FirstCash (FCFS) Cut to “Sell” at Zacks Investment Research
Zacks Investment Research lowered shares of FirstCash (NYSE:FCFS) from a hold rating to a sell rating in a research report report published on Monday.
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. “
FCFS has been the subject of several other research reports. Wedbush cut FirstCash from an outperform rating to a neutral rating and set a $90.00 price target for the company. in a report on Monday, December 3rd. Barclays assumed coverage on FirstCash in a report on Wednesday, September 26th. They issued an overweight rating and a $95.00 price target for the company. Finally, ValuEngine cut FirstCash from a buy rating to a hold rating in a report on Tuesday, October 9th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $93.17.
FirstCash (NYSE:FCFS) last posted its quarterly earnings results on Thursday, October 25th. The credit services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.80 by $0.01. The firm had revenue of $429.88 million during the quarter, compared to analyst estimates of $440.46 million.
FirstCash declared that its Board of Directors has initiated a share buyback program on Thursday, October 25th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the credit services provider to purchase up to 2.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
In other news, Director James H. Graves sold 7,000 shares of the stock in a transaction that occurred on Friday, November 30th. The stock was sold at an average price of $89.11, for a total value of $623,770.00. Following the completion of the transaction, the director now directly owns 23,597 shares of the company’s stock, valued at approximately $2,102,728.67. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO R Douglas Orr sold 2,500 shares of the stock in a transaction that occurred on Tuesday, November 6th. The stock was sold at an average price of $85.00, for a total value of $212,500.00. Following the completion of the transaction, the chief financial officer now directly owns 157,500 shares of the company’s stock, valued at $13,387,500. The disclosure for this sale can be found here. Corporate insiders own 2.83% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of FCFS. Granahan Investment Management Inc. MA acquired a new position in shares of FirstCash in the 2nd quarter worth approximately $252,000. Tocqueville Asset Management L.P. bought a new stake in FirstCash during the 2nd quarter worth approximately $259,000. Tower Research Capital LLC TRC bought a new stake in FirstCash during the 2nd quarter worth approximately $276,000. Cubist Systematic Strategies LLC bought a new stake in FirstCash during the 2nd quarter worth approximately $323,000. Finally, GAM Holding AG bought a new stake in FirstCash during the 3rd quarter worth approximately $332,000. 95.30% of the stock is owned by institutional investors and hedge funds.
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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