FirstCash Inc (FCFS) Raised to “Buy” at Zacks Investment Research
FirstCash Inc (NASDAQ:FCFS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The brokerage currently has a $66.00 price target on the credit services provider’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 10.92% from the stock’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 equities analysts also recently commented on FCFS. BidaskClub downgraded shares of FirstCash from a “buy” rating to a “hold” rating in a research note on Wednesday. Jefferies Group LLC set a $69.00 target price on shares of FirstCash and gave the stock a “buy” rating in a research note on Friday, August 18th. JMP Securities upped their target price on shares of FirstCash and gave the stock an “outperform” rating in a research note on Friday, July 28th. Janney Montgomery Scott downgraded shares of FirstCash from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $58.55 to $58.00 in a research note on Monday, July 17th. Finally, CL King downgraded shares of FirstCash from a “strong-buy” rating to a “buy” rating in a research note on Thursday, July 27th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $59.29.
Shares of FirstCash (NASDAQ FCFS) traded up 0.85% during trading on Thursday, reaching $59.50. 153,432 shares of the company’s stock were exchanged. FirstCash has a 12-month low of $39.80 and a 12-month high of $60.75. The stock has a market cap of $2.84 billion, a P/E ratio of 32.21 and a beta of 0.90. The company has a 50 day moving average of $58.58 and a 200 day moving average of $52.16.
FirstCash (NASDAQ:FCFS) last issued its earnings results on Thursday, July 27th. The credit services provider reported $0.52 EPS for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.05. The business had revenue of $416.60 million for the quarter, compared to the consensus estimate of $410.65 million. FirstCash had a net margin of 3.66% and a return on equity of 4.10%. The company’s revenue for the quarter was up 128.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.51 EPS. Equities research analysts anticipate that FirstCash will post $2.66 EPS for the current year.
FirstCash declared that its board has initiated a share buyback plan on Monday, May 15th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the credit services provider to purchase up to 4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board 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 shares were sold at an average price of $55.00, for a total transaction of $412,500.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
Several institutional investors have recently added to or reduced their stakes in FCFS. Tyers Asset Management LLC increased its position in FirstCash by 14.9% in the first quarter. Tyers Asset Management LLC now owns 2,380 shares of the credit services provider’s stock worth $117,000 after buying an additional 308 shares in the last quarter. Flinton Capital Management LLC increased its position in FirstCash by 14.9% in the first quarter. Flinton Capital Management LLC now owns 2,890 shares of the credit services provider’s stock worth $142,000 after buying an additional 374 shares in the last quarter. AlphaOne Investment Services LLC acquired a new position in FirstCash during the second quarter worth about $207,000. Riverhead Capital Management LLC increased its position in FirstCash by 74.4% in the second quarter. Riverhead Capital Management LLC now owns 3,663 shares of the credit services provider’s stock worth $214,000 after buying an additional 1,563 shares in the last quarter. Finally, Miles Capital Inc. acquired a new position in FirstCash during the second quarter worth about $221,000.
FirstCash Company Profile
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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