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 cut its stake in Upbound Group, Inc. (NASDAQ:UPBD - Free Report) by 22.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 83,935 shares of the company's stock after selling 24,222 shares during the period. Allianz Asset Management GmbH owned approximately 0.15% of Upbound Group worth $2,011,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in UPBD. TD Private Client Wealth LLC increased its stake in shares of Upbound Group by 59.9% during the 1st quarter. TD Private Client Wealth LLC now owns 1,311 shares of the company's stock worth $31,000 after purchasing an additional 491 shares in the last quarter. CWM LLC lifted its holdings in shares of Upbound Group by 35.5% during the 1st quarter. CWM LLC now owns 1,880 shares of the company's stock valued at $45,000 after acquiring an additional 493 shares in the last quarter. Palouse Capital Management Inc. lifted its holdings in Upbound Group by 64.3% in the 1st quarter. Palouse Capital Management Inc. now owns 6,623 shares of the company's stock worth $159,000 after buying an additional 2,592 shares in the last quarter. Freestone Grove Partners LP acquired a new position in Upbound Group in the 4th quarter worth $221,000. Finally, Crestline Management LP acquired a new stake in shares of Upbound Group in the 4th quarter valued at about $230,000. 90.30% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Upbound Group news, Director Jeffrey J. Brown bought 1,653 shares of the business's stock in a transaction that occurred on Tuesday, July 8th. The stock was acquired at an average cost of $25.90 per share, with a total value of $42,812.70. Following the completion of the purchase, the director directly owned 89,400 shares in the company, valued at approximately $2,315,460. This trade represents a 1.88% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 2.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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

Upbound Group Price Performance

Shares of NASDAQ:UPBD traded up $0.08 during trading on Friday, reaching $20.72. The company had a trading volume of 1,725,002 shares, compared to its average volume of 637,314. The firm's fifty day moving average is $24.78 and its 200 day moving average is $25.07. The firm has a market capitalization of $1.20 billion, a PE ratio of 11.64 and a beta of 1.74. Upbound Group, Inc. has a twelve month low of $19.65 and a twelve month high of $36.00. The company has a debt-to-equity ratio of 2.29, a quick ratio of 0.80 and a current ratio of 3.12.

Upbound Group (NASDAQ:UPBD - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $1.12 earnings per share for the quarter, topping analysts' consensus estimates of $1.05 by $0.07. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.14 billion. Upbound Group had a net margin of 2.28% and a return on equity of 36.26%. The business's revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.04 EPS. On average, equities analysts forecast that Upbound Group, Inc. will post 4.28 EPS for the current year.

Upbound Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Tuesday, June 17th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Tuesday, June 17th. This represents a $1.56 annualized dividend and a yield of 7.5%. Upbound Group's dividend payout ratio is currently 73.24%.

Upbound Group Company 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.