FirstCash Inc (FCFS) Upgraded to Buy by Zacks Investment Research
FirstCash Inc (NASDAQ:FCFS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The brokerage currently has a $65.00 price target on the credit services provider’s stock. Zacks Investment Research‘s price target points to a potential upside of 10.73% from the stock’s current price.
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. “
A number of other analysts also recently commented on FCFS. Jefferies Group LLC set a $69.00 price target on shares of FirstCash and gave the stock a “buy” rating in a research report on Friday, August 18th. BidaskClub downgraded shares of FirstCash from a “buy” rating to a “hold” rating in a report on Wednesday, August 23rd. JMP Securities boosted their target price on shares of FirstCash and gave the stock an “outperform” rating in a report on Friday, July 28th. Janney Montgomery Scott downgraded shares of FirstCash from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $58.55 to $58.00 in a report on Monday, July 17th. Finally, CL King downgraded shares of FirstCash from a “strong-buy” rating to a “buy” rating in a report on Thursday, July 27th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. FirstCash presently has a consensus rating of “Buy” and an average target price of $59.14.
Shares of FirstCash (FCFS) traded up 1.21% on Thursday, reaching $58.70. 137,843 shares of the company’s stock traded hands. The company has a 50 day moving average price of $58.65 and a 200 day moving average price of $52.73. The firm has a market capitalization of $2.80 billion, a price-to-earnings ratio of 31.78 and a beta of 0.90. FirstCash has a 52 week low of $39.80 and a 52 week 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 net margin of 3.66% and a return on equity of 4.10%. The company had revenue of $416.60 million for the quarter, compared to the consensus estimate of $410.65 million. During the same period in the previous year, the firm earned $0.51 EPS. FirstCash’s revenue was up 128.9% on a year-over-year basis. On average, equities research analysts predict that FirstCash will post $2.66 earnings per share for the current fiscal year.
FirstCash declared that its board has authorized a stock repurchase program on Monday, May 15th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the credit services provider to purchase up to 4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.
In other news, CFO R Douglas Orr sold 7,500 shares of FirstCash stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $55.00, for a total value of $412,500.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tyers Asset Management LLC increased its position in FirstCash by 14.9% in the first quarter. Tyers Asset Management LLC now owns 2,380 shares of the credit services provider’s stock valued at $117,000 after buying an additional 308 shares during the period. Flinton Capital Management LLC increased its position in shares of FirstCash by 14.9% in the first quarter. Flinton Capital Management LLC now owns 2,890 shares of the credit services provider’s stock worth $142,000 after buying an additional 374 shares during the last quarter. Newfoundland Capital Management bought a new position in shares of FirstCash during the first quarter worth approximately $201,000. Ameritas Investment Partners Inc. bought a new position in shares of FirstCash during the first quarter worth approximately $202,000. Finally, BlueCrest Capital Management Ltd bought a new position in shares of FirstCash during the first quarter worth approximately $202,000.
FirstCash Company Profile
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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