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Fly News Breaks for February 4, 2020
Feb 4, 2020 | 13:17 EDT
KeyBanc analyst Bradley Thomas noted that shares of Aaron's (AAN) and Rent-A-Center (RCII) have declined on concerns that California Governor Gavin Newsom's recently put forth budget proposes to spend money to create a state level agency with a similar scope as the Consumer Financial Protection Bureau, or CFBP, and possibly increase regulations on the rent-to-own industry. While he says increased regulation is always a risk for the industry, Thomas noted that this is just a proposal in California and he also thinks it seems questionable as to whether it would impact Aaron's or Rent-A-Center. Thomas pointed out that Aaron's has about 3% of its retail stores in California, which Rent-A-Center has about 5% of its retail locations in the state.
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