State Street Corp Grows Stake in Upbound Group, Inc. (NASDAQ:UPBD)

State Street Corp boosted its position in shares of Upbound Group, Inc. (NASDAQ:UPBD - Free Report) by 2.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,028,224 shares of the company's stock after purchasing an additional 43,814 shares during the period. State Street Corp owned about 3.71% of Upbound Group worth $64,883,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Quarry LP boosted its holdings in shares of Upbound Group by 374.3% during the third quarter. Quarry LP now owns 3,282 shares of the company's stock worth $105,000 after acquiring an additional 2,590 shares during the period. Philadelphia Financial Management of San Francisco LLC acquired a new position in Upbound Group in the 3rd quarter valued at $4,035,000. Point72 Asset Management L.P. bought a new position in Upbound Group during the 3rd quarter worth $972,000. Public Sector Pension Investment Board lifted its holdings in shares of Upbound Group by 4.8% during the third quarter. Public Sector Pension Investment Board now owns 103,292 shares of the company's stock worth $3,304,000 after buying an additional 4,700 shares in the last quarter. Finally, Blueshift Asset Management LLC bought a new stake in shares of Upbound Group in the third quarter valued at about $232,000. Institutional investors and hedge funds own 90.30% of the company's stock.

Insiders Place Their Bets

In related news, Director Jeffrey J. Brown bought 1,065 shares of the company's stock in a transaction on Tuesday, October 22nd. The shares were purchased at an average cost of $29.25 per share, for a total transaction of $31,151.25. Following the completion of the purchase, the director now directly owns 85,234 shares in the company, valued at $2,493,094.50. The trade was a 1.27 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 2.70% of the company's stock.

Upbound Group Trading Down 3.4 %

NASDAQ:UPBD traded down $1.04 during mid-day trading on Thursday, hitting $29.41. 399,670 shares of the company's stock were exchanged, compared to its average volume of 445,868. The company has a current ratio of 3.66, a quick ratio of 0.86 and a debt-to-equity ratio of 2.02. Upbound Group, Inc. has a fifty-two week low of $26.50 and a fifty-two week high of $38.72. The company has a 50 day simple moving average of $31.60 and a 200-day simple moving average of $31.76. The firm has a market capitalization of $1.61 billion, a P/E ratio of 20.28 and a beta of 2.03.

Upbound Group (NASDAQ:UPBD - Get Free Report) last announced its earnings results on Thursday, October 31st. The company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.89 by $0.06. Upbound Group had a return on equity of 34.15% and a net margin of 1.91%. The firm had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the previous year, the business earned $0.79 EPS. The business's quarterly revenue was up 9.2% compared to the same quarter last year. As a group, research analysts expect that Upbound Group, Inc. will post 3.8 earnings per share for the current year.

Upbound Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Wednesday, December 18th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Wednesday, December 18th. This is a positive change from Upbound Group's previous quarterly dividend of $0.37. This represents a $1.56 annualized dividend and a yield of 5.30%. Upbound Group's dividend payout ratio is currently 107.59%.

Analyst Ratings Changes

UPBD has been the subject of a number of recent research reports. Stephens initiated coverage on shares of Upbound Group in a report on Wednesday, November 13th. They issued an "overweight" rating and a $38.00 price objective for the company. Loop Capital reduced their price target on Upbound Group from $36.00 to $33.00 and set a "hold" rating on the stock in a research report on Friday, November 1st. TD Cowen raised Upbound Group to a "strong-buy" rating in a report on Friday, November 29th. Finally, Jefferies Financial Group cut their target price on Upbound Group from $37.00 to $35.00 and set a "hold" rating for the company in a research report on Tuesday, October 1st. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $39.17.

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.