First Trust Advisors LP Raises Stake in FirstCash Inc (FCFS)
First Trust Advisors LP lifted its stake in shares of FirstCash Inc (NYSE:FCFS) by 8.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 63,459 shares of the credit services provider’s stock after acquiring an additional 4,972 shares during the period. First Trust Advisors LP owned approximately 0.14% of FirstCash worth $5,204,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Alpha Windward LLC lifted its stake in shares of FirstCash by 21.5% during the 3rd quarter. Alpha Windward LLC now owns 7,115 shares of the credit services provider’s stock worth $583,000 after buying an additional 1,260 shares during the last quarter. Sumitomo Life Insurance Co. acquired a new stake in shares of FirstCash during the 3rd quarter worth about $580,000. United Services Automobile Association lifted its stake in shares of FirstCash by 13.1% during the 2nd quarter. United Services Automobile Association now owns 9,199 shares of the credit services provider’s stock worth $827,000 after buying an additional 1,065 shares during the last quarter. Northern Trust Corp lifted its stake 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 worth $78,779,000 after buying an additional 281,755 shares during the last quarter. Finally, WINTON GROUP Ltd lifted its stake in shares of FirstCash by 1,284.3% during the 2nd quarter. WINTON GROUP Ltd now owns 103,491 shares of the credit services provider’s stock worth $9,299,000 after buying an additional 96,015 shares during the last quarter. 95.30% of the stock is owned by institutional investors.
In related news, CFO R Douglas Orr sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, November 6th. The shares were sold at an average price of $85.00, for a total transaction of $212,500.00. Following the transaction, 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 SEC, which is available through this hyperlink. 2.83% of the stock is currently owned by company insiders.
NYSE FCFS opened at $85.87 on Tuesday. FirstCash Inc has a 52-week low of $65.31 and a 52-week high of $95.40.
FirstCash (NYSE:FCFS) last released its quarterly earnings results on Thursday, October 25th. The credit services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.01. The business had revenue of $429.88 million for the quarter, compared to the consensus estimate of $440.46 million.
FirstCash declared that its board has approved a share repurchase program on Thursday, July 26th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the credit services provider to repurchase up to 2.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Investors of record on Thursday, November 15th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.16%. 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.
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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