FirstCash Inc (FCFS) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of FirstCash Inc (NASDAQ:FCFS) from a hold rating to a buy rating in a report published on Wednesday. They currently have $65.00 price target on the credit services provider’s stock.
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 have also recently issued reports about the stock. CL King cut shares of FirstCash from a strong-buy rating to a buy rating in a research report on Thursday, July 27th. BidaskClub cut shares of FirstCash from a strong-buy rating to a buy rating in a research report on Monday, July 24th. Jefferies Group LLC set a $69.00 target price on shares of FirstCash and gave the stock a buy rating in a research report on Friday, August 18th. Stephens raised their target price on shares of FirstCash from $51.00 to $62.00 and gave the stock an equal weight rating in a research report on Wednesday, June 21st. Finally, Janney Montgomery Scott cut 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 research report on Monday, July 17th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. FirstCash has an average rating of Buy and a consensus price target of $61.00.
Shares of FirstCash (NASDAQ FCFS) traded up 0.26% during trading on Wednesday, hitting $58.40. 118,421 shares of the stock were exchanged. FirstCash has a 52 week low of $39.80 and a 52 week high of $60.75. The stock’s 50 day moving average price is $58.71 and its 200 day moving average price is $53.26. The firm has a market capitalization of $2.79 billion, a price-to-earnings ratio of 31.62 and a beta of 0.90.
FirstCash (NASDAQ:FCFS) last posted its earnings results on Thursday, July 27th. The credit services provider reported $0.52 EPS for the quarter, topping the Thomson Reuters’ consensus estimate 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 analysts’ expectations of $410.65 million. During the same period last year, the company posted $0.51 EPS. The company’s quarterly revenue was up 128.9% compared to the same quarter last year. On average, equities analysts predict that FirstCash will post $2.66 earnings per share for the current year.
FirstCash declared that its Board of Directors has initiated a share repurchase plan on Monday, May 15th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the credit services provider to repurchase up to 4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Tuesday, August 15th were given a dividend of $0.19 per share. The ex-dividend date of this dividend was Friday, August 11th. This represents a $0.76 dividend on an annualized basis and a yield of 1.30%. FirstCash’s dividend payout ratio (DPR) is currently 25.38%.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Tyers Asset Management LLC lifted its position in FirstCash by 14.9% during the 1st quarter. Tyers Asset Management LLC now owns 2,380 shares of the credit services provider’s stock valued at $117,000 after acquiring an additional 308 shares during the period. Flinton Capital Management LLC lifted its position in FirstCash by 14.9% during the 1st quarter. Flinton Capital Management LLC now owns 2,890 shares of the credit services provider’s stock valued at $142,000 after acquiring an additional 374 shares during the period. Newfoundland Capital Management purchased a new position in FirstCash during the 1st quarter valued at about $201,000. Ameritas Investment Partners Inc. purchased a new position in FirstCash during the 1st quarter valued at about $202,000. Finally, BlueCrest Capital Management Ltd purchased a new position in FirstCash during the 1st quarter valued at about $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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