Millennium Management LLC Reduces Stock Position in Upbound Group, Inc. (NASDAQ:UPBD)

Millennium Management LLC cut its stake in shares of Upbound Group, Inc. (NASDAQ:UPBD - Free Report) by 77.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 45,863 shares of the company's stock after selling 153,927 shares during the quarter. Millennium Management LLC owned approximately 0.08% of Upbound Group worth $1,338,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of UPBD. R Squared Ltd bought a new position in Upbound Group during the fourth quarter worth $25,000. Blue Trust Inc. grew its stake in shares of Upbound Group by 45.0% in the 4th quarter. Blue Trust Inc. now owns 2,271 shares of the company's stock valued at $73,000 after buying an additional 705 shares during the period. PNC Financial Services Group Inc. grew its stake 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 valued at $110,000 after buying an additional 429 shares during the period. Vestcor Inc acquired a new stake in shares of Upbound Group in the 4th quarter valued at about $174,000. Finally, Freestone Grove Partners LP acquired a new stake in shares of Upbound Group in the 4th quarter valued at about $221,000. 90.30% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Fahmi Karam acquired 11,500 shares of Upbound Group stock in a transaction on Monday, March 10th. The stock was acquired at an average cost of $25.82 per share, with a total value of $296,930.00. Following the completion of the acquisition, the chief financial officer now owns 164,672 shares in the company, valued at approximately $4,251,831.04. This trade represents a 7.51% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffrey J. Brown bought 1,694 shares of the firm's stock in a transaction on Tuesday, April 22nd. The stock was purchased at an average cost of $19.89 per share, with a total value of $33,693.66. Following the completion of the transaction, the director now directly owns 88,074 shares of the company's stock, valued at approximately $1,751,791.86. The trade was a 1.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 34,924 shares of company stock valued at $846,711. Insiders own 2.70% of the company's stock.

Wall Street Analysts Forecast Growth

UPBD has been the subject of several research reports. Loop Capital reduced their target price on Upbound Group from $33.00 to $30.00 and set a "hold" rating for the company in a research note on Friday, February 21st. Raymond James reaffirmed an "outperform" rating and issued a $35.00 price objective (down from $40.00) on shares of Upbound Group in a research note on Friday, May 2nd. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $36.60.

Upbound Group Stock Up 3.8%

Upbound Group stock traded up $0.94 during trading on Friday, hitting $25.42. 492,704 shares of the company were exchanged, compared to its average volume of 516,861. The company has a current ratio of 3.66, a quick ratio of 0.86 and a debt-to-equity ratio of 2.08. The company has a market capitalization of $1.47 billion, a P/E ratio of 11.50 and a beta of 1.73. The business's 50 day moving average is $22.68 and its 200 day moving average is $26.82. Upbound Group, Inc. has a 52 week low of $19.69 and a 52 week high of $38.72.

Upbound Group (NASDAQ:UPBD - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $1.00 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.94 by $0.06. Upbound Group had a net margin of 2.86% and a return on equity of 35.47%. 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 prior year, the firm posted $0.79 EPS. The firm's quarterly revenue was up 7.3% compared to the same quarter last year. Analysts predict that Upbound Group, Inc. will post 4.28 earnings per share for the current year.

Upbound Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Tuesday, June 17th will be issued a dividend of $0.39 per share. The ex-dividend date of this dividend is Tuesday, June 17th. This represents a $1.56 dividend on an annualized basis and a yield of 6.14%. Upbound Group's dividend payout ratio (DPR) 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.