FirstCash (FCFS) Lowered to Sell at Zacks Investment Research

FirstCash (FCFS) Lowered to Sell at Zacks Investment Research

Zacks Investment Research cut shares of FirstCash (NYSE:FCFS) from a hold rating to a sell rating in a report released on Monday.

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 research analysts have also issued reports on the company. ValuEngine lowered FirstCash from a buy rating to a hold rating in a research report on Tuesday, October 9th. Wedbush lowered FirstCash from an outperform rating to a neutral rating and set a $90.00 price objective for the company. in a research report on Monday, December 3rd. Finally, Barclays initiated coverage on FirstCash in a research report on Wednesday, September 26th. They set an overweight rating and a $95.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $93.17.

NYSE FCFS traded up $0.21 during mid-day trading on Monday, reaching $76.83. 3,327 shares of the company’s stock traded hands, compared to its average volume of 280,929. FirstCash has a 1-year low of $66.28 and a 1-year high of $95.40.

FirstCash (NYSE:FCFS) last issued its earnings results on Thursday, October 25th. The credit services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.80 by $0.01. The firm had revenue of $429.88 million during the quarter, compared to analyst estimates of $440.46 million.

FirstCash declared that its board has initiated a share buyback plan on Thursday, October 25th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the credit services provider to reacquire up to 2.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

In other FirstCash news, Director James H. Graves sold 7,000 shares of FirstCash stock in a transaction on Friday, November 30th. The stock was sold at an average price of $89.11, for a total transaction of $623,770.00. Following the sale, the director now owns 23,597 shares of the company’s stock, valued at approximately $2,102,728.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO R Douglas Orr sold 2,500 shares of FirstCash stock in a transaction on Tuesday, November 6th. The shares were sold at an average price of $85.00, for a total value of $212,500.00. Following the sale, 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. Insiders own 2.83% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. FMR LLC raised its stake in shares of FirstCash by 202.1% in the 3rd quarter. FMR LLC now owns 712,199 shares of the credit services provider’s stock worth $58,401,000 after buying an additional 476,471 shares in the last quarter. Northern Trust Corp raised its stake in shares of FirstCash by 47.4% in the 2nd quarter. Northern Trust Corp now owns 876,793 shares of the credit services provider’s stock worth $78,779,000 after buying an additional 281,755 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of FirstCash by 10.8% in the 3rd quarter. Renaissance Technologies LLC now owns 1,492,624 shares of the credit services provider’s stock worth $122,395,000 after buying an additional 144,900 shares in the last quarter. WINTON GROUP Ltd raised its stake in shares of FirstCash by 1,284.3% in the 2nd quarter. WINTON GROUP Ltd now owns 103,491 shares of the credit services provider’s stock worth $9,299,000 after buying an additional 96,015 shares in the last quarter. Finally, BlackRock Inc. raised its stake in shares of FirstCash by 1.5% in the 3rd quarter. BlackRock Inc. now owns 6,468,633 shares of the credit services provider’s stock worth $530,426,000 after buying an additional 92,540 shares in the last quarter. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

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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