BlackRock Inc. increased its stake in FirstCash Inc (NYSE:FCFS) by 1.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,468,633 shares of the credit services provider’s stock after purchasing an additional 92,540 shares during the period. BlackRock Inc. owned approximately 14.76% of FirstCash worth $530,426,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of FCFS. Acadian Asset Management LLC acquired a new stake in FirstCash in the second quarter valued at about $205,000. Granahan Investment Management Inc. MA acquired a new stake in FirstCash in the second quarter valued at about $252,000. Tocqueville Asset Management L.P. acquired a new stake in FirstCash in the second quarter valued at about $259,000. Tower Research Capital LLC TRC acquired a new stake in FirstCash in the second quarter valued at about $276,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in FirstCash in the second quarter valued at about $323,000. Institutional investors own 95.30% of the company’s stock.
Shares of FCFS stock 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 (NYSE:FCFS) last announced its quarterly earnings results on Thursday, October 25th. The credit services provider reported $0.81 EPS for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.01. The firm had revenue of $429.88 million for the quarter, compared to analyst estimates of $440.46 million.
The business also recently disclosed a quarterly dividend, which was paid on Friday, November 30th. Investors of record on Thursday, November 15th were paid a $0.25 dividend. This is a positive change from FirstCash’s previous quarterly dividend of $0.22. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend was Wednesday, November 14th.
FirstCash declared that its board has approved a share buyback program on Thursday, October 25th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the credit services provider to purchase up to 2.8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
A number of analysts have recently commented on the company. Zacks Investment Research lowered FirstCash from a “hold” rating to a “sell” rating in a research note on Tuesday, September 25th. Wedbush lowered FirstCash from an “outperform” rating to a “neutral” rating and set a $90.00 price target on the stock. in a research note on Monday, December 3rd. Barclays assumed coverage on FirstCash in a research note on Wednesday, September 26th. They set an “overweight” rating and a $95.00 price target on the stock. Finally, ValuEngine lowered FirstCash from a “buy” rating to a “hold” rating in a research note on Tuesday, October 9th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $93.17.
In related news, CFO R Douglas Orr sold 2,500 shares of FirstCash stock in a transaction that occurred on Tuesday, November 6th. The stock was sold at an average price of $85.00, for a total value 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. Also, Director James H. Graves sold 7,000 shares of FirstCash stock in a transaction that occurred on Friday, November 30th. The stock was sold at an average price of $89.11, for a total value of $623,770.00. Following the completion of the transaction, the director now directly owns 23,597 shares in the company, valued at $2,102,728.67. The disclosure for this sale can be found here. 2.83% of the stock is owned by insiders.
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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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