FirstCash Inc (FCFS) Downgraded to Hold at Zacks Investment Research
FirstCash Inc (NASDAQ:FCFS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
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 also recently issued reports about the company. TheStreet upgraded FirstCash from a “c+” rating to a “b” rating in a research report on Monday, April 17th. CL King downgraded FirstCash from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 27th. BidaskClub downgraded FirstCash from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 24th. Stephens boosted their target price on 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 downgraded FirstCash from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $58.55 to $58.00 in a research report on Monday, July 17th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $57.86.
Shares of FirstCash (NASDAQ FCFS) traded up 1.26% during trading on Tuesday, hitting $60.05. The stock had a trading volume of 219,105 shares. FirstCash has a 12 month low of $39.80 and a 12 month high of $60.75. The stock has a 50 day moving average of $58.38 and a 200 day moving average of $51.49. The company has a market cap of $2.87 billion, a PE ratio of 32.51 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 analysts’ consensus estimates of $0.47 by $0.05. The company had revenue of $416.60 million for the quarter, compared to the consensus estimate of $410.65 million. FirstCash had a return on equity of 8.92% and a net margin of 7.29%. The firm’s revenue for the quarter was up 128.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.51 earnings per share. Equities analysts forecast that FirstCash will post $2.66 EPS for the current fiscal year.
FirstCash announced that its Board of Directors has initiated a share repurchase plan on Monday, May 15th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the credit services provider to purchase up to 4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.
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In other news, CFO R Douglas Orr sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $55.00, for a total transaction of $412,500.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in FirstCash by 1.0% in the second quarter. BlackRock Inc. now owns 5,957,256 shares of the credit services provider’s stock worth $347,308,000 after buying an additional 58,403 shares in the last quarter. Vanguard Group Inc. boosted its position in FirstCash by 1.2% in the second quarter. Vanguard Group Inc. now owns 4,199,210 shares of the credit services provider’s stock worth $244,815,000 after buying an additional 51,576 shares in the last quarter. Fiduciary Management Inc. WI boosted its position in FirstCash by 27.6% in the first quarter. Fiduciary Management Inc. WI now owns 3,029,034 shares of the credit services provider’s stock worth $148,877,000 after buying an additional 654,624 shares in the last quarter. William Blair Investment Management LLC boosted its position in FirstCash by 5.0% in the second quarter. William Blair Investment Management LLC now owns 1,887,660 shares of the credit services provider’s stock worth $110,051,000 after buying an additional 90,041 shares in the last quarter. Finally, FMR LLC boosted its position in FirstCash by 14.4% in the first quarter. FMR LLC now owns 1,710,218 shares of the credit services provider’s stock worth $84,057,000 after buying an additional 215,693 shares in the last quarter.
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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