Bank of Montreal Can Purchases Shares of 10,514 FirstCash Inc (FCFS)
Bank of Montreal Can purchased a new stake in shares of FirstCash Inc (NYSE:FCFS) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 10,514 shares of the credit services provider’s stock, valued at approximately $944,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Summit Trail Advisors LLC boosted its position in FirstCash by 5,707.4% during the first quarter. Summit Trail Advisors LLC now owns 134,151 shares of the credit services provider’s stock valued at $134,000 after acquiring an additional 131,841 shares during the last quarter. Zeke Capital Advisors LLC bought a new position in shares of FirstCash during the 1st quarter worth about $229,000. Jane Street Group LLC bought a new position in shares of FirstCash during the 1st quarter worth about $229,000. Gideon Capital Advisors Inc. bought a new position in shares of FirstCash during the 1st quarter worth about $296,000. Finally, Stephens Inc. AR boosted its position in shares of FirstCash by 459.7% during the 1st quarter. Stephens Inc. AR now owns 3,985 shares of the credit services provider’s stock worth $324,000 after purchasing an additional 3,273 shares in the last quarter. 94.68% of the stock is currently owned by institutional investors and hedge funds.
FCFS stock opened at $80.45 on Monday. The stock has a market cap of $3.58 billion, a PE ratio of 29.36, a P/E/G ratio of 1.15 and a beta of 0.48. The company has a current ratio of 6.48, a quick ratio of 4.36 and a debt-to-equity ratio of 0.23. FirstCash Inc has a 1 year low of $57.75 and a 1 year high of $95.40.
FirstCash announced that its board has authorized a share buyback program on Thursday, April 26th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the credit services provider to buy up to 2.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 31st. Investors of record on Wednesday, August 15th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, August 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.09%. FirstCash’s dividend payout ratio is presently 32.12%.
A number of equities analysts have recently issued reports on the stock. Credit Suisse Group cut shares of FirstCash from an “outperform” rating to a “neutral” rating and set a $73.00 price objective on the stock. in a research report on Thursday, May 24th. Zacks Investment Research cut shares of FirstCash from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 4th. Wedbush cut shares of FirstCash from an “outperform” rating to a “neutral” rating and increased their price objective for the stock from $87.00 to $90.00 in a research report on Monday, May 7th. ValuEngine cut shares of FirstCash from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 5th. Finally, Jefferies Financial Group increased their price objective on shares of FirstCash to $103.00 and gave the stock a “buy” rating in a research report on Tuesday, May 8th. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $92.80.
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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