Meeder Asset Management Inc. cut its holdings in FirstCash Inc (NYSE:FCFS) by 27.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,707 shares of the credit services provider’s stock after selling 3,314 shares during the period. Meeder Asset Management Inc.’s holdings in FirstCash were worth $715,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of FCFS. Jane Street Group LLC purchased a new position in shares of FirstCash during the 1st quarter worth about $229,000. Principal Financial Group Inc. boosted its stake in shares of FirstCash by 1.8% during the 1st quarter. Principal Financial Group Inc. now owns 403,517 shares of the credit services provider’s stock worth $32,785,000 after purchasing an additional 7,051 shares during the period. Allianz Asset Management GmbH purchased a new position in shares of FirstCash during the 1st quarter worth about $901,000. First Citizens Bank & Trust Co. purchased a new position in shares of FirstCash during the 2nd quarter worth about $374,000. Finally, Bank of Montreal Can purchased a new position in shares of FirstCash during the 2nd quarter worth about $944,000. Hedge funds and other institutional investors own 95.30% of the company’s stock.
FCFS has been the subject of a number of recent analyst reports. Zacks Investment Research cut shares of FirstCash from a “buy” rating to a “hold” rating in a research note on Thursday, September 6th. Barclays initiated coverage on shares of FirstCash in a research note on Wednesday, September 26th. They set an “overweight” rating and a $95.00 price target for the company. ValuEngine cut shares of FirstCash from a “buy” rating to a “hold” rating in a research note on Tuesday, October 9th. Finally, Wedbush raised shares of FirstCash from a “neutral” rating to an “outperform” rating and set a $90.00 price target for the company in a research note on Friday, October 26th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. FirstCash has an average rating of “Buy” and an average price target of $93.17.
FirstCash (NYSE:FCFS) last released its quarterly earnings data on Thursday, October 25th. The credit services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.01. The company had revenue of $429.88 million during the quarter, compared to analysts’ expectations of $440.46 million.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Thursday, November 15th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.20%. This is a boost from FirstCash’s previous quarterly dividend of $0.22. The ex-dividend date is Wednesday, November 14th.
FirstCash announced that its board has initiated a stock repurchase plan on Thursday, July 26th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the credit services provider to repurchase up to 2.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
In other FirstCash news, CFO R Douglas Orr sold 2,500 shares of the business’s stock in a transaction dated Tuesday, November 6th. The shares were sold at an average price of $85.00, for a total value of $212,500.00. Following the completion of the sale, the chief financial officer now directly owns 157,500 shares of the company’s stock, valued at approximately $13,387,500. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.83% of the stock is owned by insiders.
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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