Renaissance Technologies LLC Has $122.40 Million Holdings in FirstCash Inc (FCFS)
Renaissance Technologies LLC raised its position in shares of FirstCash Inc (NYSE:FCFS) by 10.8% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,492,624 shares of the credit services provider’s stock after buying an additional 144,900 shares during the period. Renaissance Technologies LLC owned about 3.41% of FirstCash worth $122,395,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. GAM Holding AG bought a new stake in shares of FirstCash in the third quarter worth approximately $332,000. Allianz Asset Management GmbH grew its stake in shares of FirstCash by 16.8% in the third quarter. Allianz Asset Management GmbH now owns 32,611 shares of the credit services provider’s stock worth $2,674,000 after acquiring an additional 4,700 shares during the period. GSA Capital Partners LLP grew its stake in shares of FirstCash by 129.4% in the third quarter. GSA Capital Partners LLP now owns 23,633 shares of the credit services provider’s stock worth $1,938,000 after acquiring an additional 13,333 shares during the period. Blair William & Co. IL grew its stake in shares of FirstCash by 36.9% in the third quarter. Blair William & Co. IL now owns 5,627 shares of the credit services provider’s stock worth $461,000 after acquiring an additional 1,518 shares during the period. Finally, Panagora Asset Management Inc. grew its stake in shares of FirstCash by 10.8% in the third quarter. Panagora Asset Management Inc. now owns 145,891 shares of the credit services provider’s stock worth $11,963,000 after acquiring an additional 14,220 shares during the period. 95.30% of the stock is owned by institutional investors and hedge funds.
FCFS opened at $81.23 on Friday. FirstCash Inc has a 12-month low of $65.85 and a 12-month high of $95.40.
FirstCash declared that its Board of Directors has authorized a stock repurchase plan on Thursday, October 25th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the credit services provider to reacquire up to 2.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 30th. Investors of record on Thursday, November 15th were issued a $0.25 dividend. This is an increase from FirstCash’s previous quarterly dividend of $0.22. The ex-dividend date was Wednesday, November 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.23%.
In related news, Director James H. Graves sold 7,000 shares of the firm’s stock in a transaction that occurred on Friday, November 30th. The shares were sold at an average price of $89.11, for a total value of $623,770.00. Following the transaction, the director now owns 23,597 shares of the company’s stock, valued at $2,102,728.67. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO R Douglas Orr sold 2,500 shares of the firm’s stock in a transaction that occurred on 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 directly owns 157,500 shares in the company, valued at approximately $13,387,500. The disclosure for this sale can be found here. Company insiders own 2.83% of the company’s stock.
A number of analysts have recently commented on the stock. Zacks Investment Research lowered shares of FirstCash from a “hold” rating to a “sell” rating in a research note on Tuesday, September 25th. Wedbush lowered shares of FirstCash from an “outperform” rating to a “neutral” rating and set a $90.00 price target for the company. in a research note on Monday, December 3rd. Barclays assumed coverage on shares of FirstCash in a research note on Wednesday, September 26th. They issued an “overweight” rating and a $95.00 price target for the company. Finally, ValuEngine lowered shares of FirstCash from a “buy” rating to a “hold” rating in a research note on Tuesday, October 9th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. FirstCash has a consensus rating of “Hold” and a consensus price target 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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