Wedbush Downgrades FirstCash (FCFS) to Neutral

Wedbush lowered shares of FirstCash (NYSE:FCFS) from an outperform rating to a neutral rating in a research note issued to investors on Monday morning, Marketbeat.com reports. The firm currently has $90.00 price objective on the credit services provider’s stock.

Other equities research analysts have also recently issued research reports about the stock. Barclays began coverage on shares of FirstCash in a research report on Wednesday, September 26th. They issued an overweight rating and a $95.00 price target for the company. Zacks Investment Research cut shares of FirstCash from a hold rating to a sell rating in a research report on Tuesday, September 25th. Finally, ValuEngine cut shares of FirstCash from a buy rating to a hold rating in a research report on Tuesday, October 9th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. FirstCash currently has an average rating of Hold and an average target price of $93.17.

Shares of FCFS opened at $86.95 on Monday. FirstCash has a fifty-two week low of $65.85 and a fifty-two week high of $95.40.

FirstCash (NYSE:FCFS) last announced its quarterly earnings results on Thursday, October 25th. The credit services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.01. The business had revenue of $429.88 million during the quarter, compared to analysts’ expectations of $440.46 million.

FirstCash announced that its Board of Directors has authorized a stock repurchase program on Thursday, October 25th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the credit services provider to buy up to 2.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which was paid on Friday, November 30th. Stockholders of record on Thursday, November 15th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend was Wednesday, November 14th. This is a boost from FirstCash’s previous quarterly dividend of $0.22.

In related news, Director James H. Graves sold 7,000 shares of the stock in a transaction that occurred on Friday, November 30th. The shares were sold at an average price of $89.11, for a total transaction of $623,770.00. Following the completion of the sale, the director now owns 23,597 shares of the company’s stock, valued at $2,102,728.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO R Douglas Orr sold 2,500 shares of the stock in a transaction that occurred on Tuesday, November 6th. The shares were sold at an average price of $85.00, for a total transaction of $212,500.00. Following the sale, the chief financial officer now directly owns 157,500 shares of the company’s stock, valued at approximately $13,387,500. The disclosure for this sale can be found here. 2.83% of the stock is currently owned by corporate insiders.

Large investors have recently bought and sold shares of the stock. BlueMountain Capital Management LLC lifted its position in FirstCash by 34.2% during the second quarter. BlueMountain Capital Management LLC now owns 6,845 shares of the credit services provider’s stock valued at $615,000 after acquiring an additional 1,745 shares during the last quarter. Zions Bancorporation purchased a new stake in FirstCash during the second quarter valued at approximately $327,000. BlackRock Inc. lifted its position in FirstCash by 5.6% during the second quarter. BlackRock Inc. now owns 6,376,093 shares of the credit services provider’s stock valued at $572,893,000 after acquiring an additional 337,895 shares during the last quarter. Integrated Investment Consultants LLC purchased a new stake in FirstCash during the second quarter valued at approximately $387,000. Finally, Federated Investors Inc. PA purchased a new stake in FirstCash during the second quarter valued at approximately $1,689,000. 95.30% of the stock is owned by institutional investors.

About FirstCash

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.

See Also: Price to Earnings Ratio (PE)

Analyst Recommendations for FirstCash (NYSE:FCFS)

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