Zacks Investment Research upgraded shares of FirstCash (NYSE:FCFS) from a sell rating to a hold rating in a report published on Monday morning.
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 equities analysts also recently weighed in on FCFS. ValuEngine downgraded shares of FirstCash from a strong-buy rating to a buy rating in a research note on Thursday, July 5th. Wedbush raised shares of FirstCash from a neutral rating to an outperform rating and set a $90.00 target price for the company in a research note on Friday. Finally, Barclays assumed coverage on shares of FirstCash in a research note on Wednesday, September 26th. They issued an overweight rating and a $95.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. FirstCash has a consensus rating of Buy and a consensus target price of $93.17.
FirstCash (NYSE:FCFS) last released its quarterly earnings results on Thursday, October 25th. The credit services provider reported $0.81 EPS for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.01. The firm had revenue of $429.88 million for the quarter, compared to analyst estimates of $440.46 million. FirstCash had a net margin of 9.40% and a return on equity of 10.32%. On average, research analysts expect that FirstCash will post 3.5 EPS for the current fiscal year.
FirstCash declared that its Board of Directors has authorized a share buyback program on Thursday, July 26th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the credit services provider to repurchase up to 2.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Thursday, November 15th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, November 14th. This is an increase from FirstCash’s previous quarterly dividend of $0.22. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.26%. FirstCash’s payout ratio is currently 32.12%.
Several hedge funds and other institutional investors have recently made changes to their positions in FCFS. BlackRock Inc. raised its stake in shares of FirstCash by 5.6% during the second quarter. BlackRock Inc. now owns 6,376,093 shares of the credit services provider’s stock worth $572,893,000 after buying an additional 337,895 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of FirstCash by 39.5% during the second quarter. Renaissance Technologies LLC now owns 1,347,724 shares of the credit services provider’s stock worth $121,093,000 after buying an additional 381,500 shares during the last quarter. Northern Trust Corp raised its stake in shares of FirstCash by 47.4% during the second quarter. Northern Trust Corp now owns 876,793 shares of the credit services provider’s stock worth $78,779,000 after buying an additional 281,755 shares during the last quarter. Eagle Asset Management Inc. raised its stake in shares of FirstCash by 134.7% during the second quarter. Eagle Asset Management Inc. now owns 737,373 shares of the credit services provider’s stock worth $66,252,000 after buying an additional 423,132 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in shares of FirstCash by 3.8% during the second quarter. Bank of America Corp DE now owns 669,239 shares of the credit services provider’s stock worth $60,130,000 after buying an additional 24,286 shares during the last quarter. 95.30% of the stock is owned by institutional investors.
FirstCash Company Profile
FirstCash, Inc operates retail-based pawn and consumer finance stores in the United States and Mexico. Its pawn stores lend money on the collateral of pledged personal property, including consumer electronics, jewelry, power tools, household appliances, sporting goods, and musical instruments; and retails previously owned merchandise acquired through pawn forfeitures, as well as through purchases from the general public.
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