FirstCash Inc (FCFS) Stake Lowered by Comerica Bank
Comerica Bank trimmed its holdings in shares of FirstCash Inc (NYSE:FCFS) by 10.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,025 shares of the credit services provider’s stock after selling 4,960 shares during the period. Comerica Bank owned about 0.10% of FirstCash worth $3,387,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. CAPROCK Group Inc. purchased a new stake in FirstCash in the 2nd quarter worth about $200,000. Acadian Asset Management LLC purchased a new stake in FirstCash in the 2nd quarter worth about $205,000. Granahan Investment Management Inc. MA purchased a new stake in FirstCash in the 2nd quarter worth about $252,000. Tocqueville Asset Management L.P. purchased a new stake in FirstCash in the 2nd quarter worth about $259,000. Finally, Tower Research Capital LLC TRC purchased a new stake in FirstCash in the 2nd quarter worth about $276,000. Institutional investors own 95.30% of the company’s stock.
In other FirstCash news, CFO R Douglas Orr sold 2,500 shares of FirstCash stock in a transaction dated Tuesday, November 6th. The stock was sold at an average price of $85.00, for a total transaction of $212,500.00. Following the completion of the transaction, the chief financial officer now owns 157,500 shares of the company’s stock, valued at approximately $13,387,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.83% of the stock is owned by insiders.
FirstCash (NYSE:FCFS) last posted its earnings results on Thursday, October 25th. The credit services provider reported $0.81 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.01. The company had revenue of $429.88 million for the quarter, compared to analysts’ expectations of $440.46 million.
FirstCash declared that its Board of Directors has approved a stock buyback program on Thursday, July 26th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the credit services provider to reacquire up to 2.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Thursday, November 15th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend is Wednesday, November 14th. This is a positive change from FirstCash’s previous quarterly dividend of $0.22.
FCFS has been the subject of several recent research reports. Zacks Investment Research lowered FirstCash from a “buy” rating to a “hold” rating in a report on Thursday, September 6th. Barclays assumed coverage on FirstCash in a report on Wednesday, September 26th. They issued an “overweight” rating and a $95.00 price objective for the company. ValuEngine lowered FirstCash from a “buy” rating to a “hold” rating in a report on Tuesday, October 9th. Finally, Wedbush raised FirstCash from a “neutral” rating to an “outperform” rating and set a $90.00 target price for the company in a report on Friday, October 26th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $93.17.
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FirstCash Company Profile
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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