FirstCash Inc (FCFS) Position Cut by Wells Fargo & Company MN
Wells Fargo & Company MN lessened its stake in FirstCash Inc (NYSE:FCFS) by 1.6% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 712,835 shares of the credit services provider’s stock after selling 11,939 shares during the period. Wells Fargo & Company MN owned 1.61% of FirstCash worth $58,453,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Eagle Asset Management Inc. boosted its position in shares of FirstCash by 134.7% during the 2nd quarter. Eagle Asset Management Inc. now owns 737,373 shares of the credit services provider’s stock valued at $66,252,000 after purchasing an additional 423,132 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of FirstCash by 39.5% during the 2nd quarter. Renaissance Technologies LLC now owns 1,347,724 shares of the credit services provider’s stock valued at $121,093,000 after purchasing an additional 381,500 shares in the last quarter. Carillon Tower Advisers Inc. boosted its position in shares of FirstCash by 384.6% during the 2nd quarter. Carillon Tower Advisers Inc. now owns 470,910 shares of the credit services provider’s stock valued at $42,311,000 after purchasing an additional 373,732 shares in the last quarter. BlackRock Inc. boosted its position in shares of FirstCash by 5.6% during the 2nd quarter. BlackRock Inc. now owns 6,376,093 shares of the credit services provider’s stock valued at $572,893,000 after purchasing an additional 337,895 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of FirstCash by 47.4% during the 2nd quarter. Northern Trust Corp now owns 876,793 shares of the credit services provider’s stock valued at $78,779,000 after purchasing an additional 281,755 shares in the last quarter. Hedge funds and other institutional investors own 95.30% of the company’s stock.
In other news, CFO R Douglas Orr sold 2,500 shares of the stock in a transaction that occurred on Tuesday, November 6th. The shares were sold at an average price of $85.00, for a total value of $212,500.00. Following the completion of the sale, the chief financial officer now directly owns 157,500 shares of the company’s stock, valued at $13,387,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.83% of the stock is owned by corporate insiders.
FirstCash (NYSE:FCFS) last posted its quarterly earnings results on Thursday, October 25th. The credit services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.01. The company had revenue of $429.88 million during the quarter, compared to analysts’ expectations of $440.46 million.
FirstCash declared that its Board of Directors has approved a stock repurchase plan on Thursday, July 26th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the credit services provider to reacquire up to 2.4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Stockholders of record on Thursday, November 15th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.14%. This is a positive change from FirstCash’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Wednesday, November 14th.
Several equities analysts have recently weighed in on the stock. Zacks Investment Research lowered shares of FirstCash from a “hold” rating to a “sell” rating in a research report on Tuesday, September 25th. Barclays initiated coverage on shares of FirstCash in a research report on Wednesday, September 26th. They set an “overweight” rating and a $95.00 price objective for the company. ValuEngine lowered shares of FirstCash from a “buy” rating to a “hold” rating in a research note on Tuesday, October 9th. Finally, Wedbush raised shares of FirstCash from a “neutral” rating to an “outperform” rating and set a $90.00 price objective for the company in a research note on Friday, October 26th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. FirstCash currently has a consensus rating of “Buy” and a consensus target price of $93.17.
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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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