FMR LLC & Abigail Johnson Hold 12.6% Stake in Upbound Group
Ticker: UPBD · Form: SC 13G/A · Filed: Feb 9, 2024 · CIK: 933036
Complexity: simple
Sentiment: neutral
Topics: institutional-ownership, amendment, passive-investing
TL;DR
**FMR LLC and Abigail Johnson still own 12.6% of Upbound Group, signaling continued institutional confidence.**
AI Summary
FMR LLC, a major investment firm, and its CEO, Abigail P. Johnson, have updated their ownership in Upbound Group Inc. (formerly Rent-A-Center Inc.) through an SC 13G/A filing on February 9, 2024. They collectively beneficially own 6,849,791 shares of common stock, representing 12.615% of the company. This filing indicates a significant, but passive, stake by a large institutional investor, which can signal confidence in the company's long-term prospects to current and potential shareholders.
Why It Matters
This filing shows a major institutional investor, FMR LLC, and its leader, Abigail P. Johnson, maintain a substantial stake in Upbound Group, which can be a positive signal of confidence for other investors.
Risk Assessment
Risk Level: low — This filing is an amendment to a passive ownership report, indicating no immediate change in control or strategy, thus posing low risk.
Analyst Insight
Investors should note the continued significant institutional ownership by FMR LLC, which can be a sign of long-term confidence in Upbound Group Inc. However, as this is a passive stake, it doesn't suggest any immediate strategic changes or activist intentions.
Key Numbers
- 6,849,791 — Shares Beneficially Owned (This is the total number of common stock shares of Upbound Group Inc. held by FMR LLC and Abigail P. Johnson.)
- 12.615% — Percent of Class (This represents the percentage of Upbound Group Inc.'s common stock that FMR LLC and Abigail P. Johnson collectively own, indicating a significant stake.)
Key Players & Entities
- FMR LLC (company) — reporting person and parent holding company
- Abigail P. Johnson (person) — reporting person, likely CEO of FMR LLC
- UPBOUND GROUP, INC. (company) — subject company, formerly Rent-A-Center Inc.
- 6,849,791 (dollar_amount) — total shares beneficially owned
- 12.615% (dollar_amount) — percentage of class owned
Forward-Looking Statements
- FMR LLC will maintain its significant passive stake in Upbound Group Inc. for the foreseeable future. (FMR LLC) — high confidence, target: 2025-02-09
FAQ
Who are the reporting persons in this SC 13G/A filing?
The reporting persons are FMR LLC and Abigail P. Johnson, as stated in Item 1 of the filing.
What is the total number of shares beneficially owned by the reporting persons?
FMR LLC and Abigail P. Johnson beneficially own a total of 6,849,791 shares of UPBOUND GROUP INC common stock, as detailed in Item 4(a) and Item 9 for both reporting persons.
What percentage of UPBOUND GROUP INC's common stock do the reporting persons own?
The reporting persons collectively own 12.615% of the class of UPBOUND GROUP INC's common stock, as indicated in Item 4(b) and Item 11 for both FMR LLC and Abigail P. Johnson.
What rule is this Schedule 13G filed under?
This Schedule 13G is filed under Rule 13d-1(b), as designated by the 'x' in the appropriate box at the beginning of the filing.
What is the CUSIP number for UPBOUND GROUP INC's common stock?
The CUSIP number for UPBOUND GROUP INC's common stock is #76009N100, as listed in Item 2(e) and at the top of the filing.
Filing Details
This Form SC 13G/A (Form SC 13G/A) was filed with the SEC on February 9, 2024 by Abigail P. Johnson regarding UPBOUND GROUP, INC. (UPBD).