Bank of New York Mellon Corp Trims Position in Upbound Group, Inc. (NASDAQ:UPBD)

Bank of New York Mellon Corp lowered its position in shares of Upbound Group, Inc. (NASDAQ:UPBD - Free Report) by 2.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 781,016 shares of the company's stock after selling 16,462 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.35% of Upbound Group worth $18,713,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in UPBD. PNC Financial Services Group Inc. boosted its position in shares of Upbound Group by 12.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,785 shares of the company's stock worth $110,000 after purchasing an additional 429 shares during the last quarter. Palouse Capital Management Inc. raised its stake in shares of Upbound Group by 64.3% in the 1st quarter. Palouse Capital Management Inc. now owns 6,623 shares of the company's stock valued at $159,000 after purchasing an additional 2,592 shares during the period. Freestone Grove Partners LP acquired a new stake in shares of Upbound Group in the fourth quarter valued at about $221,000. Crestline Management LP acquired a new stake in shares of Upbound Group in the fourth quarter valued at about $230,000. Finally, GAMMA Investing LLC increased its position in Upbound Group by 5,179.7% during the first quarter. GAMMA Investing LLC now owns 12,196 shares of the company's stock worth $292,000 after buying an additional 11,965 shares during the last quarter. Institutional investors own 90.30% of the company's stock.

Insiders Place Their Bets

In other news, Director Jeffrey J. Brown bought 1,653 shares of the company's stock in a transaction dated Tuesday, July 8th. The shares were purchased at an average price of $25.90 per share, for a total transaction of $42,812.70. Following the completion of the purchase, the director owned 89,400 shares in the company, valued at approximately $2,315,460. This represents a 1.88% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.60% of the company's stock.

Analysts Set New Price Targets

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

Upbound Group Price Performance

NASDAQ:UPBD traded up $0.62 during trading hours on Tuesday, hitting $24.25. The stock had a trading volume of 567,055 shares, compared to its average volume of 534,500. The company has a 50 day simple moving average of $24.87 and a two-hundred day simple moving average of $25.34. The company has a debt-to-equity ratio of 2.26, a current ratio of 3.12 and a quick ratio of 0.80. Upbound Group, Inc. has a one year low of $19.69 and a one year high of $38.72. The firm has a market capitalization of $1.40 billion, a price-to-earnings ratio of 11.38 and a beta of 1.74.

Upbound Group (NASDAQ:UPBD - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.06. Upbound Group had a net margin of 2.74% and a return on equity of 36.30%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the previous year, the firm posted $0.79 earnings per share. The firm's revenue for the quarter was up 7.3% on a year-over-year basis. Research analysts forecast that Upbound Group, Inc. will post 4.28 earnings per share for the current fiscal year.

Upbound Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 8th. Shareholders of record on Tuesday, June 17th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 6.43%. The ex-dividend date of this dividend was Tuesday, June 17th. Upbound Group's dividend payout ratio (DPR) is presently 73.24%.

About Upbound Group

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.