Insider Selling: FirstCash Inc (FCFS) CFO Sells 2,500 Shares of Stock

FirstCash Inc (NYSE:FCFS) CFO R Douglas Orr sold 2,500 shares of the stock in a transaction on Tuesday, November 6th. The stock was sold at an average price of $85.00, for a total transaction of $212,500.00. Following the completion of the sale, the chief financial officer now owns 157,500 shares in the company, valued at approximately $13,387,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

FCFS stock opened at $83.02 on Friday. FirstCash Inc has a one year low of $62.65 and a one year high of $95.40.

FirstCash (NYSE:FCFS) last released its quarterly earnings results on Thursday, October 25th. The credit services provider reported $0.81 EPS for the quarter, beating the Thomson Reuters’ 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 company also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Investors of record on Thursday, November 15th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.20%. The ex-dividend date of this dividend is Wednesday, November 14th. This is a positive change from FirstCash’s previous quarterly dividend of $0.22.

FirstCash announced that its board has approved a stock buyback plan on Thursday, July 26th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the credit services provider to buy up to 2.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its position in FirstCash by 1.5% during the third quarter. BlackRock Inc. now owns 6,468,633 shares of the credit services provider’s stock valued at $530,426,000 after buying an additional 92,540 shares during the period. Renaissance Technologies LLC grew its position in shares of FirstCash by 39.5% in the second quarter. Renaissance Technologies LLC now owns 1,347,724 shares of the credit services provider’s stock valued at $121,093,000 after purchasing an additional 381,500 shares during the period. Northern Trust Corp grew its position in shares of FirstCash by 47.4% in the second quarter. Northern Trust Corp now owns 876,793 shares of the credit services provider’s stock valued at $78,779,000 after purchasing an additional 281,755 shares during the period. Eagle Asset Management Inc. grew its position in shares of FirstCash by 7.7% in the third quarter. Eagle Asset Management Inc. now owns 794,225 shares of the credit services provider’s stock valued at $65,126,000 after purchasing an additional 56,852 shares during the period. Finally, FMR LLC grew its position in shares of FirstCash by 202.1% in the third quarter. FMR LLC now owns 712,199 shares of the credit services provider’s stock valued at $58,401,000 after purchasing an additional 476,471 shares during the period. Institutional investors own 95.30% of the company’s stock.

Several research firms recently commented on FCFS. Barclays began coverage on shares of FirstCash in a research report on Wednesday, September 26th. They set an “overweight” rating and a $95.00 price target on the stock. Zacks Investment Research lowered shares of FirstCash from a “hold” rating to a “sell” rating in a research report on Tuesday, September 25th. ValuEngine lowered shares of FirstCash from a “buy” rating to a “hold” rating in a research report on Tuesday, October 9th. Finally, Wedbush upgraded shares of FirstCash from a “neutral” rating to an “outperform” rating and set a $90.00 price target on the stock in a research report on Friday, October 26th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. FirstCash currently has an average rating of “Buy” and a consensus target price of $93.17.

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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.

Further Reading: What is an Initial Public Offering (IPO)?

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