FirstCash (NYSE:FCFS) Cut to “Sell” at Zacks Investment Research

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

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. “

Several other equities research analysts have also commented on the company. Barclays lowered FirstCash from an overweight rating to an equal weight rating in a research note on Wednesday, July 24th. They noted that the move was a valuation call. Jefferies Financial Group upped their price objective on FirstCash from $107.00 to $115.00 and gave the stock a buy rating in a research note on Friday, June 14th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. The company has an average rating of Hold and an average price target of $106.00.

FCFS stock traded down $0.50 during midday trading on Tuesday, hitting $92.78. The company’s stock had a trading volume of 10,643 shares, compared to its average volume of 244,085. The firm’s 50-day moving average is $97.99 and its 200-day moving average is $96.07. FirstCash has a 12 month low of $66.28 and a 12 month high of $106.80.

FirstCash (NYSE:FCFS) last released its quarterly earnings results on Wednesday, July 24th. The credit services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.01. The firm had revenue of $446.00 million for the quarter, compared to the consensus estimate of $435.50 million. FirstCash’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.70 earnings per share.

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Thursday, August 15th were paid a $0.25 dividend. The ex-dividend date was Wednesday, August 14th. This represents a $1.00 dividend on an annualized basis and a yield of 1.08%.

In other FirstCash news, CFO R Douglas Orr sold 2,500 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $101.83, for a total transaction of $254,575.00. Following the completion of the transaction, the chief financial officer now owns 135,000 shares of the company’s stock, valued at approximately $13,747,050. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James H. Graves sold 3,597 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $99.33, for a total transaction of $357,290.01. Following the transaction, the director now directly owns 21,272 shares of the company’s stock, valued at approximately $2,112,947.76. The disclosure for this sale can be found here. 2.83% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in FCFS. Berman Capital Advisors LLC bought a new position in shares of FirstCash during the 2nd quarter valued at about $26,000. US Bancorp DE lifted its holdings in shares of FirstCash by 14.7% in the 2nd quarter. US Bancorp DE now owns 2,072 shares of the credit services provider’s stock valued at $208,000 after acquiring an additional 265 shares during the last quarter. Coldstream Capital Management Inc. bought a new position in shares of FirstCash in the 2nd quarter valued at about $216,000. Nwam LLC bought a new position in shares of FirstCash in the 2nd quarter valued at about $227,000. Finally, Jane Street Group LLC bought a new position in shares of FirstCash in the 2nd quarter valued at about $243,000. 95.30% of the stock is owned by institutional investors and hedge funds.

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.

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