Verition Fund Management LLC Sells 112,369 Shares of Upbound Group, Inc. (NASDAQ:UPBD)

Verition Fund Management LLC lessened its holdings in shares of Upbound Group, Inc. (NASDAQ:UPBD) by 42.2% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 154,093 shares of the company’s stock after selling 112,369 shares during the quarter. Verition Fund Management LLC’s holdings in Upbound Group were worth $4,929,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Blue Trust Inc. raised its position in shares of Upbound Group by 47.9% during the second quarter. Blue Trust Inc. now owns 1,118 shares of the company’s stock worth $34,000 after purchasing an additional 362 shares during the period. Covestor Ltd raised its holdings in Upbound Group by 268.8% during the 3rd quarter. Covestor Ltd now owns 1,136 shares of the company’s stock worth $37,000 after buying an additional 828 shares during the period. Meeder Asset Management Inc. bought a new position in Upbound Group in the second quarter valued at approximately $42,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Upbound Group in the second quarter valued at approximately $89,000. Finally, SG Americas Securities LLC bought a new stake in shares of Upbound Group during the third quarter worth $142,000. 90.30% of the stock is currently owned by institutional investors.

Insider Transactions at Upbound Group

In other news, Director Jeffrey J. Brown purchased 1,065 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was acquired at an average cost of $29.25 per share, with a total value of $31,151.25. Following the acquisition, the director now owns 85,234 shares in the company, valued at approximately $2,493,094.50. This trade represents a 1.27 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.70% of the stock is currently owned by corporate insiders.

Upbound Group Price Performance

NASDAQ:UPBD opened at $34.59 on Tuesday. The stock’s 50-day simple moving average is $30.91 and its 200 day simple moving average is $31.63. Upbound Group, Inc. has a 52-week low of $26.50 and a 52-week high of $38.72. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.86 and a current ratio of 3.66. The company has a market cap of $1.89 billion, a P/E ratio of 23.86 and a beta of 2.01.

Upbound Group (NASDAQ:UPBD) last posted its quarterly earnings results on Thursday, October 31st. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.06. The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.04 billion. Upbound Group had a return on equity of 34.15% and a net margin of 1.91%. The business’s quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.79 EPS. As a group, sell-side analysts forecast that Upbound Group, Inc. will post 3.79 EPS for the current fiscal year.

Upbound Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 22nd. Shareholders of record on Tuesday, October 1st were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 4.28%. The ex-dividend date was Tuesday, October 1st. Upbound Group’s dividend payout ratio is 102.07%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. TD Cowen raised shares of Upbound Group to a “strong-buy” rating in a research report on Friday. Jefferies Financial Group cut their price target on Upbound Group from $37.00 to $35.00 and set a “hold” rating on the stock in a report on Tuesday, October 1st. Loop Capital decreased their price objective on Upbound Group from $36.00 to $33.00 and set a “hold” rating for the company in a report on Friday, November 1st. Finally, Stephens assumed coverage on Upbound Group in a research note on Wednesday, November 13th. They issued an “overweight” rating and a $38.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $39.17.

Upbound Group 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.