Envestnet Asset Management Inc. Cuts Stock Position in FirstCash Holdings, Inc. $FCFS

Envestnet Asset Management Inc. lowered its position in FirstCash Holdings, Inc. (NASDAQ:FCFS) by 7.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 185,261 shares of the company’s stock after selling 15,511 shares during the period. Envestnet Asset Management Inc. owned approximately 0.42% of FirstCash worth $25,036,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of FCFS. Caitong International Asset Management Co. Ltd acquired a new stake in FirstCash in the 2nd quarter worth approximately $25,000. IFP Advisors Inc boosted its stake in FirstCash by 181.6% in the 2nd quarter. IFP Advisors Inc now owns 290 shares of the company’s stock worth $39,000 after purchasing an additional 187 shares in the last quarter. CX Institutional boosted its stake in FirstCash by 24.7% in the 2nd quarter. CX Institutional now owns 434 shares of the company’s stock worth $59,000 after purchasing an additional 86 shares in the last quarter. Bayforest Capital Ltd boosted its stake in FirstCash by 169.9% in the 2nd quarter. Bayforest Capital Ltd now owns 448 shares of the company’s stock worth $61,000 after purchasing an additional 282 shares in the last quarter. Finally, CWM LLC boosted its stake in FirstCash by 92.9% in the 1st quarter. CWM LLC now owns 517 shares of the company’s stock worth $62,000 after purchasing an additional 249 shares in the last quarter. 80.30% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at FirstCash

In other news, CFO R Douglas Orr sold 4,000 shares of FirstCash stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $159.64, for a total transaction of $638,560.00. Following the completion of the transaction, the chief financial officer directly owned 93,567 shares of the company’s stock, valued at $14,937,035.88. The trade was a 4.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Rick L. Wessel sold 69,024 shares of FirstCash stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $138.49, for a total transaction of $9,559,133.76. Following the transaction, the chief executive officer directly owned 932,958 shares of the company’s stock, valued at approximately $129,205,353.42. This trade represents a 6.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 113,000 shares of company stock valued at $15,883,363. Insiders own 2.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FCFS. Canaccord Genuity Group lifted their target price on shares of FirstCash from $200.00 to $205.00 and gave the stock a “buy” rating in a research note on Friday. Weiss Ratings reiterated a “buy (b)” rating on shares of FirstCash in a research note on Wednesday, October 8th. Loop Capital cut shares of FirstCash from a “buy” rating to a “hold” rating and set a $145.00 target price for the company. in a research note on Friday, September 5th. Zacks Research upgraded shares of FirstCash from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 10th. Finally, Capital One Financial set a $160.00 price target on shares of FirstCash in a research report on Tuesday, August 5th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $167.00.

FirstCash Stock Up 0.2%

FCFS stock opened at $158.83 on Tuesday. The firm’s fifty day simple moving average is $151.65 and its 200-day simple moving average is $138.59. The company has a market capitalization of $7.05 billion, a P/E ratio of 24.40 and a beta of 0.69. The company has a debt-to-equity ratio of 0.79, a current ratio of 4.21 and a quick ratio of 3.12. FirstCash Holdings, Inc. has a 12 month low of $100.24 and a 12 month high of $163.16.

FirstCash (NASDAQ:FCFS) last posted its earnings results on Thursday, October 30th. The company reported $2.26 earnings per share for the quarter, beating the consensus estimate of $1.91 by $0.35. The firm had revenue of $935.58 million during the quarter, compared to analyst estimates of $845.28 million. FirstCash had a net margin of 8.61% and a return on equity of 16.63%. The business’s quarterly revenue was up 11.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.67 EPS. As a group, equities research analysts forecast that FirstCash Holdings, Inc. will post 7.7 earnings per share for the current year.

FirstCash declared that its board has authorized a stock repurchase plan on Thursday, October 30th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to repurchase up to 2.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

FirstCash Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 26th. Stockholders of record on Friday, November 14th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, November 14th. FirstCash’s payout ratio is 24.24%.

About FirstCash

FirstCash Holdings, Inc, together with its subsidiaries, operates retail pawn stores in the United States, Mexico, and rest of Latin America. The company operates in three segments: U.S. Pawn, Latin America Pawn, and Retail POS Payment Solutions segments. Its pawn stores lend money on the collateral of pledged personal property, including jewelry, electronics, tools, appliances, sporting goods, and musical instruments; and retails merchandise acquired through collateral forfeitures on forfeited pawn loans and over-the-counter purchases of merchandise directly from customers.