Wellington Management Group LLP Boosts Stock Position in Upbound Group, Inc. (NASDAQ:UPBD)

Wellington Management Group LLP grew its holdings in Upbound Group, Inc. (NASDAQ:UPBD) by 2,864.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 405,569 shares of the company’s stock after purchasing an additional 391,888 shares during the period. Wellington Management Group LLP owned about 0.74% of Upbound Group worth $12,974,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp grew its holdings in shares of Upbound Group by 2.2% in the third quarter. State Street Corp now owns 2,028,224 shares of the company’s stock worth $64,883,000 after purchasing an additional 43,814 shares during the last quarter. Quarry LP grew its stake in Upbound Group by 374.3% in the 3rd quarter. Quarry LP now owns 3,282 shares of the company’s stock worth $105,000 after acquiring an additional 2,590 shares in the last quarter. Philadelphia Financial Management of San Francisco LLC purchased a new position in shares of Upbound Group during the third quarter worth approximately $4,035,000. Point72 Asset Management L.P. bought a new stake in shares of Upbound Group during the third quarter valued at approximately $972,000. Finally, Public Sector Pension Investment Board boosted its holdings in shares of Upbound Group by 4.8% in the third quarter. Public Sector Pension Investment Board now owns 103,292 shares of the company’s stock valued at $3,304,000 after purchasing an additional 4,700 shares during the period. 90.30% of the stock is currently owned by institutional investors.

Insider Activity

In other Upbound Group news, Director Jeffrey J. Brown bought 1,065 shares of Upbound Group stock in a transaction that occurred on Tuesday, October 22nd. The shares were bought at an average cost of $29.25 per share, with a total value of $31,151.25. Following the transaction, the director now directly owns 85,234 shares of the company’s stock, valued at approximately $2,493,094.50. This represents a 1.27 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.70% of the company’s stock.

Upbound Group Price Performance

Shares of UPBD stock opened at $31.85 on Friday. The stock’s 50-day moving average is $31.48 and its 200 day moving average is $31.77. Upbound Group, Inc. has a 1-year low of $26.50 and a 1-year high of $38.72. The company has a debt-to-equity ratio of 2.02, a current ratio of 3.66 and a quick ratio of 0.86. The company has a market cap of $1.74 billion, a P/E ratio of 21.97 and a beta of 2.03.

Upbound Group (NASDAQ:UPBD) last released its quarterly earnings results on Thursday, October 31st. The company reported $0.95 EPS for the quarter, beating the consensus estimate of $0.89 by $0.06. Upbound Group had a net margin of 1.91% and a return on equity of 34.15%. The business had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same period in the prior year, the firm posted $0.79 earnings per share. The company’s quarterly revenue was up 9.2% on a year-over-year basis. Research analysts predict that Upbound Group, Inc. will post 3.8 earnings per share for the current fiscal year.

Upbound Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Wednesday, December 18th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Wednesday, December 18th. This is an increase from Upbound Group’s previous quarterly dividend of $0.37. This represents a $1.56 dividend on an annualized basis and a dividend yield of 4.90%. Upbound Group’s dividend payout ratio is presently 107.59%.

Wall Street Analyst Weigh In

Several research firms have commented on UPBD. Jefferies Financial Group reduced their price objective on Upbound Group from $37.00 to $35.00 and set a “hold” rating on the stock in a report on Tuesday, October 1st. TD Cowen upgraded Upbound Group to a “strong-buy” rating in a research note on Friday, November 29th. Stephens began coverage on shares of Upbound Group in a research note on Wednesday, November 13th. They issued an “overweight” rating and a $38.00 price objective for the company. Finally, Loop Capital cut their target price on shares of Upbound Group from $36.00 to $33.00 and set a “hold” rating on the stock in a research report on Friday, November 1st. Two 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 stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target 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.