Texas Permanent School Fund Increases Stake in FirstCash Inc (NASDAQ:FCFS)
Texas Permanent School Fund increased its position in FirstCash Inc (NASDAQ:FCFS) by 0.9% during the second quarter, Holdings Channel reports. The institutional investor owned 35,266 shares of the credit services provider’s stock after buying an additional 304 shares during the period. Texas Permanent School Fund’s holdings in FirstCash were worth $2,056,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Great West Life Assurance Co. Can boosted its position in FirstCash by 3.5% in the second quarter. Great West Life Assurance Co. Can now owns 70,489 shares of the credit services provider’s stock worth $4,105,000 after buying an additional 2,370 shares in the last quarter. Municipal Employees Retirement System of Michigan boosted its position in FirstCash by 3.1% in the second quarter. Municipal Employees Retirement System of Michigan now owns 11,397 shares of the credit services provider’s stock worth $664,000 after buying an additional 340 shares in the last quarter. Strs Ohio boosted its position in FirstCash by 100.0% in the second quarter. Strs Ohio now owns 3,800 shares of the credit services provider’s stock worth $221,000 after buying an additional 1,900 shares in the last quarter. Hartford Investment Management Co. bought a new position in FirstCash during the second quarter worth approximately $245,000. Finally, Russell Investments Group Ltd. boosted its position in FirstCash by 13.5% in the second quarter. Russell Investments Group Ltd. now owns 271,531 shares of the credit services provider’s stock worth $15,831,000 after buying an additional 32,326 shares in the last quarter.
Shares of FirstCash Inc (NASDAQ:FCFS) opened at 58.15 on Friday. The stock has a market cap of $2.77 billion, a PE ratio of 31.48 and a beta of 0.90. The stock has a 50 day moving average of $58.25 and a 200-day moving average of $51.13. FirstCash Inc has a 52 week low of $39.80 and a 52 week high of $60.75.
FirstCash (NASDAQ:FCFS) last announced its quarterly earnings results on Thursday, July 27th. The credit services provider reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.05. FirstCash had a net margin of 7.29% and a return on equity of 8.92%. The company had revenue of $416.60 million for the quarter, compared to analysts’ expectations of $410.65 million. During the same quarter in the previous year, the business posted $0.51 earnings per share. FirstCash’s quarterly revenue was up 128.9% on a year-over-year basis. Equities research analysts predict that FirstCash Inc will post $2.66 earnings per share for the current fiscal year.
FirstCash announced that its Board of Directors has authorized a stock repurchase program on Monday, May 15th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the credit services provider to reacquire up to 4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Tuesday, August 15th will be given a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.31%. The ex-dividend date of this dividend is Friday, August 11th. FirstCash’s dividend payout ratio is presently 25.38%.
A number of equities analysts have commented on the stock. JMP Securities boosted their price target on shares of FirstCash and gave the stock an “outperform” rating in a research note on Friday, July 28th. CL King cut shares of FirstCash from a “strong-buy” rating to a “buy” rating in a research note on Thursday, July 27th. BidaskClub cut shares of FirstCash from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 24th. Janney Montgomery Scott cut shares of FirstCash from a “buy” rating to a “neutral” rating and cut their price target for the stock from $58.55 to $58.00 in a research note 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 target for the company in a research note on Tuesday, July 11th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $57.86.
In related news, CFO R Douglas Orr sold 7,500 shares of the business’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $55.00, for a total value of $412,500.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.
FirstCash Company Profile
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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