FirstCash Inc (FCFS) Position Lowered by Teachers Advisors LLC
Teachers Advisors LLC lowered its position in shares of FirstCash Inc (NASDAQ:FCFS) by 18.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 83,642 shares of the credit services provider’s stock after selling 19,176 shares during the period. Teachers Advisors LLC owned about 0.17% of FirstCash worth $4,111,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC raised 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 during the period. Wellington Management Group LLP raised its position in FirstCash by 98.6% in the first quarter. Wellington Management Group LLP now owns 1,267,147 shares of the credit services provider’s stock worth $62,280,000 after buying an additional 629,104 shares during the period. Principal Financial Group Inc. raised its position in FirstCash by 2.1% in the first quarter. Principal Financial Group Inc. now owns 373,300 shares of the credit services provider’s stock worth $18,347,000 after buying an additional 7,574 shares during the period. OppenheimerFunds Inc. raised its position in FirstCash by 70.6% in the first quarter. OppenheimerFunds Inc. now owns 18,926 shares of the credit services provider’s stock worth $930,000 after buying an additional 7,835 shares during the period. Finally, Cortina Asset Management LLC purchased a new position in FirstCash during the first quarter worth approximately $10,137,000.
Shares of FirstCash Inc (NASDAQ:FCFS) opened at 58.45 on Tuesday. FirstCash Inc has a 12-month low of $39.80 and a 12-month high of $60.75. The stock’s 50 day moving average is $57.67 and its 200-day moving average is $50.42. The company has a market capitalization of $2.82 billion, a P/E ratio of 31.65 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 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.05. The company had revenue of $416.60 million during the quarter, compared to analysts’ expectations of $410.65 million. FirstCash had a net margin of 7.29% and a return on equity of 8.92%. FirstCash’s quarterly revenue was up 128.9% on a year-over-year basis. During the same period last year, the company posted $0.51 earnings per share. Analysts anticipate that FirstCash Inc will post $2.66 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Tuesday, August 15th will be paid a dividend of $0.19 per share. The ex-dividend date is Friday, August 11th. This represents a $0.76 annualized dividend and a yield of 1.30%. FirstCash’s payout ratio is 25.38%.
FirstCash declared that its board has authorized a stock buyback plan on Monday, May 15th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the credit services provider to purchase up to 4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
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A number of research analysts have recently commented on the stock. JMP Securities boosted their price target on shares of FirstCash and gave the company an “outperform” rating in a research report on Friday, July 28th. CL King lowered shares of FirstCash from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 27th. BidaskClub lowered shares of FirstCash from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 24th. Janney Montgomery Scott lowered shares of FirstCash from a “buy” rating to a “neutral” rating and reduced their price target for the company from $58.55 to $58.00 in a research report on Monday, July 17th. Finally, Zacks Investment Research raised shares of FirstCash from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a report on Tuesday, July 11th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. FirstCash presently has an average rating of “Buy” and a consensus price target of $57.86.
In related news, CFO R Douglas Orr sold 7,500 shares of the firm’s stock in a transaction on Thursday, June 8th. The shares were 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 Securities & Exchange Commission, which can be accessed through this hyperlink.
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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