One more thing to add, the playback stutters even at 1/4 quality.
Thanks Jim, for your response. We work on multiple videos at a time, 5-7 videos per week, each over an hour long. I've tried proxies in the past, and used them on my i7 workstation, but it's extremely time consuming for the work we do.
Is there any specific changes I can do on Premiere or, maybe something I can upgrade which can help good playback..? Thanks!
With your media, proxies is the only real option, in my view. Plan for it.
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It appears that you are rendering to the Animation codec, which is one of the heaviest codecs you can use. I recommend that you try a codec that is more lightweight and easier for your computer to playback. I like to use ProRes 422 (Mac) or GoPro Cineform (if on PC).
Let us know if this change makes your workflow smoother.