Bank of New York Mellon Corp lifted its position in shares of Aaron’s, Inc. (NYSE:AAN) by 1.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 809,661 shares of the company’s stock after buying an additional 12,794 shares during the quarter. Bank of New York Mellon Corp’s holdings in Aaron’s were worth $35,180,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Itau Unibanco Holding S.A. purchased a new stake in shares of Aaron’s during the second quarter worth about $170,000. Private Advisor Group LLC purchased a new stake in Aaron’s in the second quarter valued at approximately $293,000. Cornerstone Wealth Management LLC purchased a new stake in Aaron’s in the second quarter valued at approximately $334,000. Amalgamated Bank grew its holdings in Aaron’s by 13.5% in the second quarter. Amalgamated Bank now owns 10,222 shares of the company’s stock valued at $444,000 after purchasing an additional 1,218 shares during the period. Finally, Marshall Wace LLP purchased a new stake in Aaron’s in the second quarter valued at approximately $459,000. Institutional investors and hedge funds own 99.95% of the company’s stock.
A number of equities research analysts recently issued reports on AAN shares. Zacks Investment Research downgraded shares of Aaron’s from a “buy” rating to a “hold” rating in a report on Wednesday, August 1st. KeyCorp boosted their target price on shares of Aaron’s from $58.00 to $62.00 and gave the company an “overweight” rating in a report on Thursday, September 20th. ValuEngine upgraded shares of Aaron’s from a “hold” rating to a “buy” rating in a report on Thursday, November 1st. Northcoast Research downgraded shares of Aaron’s from a “buy” rating to a “neutral” rating in a report on Tuesday, October 9th. Finally, Loop Capital boosted their target price on shares of Aaron’s to $59.00 and gave the company a “buy” rating in a report on Friday, September 21st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $56.10.
Aaron’s (NYSE:AAN) last announced its quarterly earnings results on Thursday, October 25th. The company reported $0.69 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.06). The business had revenue of $953.07 million for the quarter, compared to analyst estimates of $948.48 million. Aaron’s had a net margin of 8.39% and a return on equity of 12.22%. On average, research analysts predict that Aaron’s, Inc. will post 3.37 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, January 7th. Shareholders of record on Thursday, December 20th will be given a dividend of $0.035 per share. This represents a $0.14 dividend on an annualized basis and a yield of 0.29%. This is a boost from Aaron’s’s previous quarterly dividend of $0.03. The ex-dividend date of this dividend is Wednesday, December 19th. Aaron’s’s payout ratio is 4.69%.
In other Aaron’s news, insider Curtis Linn Doman sold 5,000 shares of Aaron’s stock in a transaction that occurred on Friday, November 2nd. The shares were sold at an average price of $50.00, for a total transaction of $250,000.00. Following the transaction, the insider now directly owns 62,523 shares of the company’s stock, valued at $3,126,150. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Ryan K. Woodley sold 12,500 shares of Aaron’s stock in a transaction that occurred on Monday, October 29th. The shares were sold at an average price of $45.20, for a total transaction of $565,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,904 shares of company stock worth $836,008. 2.28% of the stock is currently owned by corporate insiders.
Aaron's, Inc operates as an omnichannel provider of lease-purchase solutions. It operates through three segments: Progressive Leasing, Aaron's Business, and DAMI. The company engages in the sale, lease ownership, and specialty retailing of furniture, consumer electronics, home appliances, and accessories.
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