BidaskClub Lowers FirstCash Inc (FCFS) to Hold
BidaskClub lowered shares of FirstCash Inc (NASDAQ:FCFS) from a buy rating to a hold rating in a research note issued to investors on Wednesday.
Other research analysts have also recently issued reports about the company. Zacks Investment Research upgraded FirstCash from a hold rating to a buy rating and set a $67.00 price target on the stock in a research note on Wednesday, August 16th. Janney Montgomery Scott cut FirstCash from a buy rating to a neutral rating and reduced their price objective for the company from $58.55 to $58.00 in a research note on Monday, July 17th. Wedbush increased their price objective on FirstCash from $55.00 to $60.00 and gave the company an outperform rating in a research note on Wednesday, May 24th. Jefferies Group LLC set a $69.00 price objective on FirstCash and gave the company a buy rating in a research note on Friday, August 18th. Finally, CL King cut FirstCash from a strong-buy rating to a buy rating in a research note on Thursday, July 27th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. FirstCash currently has a consensus rating of Buy and an average target price of $59.29.
FirstCash (FCFS) opened at 58.90 on Wednesday. The company’s 50 day moving average price is $58.62 and its 200-day moving average price is $52.32. The company has a market cap of $2.81 billion, a P/E ratio of 31.89 and a beta of 0.90. FirstCash has a one year low of $39.80 and a one year high of $60.75.
FirstCash (NASDAQ:FCFS) last released its quarterly earnings results on Thursday, July 27th. The credit services provider reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.05. FirstCash had a return on equity of 4.10% and a net margin of 3.66%. The company had revenue of $416.60 million for the quarter, compared to analysts’ expectations of $410.65 million. During the same period in the prior year, the firm earned $0.51 earnings per share. The firm’s revenue was up 128.9% compared to the same quarter last year. On average, analysts forecast that FirstCash will post $2.66 EPS for the current fiscal year.
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FirstCash announced that its board has authorized a share buyback plan on Monday, May 15th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the credit services provider to purchase up to 4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Tuesday, August 15th will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.29%. The ex-dividend date of this dividend is Friday, August 11th. FirstCash’s dividend payout ratio is presently 25.38%.
In other FirstCash news, CFO R Douglas Orr sold 7,500 shares of the firm’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $55.00, for a total transaction of $412,500.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.
Several institutional investors have recently modified their holdings of FCFS. BlackRock Inc. raised its position in shares of FirstCash by 1.0% in the second quarter. BlackRock Inc. now owns 5,957,256 shares of the credit services provider’s stock valued at $347,308,000 after buying an additional 58,403 shares during the last quarter. Vanguard Group Inc. raised its position in shares of FirstCash by 1.2% in the second quarter. Vanguard Group Inc. now owns 4,199,210 shares of the credit services provider’s stock valued at $244,815,000 after buying an additional 51,576 shares during the last quarter. Fiduciary Management Inc. WI raised its position in shares of FirstCash by 27.6% in the first quarter. Fiduciary Management Inc. WI now owns 3,029,034 shares of the credit services provider’s stock valued at $148,877,000 after buying an additional 654,624 shares during the last quarter. William Blair Investment Management LLC raised its position in shares of FirstCash by 5.0% in the second quarter. William Blair Investment Management LLC now owns 1,887,660 shares of the credit services provider’s stock valued at $110,051,000 after buying an additional 90,041 shares during the last quarter. Finally, FMR LLC raised its position in shares of FirstCash by 14.4% in the first quarter. FMR LLC now owns 1,710,218 shares of the credit services provider’s stock valued at $84,057,000 after buying an additional 215,693 shares during the last quarter.
FirstCash, Inc, formerly First Cash Financial Services, Inc, is an operator of retail-based pawn stores in the United States and Latin America. The Company’s primary business is the operation of full-service pawn stores, which make small pawn loans secured by personal property, such as consumer electronics, jewelry, power tools, household appliances, sporting goods and musical instruments.
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