Rent-A-Center, Inc. (NASDAQ:RCII) Plans $0.34 Quarterly Dividend

Posted by on Jun 9th, 2022

Rent-A-Center, Inc. (NASDAQ:RCII – Get Rating) declared a quarterly dividend on Wednesday, June 8th, Zacks reports. Shareholders of record on Tuesday, June 21st will be given a dividend of 0.34 per share on Tuesday, July 12th. This represents a $1.36 dividend on an annualized basis and a yield of 5.04%. The ex-dividend date of this dividend is Friday, June 17th.

Rent-A-Center has a dividend payout ratio of 24.1% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Rent-A-Center to earn $5.69 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 23.9%.

Shares of NASDAQ:RCII opened at $26.96 on Thursday. Rent-A-Center has a 1-year low of $22.70 and a 1-year high of $67.76. The company has a debt-to-equity ratio of 2.68, a current ratio of 3.25 and a quick ratio of 0.73. The business has a fifty day moving average price of $25.77 and a 200-day moving average price of $35.08. The company has a market capitalization of $1.59 billion, a PE ratio of 21.06 and a beta of 1.54.

Rent-A-Center (NASDAQ:RCII – Get Rating) last issued its quarterly earnings results on Wednesday, May 4th. The company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.03. Rent-A-Center had a return on equity of 48.47% and a net margin of 1.87%. The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same period last year, the company earned $1.32 earnings per share. The company’s revenue was up 9.4% on a year-over-year basis. On average, sell-side analysts anticipate that Rent-A-Center will post 4.64 earnings per share for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in the stock. Morgan Stanley boosted its position in Rent-A-Center by 22.3% in the second quarter. Morgan Stanley now owns 436,602 shares of the company’s stock worth $23,170,000 after purchasing an additional 79,661 shares during the last quarter. Janus Henderson Group PLC purchased a new position in Rent-A-Center in the third quarter worth about $293,000. LPL Financial LLC boosted its position in Rent-A-Center by 55.4% in the fourth quarter. LPL Financial LLC now owns 15,307 shares of the company’s stock worth $735,000 after purchasing an additional 5,460 shares during the last quarter. Millennium Management LLC boosted its position in Rent-A-Center by 80.4% in the fourth quarter. Millennium Management LLC now owns 388,933 shares of the company’s stock worth $18,684,000 after purchasing an additional 173,391 shares during the last quarter. Finally, Marshall Wace LLP boosted its position in Rent-A-Center by 463.1% in the fourth quarter. Marshall Wace LLP now owns 77,702 shares of the company’s stock worth $3,731,000 after purchasing an additional 63,904 shares during the last quarter. 81.66% of the stock is currently owned by institutional investors.

Several brokerages have recently weighed in on RCII. Zacks Investment Research upgraded Rent-A-Center from a “strong sell” rating to a “hold” rating and set a $28.00 price target for the company in a report on Monday, May 9th. Raymond James cut Rent-A-Center from a “strong-buy” rating to an “outperform” rating and dropped their price objective for the company from $65.00 to $40.00 in a research report on Friday, February 25th. StockNews.com initiated coverage on Rent-A-Center in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Finally, KeyCorp dropped their price objective on Rent-A-Center from $68.00 to $44.00 and set an “overweight” rating on the stock in a research report on Friday, February 25th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Rent-A-Center currently has a consensus rating of “Buy” and a consensus price target of $49.25.

About Rent-A-Center (Get Rating)

Rent-A-Center, Inc, together with its subsidiaries, leases household durable goods to customers on a lease-to-own basis. The company operates in four segments: Rent-A-Center Business, Acima, Mexico, and Franchising. It offers furniture and accessories, appliances, consumer electronics, computers, tablets and smartphones, tools, tires, handbags, and other accessories under rental purchase agreements.

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Dividend History for Rent-A-Center (NASDAQ:RCII)

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