FirstCash Inc (FCFS) Downgraded to “Hold” at Zacks Investment Research
Zacks Investment Research lowered shares of FirstCash Inc (NASDAQ:FCFS) from a buy rating to a hold rating in a research note released on Wednesday.
According to Zacks, “FirstCash Inc. is an operator of pawn stores. The company focuses on serving cash and credit constrained consumers through its retail pawn locations, which buy and sell jewelry, consumer electronics, power tools, household appliances, sporting goods, musical instruments and other merchandise. It operates primarily in the U.S., Mexico, Guatemala and El Salvador. FirstCash, Inc., formerly known as First Cash Financial Services Inc., is based in Arlington, United States. “
Other equities research analysts also recently issued research reports about the stock. Janney Montgomery Scott downgraded shares of FirstCash from a buy rating to a neutral rating and cut their price objective for the company from $58.55 to $58.00 in a research report on Monday, July 17th. Wedbush boosted their price objective on shares of FirstCash from $55.00 to $60.00 and gave the company an outperform rating in a research report on Wednesday, May 24th. BidaskClub downgraded shares of FirstCash from a buy rating to a hold rating in a research report on Wednesday, August 23rd. Jefferies Group LLC set a $69.00 price objective on shares of FirstCash and gave the company a buy rating in a research report on Friday, August 18th. Finally, CL King downgraded shares of FirstCash from a strong-buy rating to a buy rating in a research report on Thursday, July 27th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $59.29.
Shares of FirstCash (NASDAQ:FCFS) opened at 58.00 on Wednesday. FirstCash has a 12-month low of $39.80 and a 12-month high of $60.75. The firm has a market capitalization of $2.77 billion, a PE ratio of 31.40 and a beta of 0.90. The company’s 50-day moving average price is $58.62 and its 200 day moving average price is $52.32.
FirstCash (NASDAQ:FCFS) last issued its quarterly earnings data on Thursday, July 27th. The credit services provider reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.05. FirstCash had a net margin of 3.66% and a return on equity of 4.10%. The firm had revenue of $416.60 million during the quarter, compared to the consensus estimate of $410.65 million. During the same quarter in the previous year, the firm posted $0.51 EPS. The company’s revenue for the quarter was up 128.9% compared to the same quarter last year. On average, equities analysts forecast that FirstCash will post $2.66 earnings per share for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Tuesday, August 15th will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.31%. The ex-dividend date is Friday, August 11th. FirstCash’s dividend payout ratio is currently 25.38%.
FirstCash declared that its Board of Directors has authorized a stock repurchase program on Monday, May 15th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the credit services provider to buy up to 4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.
In other FirstCash news, CFO R Douglas Orr sold 7,500 shares of the stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $55.00, for a total transaction of $412,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in FCFS. BlackRock Inc. increased its position in FirstCash by 77,659.7% in the first quarter. BlackRock Inc. now owns 5,898,853 shares of the credit services provider’s stock valued at $289,930,000 after buying an additional 5,891,267 shares during the period. Park West Asset Management LLC increased its position in FirstCash by 247.3% in the first quarter. Park West Asset Management LLC now owns 949,415 shares of the credit services provider’s stock valued at $46,664,000 after buying an additional 676,019 shares during the period. Fiduciary Management Inc. WI increased its position in 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 period. Wellington Management Group LLP increased its position in FirstCash by 98.6% in the first quarter. Wellington Management Group LLP now owns 1,267,147 shares of the credit services provider’s stock valued at $62,280,000 after buying an additional 629,104 shares during the period. Finally, MARSHALL WACE ASIA Ltd bought a new position in FirstCash during the first quarter valued at approximately $15,612,000.
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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