rent-A-Center by 0.9% in the fourth quarter. Systematic Financial Management LP now owns 147,935 shares of the company’s stock valued at $1,664,000 after buying an additional 1,325 shares during the last quarter. Acrospire Investment Management LLC increased its stake in Rent-A-Center by 9.5% in the third quarter. Acrospire Investment Management LLC now owns 16,100 shares of the company’s stock valued at $204,000 after buying an additional 1,400 shares during the last quarter. Finally, Comerica Bank increased its stake in Rent-A-Center by 5.4% in the fourth quarter. Comerica Bank now owns 56,417 shares of the company’s stock valued at $586,000 after buying an additional 2,898 shares during the last quarter. Institutional investors and hedge funds own 96.78% of the company’s stock.
Shares of Rent-A-Center Inc (NASDAQ:RCII) traded up 0.37% during mid-day trading on Friday, hitting $10.90. The stock had a trading volume of 1,537,172 shares. The firm’s market cap is $579.84 million. Rent-A-Center Inc has a 52-week low of $7.76 and a 52-week high of $15.94. The firm has a 50 day moving average price of $9.41 and a 200 day moving average price of $10.12.
The company also recently declared a quarterly dividend, which was paid on Thursday, April 20th. Stockholders of record on Monday, April 3rd were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 2.94%. The ex-dividend date was Thursday, March 30th. Rent-A-Center’s dividend payout ratio (DPR) is -1.95%.
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Several analysts have weighed in on the company. Stifel Nicolaus reiterated a “hold” rating and set a $11.50 price target (up previously from $8.50) on shares of Rent-A-Center in a research note on Monday. Stephens downgraded Rent-A-Center from an “equal weight” rating to an “underweight” rating in a research note on Friday, March 31st. Raymond James Financial, Inc. upgraded Rent-A-Center from a “market perform” rating to a “strong-buy” rating and set a $15.00 price target on the stock in a research note on Wednesday, April 12th. Janney Montgomery Scott assumed coverage on Rent-A-Center in a research note on Thursday, April 6th. They set a “buy” rating and a $12.00 price target on the stock. Finally, Loop Capital reiterated a “hold” rating and set a $8.00 price target on shares of Rent-A-Center in a research note on Wednesday, April 12th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $13.07.
In other news, EVP Christopher A. Korst purchased 5,000 shares of the firm’s stock in a transaction dated Thursday, February 16th. The shares were acquired at an average price of $8.32 per share, with a total value of $41,600.00. Following the purchase, the executive vice president now directly owns 32,549 shares of the company’s stock, valued at $270,807.68. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Mark E. Speese purchased 100,000 shares of the firm’s stock in a transaction dated Friday, February 17th. The shares were purchased at an average cost of $8.45 per share, for a total transaction of $845,000.00. Following the purchase, the chairman now directly owns 744,627 shares in the company, valued at $6,292,098.15. The disclosure for this purchase can be found here. Insiders have bought a total of 1,805,233 shares of company stock worth $15,593,865 in the last three months. Corporate insiders own 3.40% 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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