Allianz Asset Management GmbH Has $2.01 Million Stock Holdings in Upbound Group, Inc. (NASDAQ:UPBD)

Key Points

• Allianz Asset Management GmbH has reduced its stake in Upbound Group, Inc. by 22.4%, now owning approximately 0.15% of the company, valued at $2,011,000 after selling 24,222 shares.
• Upbound Group's quarterly earnings surpassed expectations, reporting $1.00 EPS and revenue of $1.18 billion, which is 7.3% higher than the same quarter last year.
• Raymond James Financial has set an updated price objective of $35.00 for Upbound Group shares, which reflects a decrease from the previous target of $40.00.

Allianz Asset Management GmbH lessened its holdings in Upbound Group, Inc. (NASDAQ:UPBD - Free Report) by 22.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 83,935 shares of the company's stock after selling 24,222 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.15% of Upbound Group worth $2,011,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Optimist Retirement Group LLC boosted its holdings in shares of Upbound Group by 15.8% during the first quarter. Optimist Retirement Group LLC now owns 9,257 shares of the company's stock valued at $222,000 after acquiring an additional 1,266 shares during the period. Kingsview Wealth Management LLC bought a new position in Upbound Group during the 1st quarter valued at $366,000. Napatree Capital LLC raised its position in Upbound Group by 7.6% in the first quarter. Napatree Capital LLC now owns 27,837 shares of the company's stock worth $667,000 after acquiring an additional 1,958 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Upbound Group by 4.5% during the 1st quarter. Victory Capital Management Inc. now owns 279,737 shares of the company's stock worth $6,702,000 after buying an additional 12,119 shares during the period. Finally, MQS Management LLC acquired a new stake in Upbound Group during the 1st quarter worth about $202,000. Institutional investors and hedge funds own 90.30% of the company's stock.

Upbound Group Stock Up 1.6%

Shares of UPBD traded up $0.33 during trading hours on Monday, reaching $21.05. The company's stock had a trading volume of 426,168 shares, compared to its average volume of 572,312. The firm has a market cap of $1.22 billion, a price-to-earnings ratio of 11.83 and a beta of 1.74. Upbound Group, Inc. has a 1-year low of $19.65 and a 1-year high of $36.00. The company has a quick ratio of 0.83, a current ratio of 3.11 and a debt-to-equity ratio of 2.29. The company has a 50 day moving average of $24.78 and a two-hundred day moving average of $25.01.

Upbound Group (NASDAQ:UPBD - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $1.12 EPS for the quarter, beating the consensus estimate of $1.05 by $0.07. The business had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.14 billion. Upbound Group had a return on equity of 36.26% and a net margin of 2.28%. The firm's quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.04 EPS. As a group, research analysts predict that Upbound Group, Inc. will post 4.28 EPS for the current fiscal year.

Upbound Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 8th. Shareholders of record on Tuesday, June 17th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 7.4%. The ex-dividend date was Tuesday, June 17th. Upbound Group's dividend payout ratio is currently 87.64%.

Insider Transactions at Upbound Group

In other Upbound Group news, Director Jeffrey J. Brown bought 21,730 shares of the firm's stock in a transaction dated Tuesday, May 6th. The shares were bought at an average price of $23.75 per share, for a total transaction of $516,087.50. Following the completion of the acquisition, the director owned 21,730 shares of the company's stock, valued at approximately $516,087.50. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Separately, Raymond James Financial reiterated an "outperform" rating and issued a $35.00 target price (down previously from $40.00) on shares of Upbound Group in a report on Friday, May 2nd. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $34.50.

Upbound Group Profile

Upbound Group, Inc leases household durable goods to customers on a lease-to-own basis in the United States, Puerto Rico, and Mexico. It operates through four segments: Rent-A-Center, Acima, Mexico, and Franchising. The company's brands, such as Rent-A-Center and Acima that facilitate consumer transactions across a range of store-based and virtual channels.