FirstCash Inc (FCFS) Upgraded at Zacks Investment Research
FirstCash Inc (NASDAQ:FCFS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage presently has a $67.00 price target on the credit services provider’s stock. Zacks Investment Research‘s target price suggests a potential upside of 11.02% from the company’s current price.
According to Zacks, “FirstCash Inc. is an operator of pawn stores. The company focuses on serving cash and credit constrained consumers through its retail pawn locations, which buy and sell jewelry, consumer electronics, power tools, household appliances, sporting goods, musical instruments and other merchandise. It operates primarily in the U.S., Mexico, Guatemala and El Salvador. FirstCash, Inc., formerly known as First Cash Financial Services Inc., is based in Arlington, United States. “
A number of other analysts have also weighed in on the stock. JMP Securities boosted their target price on shares of FirstCash and gave the stock an “outperform” rating in a report on Friday, July 28th. CL King downgraded shares of FirstCash from a “strong-buy” rating to a “buy” rating in a report on Thursday, July 27th. BidaskClub downgraded shares of FirstCash from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. Janney Montgomery Scott downgraded shares of FirstCash from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $58.55 to $58.00 in a report on Monday, July 17th. Finally, Stephens boosted their target price on shares of FirstCash from $51.00 to $62.00 and gave the stock an “equal weight” rating in a report on Wednesday, June 21st. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. FirstCash has a consensus rating of “Buy” and an average price target of $58.14.
FirstCash (NASDAQ FCFS) traded up 0.50% during mid-day trading on Wednesday, hitting $60.35. 238,139 shares of the company traded hands. FirstCash has a one year low of $39.80 and a one year high of $60.75. The firm has a market capitalization of $2.88 billion, a P/E ratio of 32.67 and a beta of 0.90. The firm has a 50 day moving average of $58.38 and a 200 day moving average of $51.49.
FirstCash (NASDAQ:FCFS) last issued its earnings results on Thursday, July 27th. The credit services provider reported $0.52 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.05. The firm had revenue of $416.60 million during the quarter, compared to analyst estimates of $410.65 million. FirstCash had a net margin of 7.29% and a return on equity of 8.92%. The business’s revenue was up 128.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.51 earnings per share. Equities research analysts expect that FirstCash will post $2.66 earnings per share for the current fiscal year.
FirstCash declared that its Board of Directors has authorized a stock buyback 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 buy up to 4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
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In other news, CFO R Douglas Orr sold 7,500 shares of the stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $55.00, for a total transaction of $412,500.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its position in shares of FirstCash by 1.0% in the second quarter. BlackRock Inc. now owns 5,957,256 shares of the credit services provider’s stock worth $347,308,000 after buying an additional 58,403 shares during the last quarter. Vanguard Group Inc. raised its position in shares of FirstCash by 1.2% in the second quarter. Vanguard Group Inc. now owns 4,199,210 shares of the credit services provider’s stock worth $244,815,000 after buying an additional 51,576 shares during the last quarter. Fiduciary Management Inc. WI raised its position in shares of FirstCash by 27.6% in the first quarter. Fiduciary Management Inc. WI now owns 3,029,034 shares of the credit services provider’s stock worth $148,877,000 after buying an additional 654,624 shares during the last quarter. William Blair Investment Management LLC raised its position in shares of FirstCash by 5.0% in the second quarter. William Blair Investment Management LLC now owns 1,887,660 shares of the credit services provider’s stock worth $110,051,000 after buying an additional 90,041 shares during the last quarter. Finally, FMR LLC raised its position in shares of FirstCash by 14.4% in the first quarter. FMR LLC now owns 1,710,218 shares of the credit services provider’s stock worth $84,057,000 after buying an additional 215,693 shares during the last quarter.
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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