Summit Investment Advisors Inc. Lowers Stock Position in FirstCash Holdings, Inc. $FCFS

Summit Investment Advisors Inc. decreased its holdings in FirstCash Holdings, Inc. (NASDAQ:FCFS) by 3.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,558 shares of the company’s stock after selling 402 shares during the quarter. Summit Investment Advisors Inc.’s holdings in FirstCash were worth $1,391,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Nuveen LLC acquired a new position in FirstCash in the first quarter valued at $55,340,000. Livforsakringsbolaget Skandia Omsesidigt grew its holdings in shares of FirstCash by 1,350.3% during the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 250,900 shares of the company’s stock worth $33,907,000 after buying an additional 233,600 shares during the last quarter. Millennium Management LLC raised its stake in FirstCash by 51.1% during the 1st quarter. Millennium Management LLC now owns 293,750 shares of the company’s stock valued at $35,344,000 after acquiring an additional 99,361 shares during the last quarter. Heartland Advisors Inc. raised its stake in FirstCash by 525.6% during the 1st quarter. Heartland Advisors Inc. now owns 67,147 shares of the company’s stock valued at $8,079,000 after acquiring an additional 56,414 shares during the last quarter. Finally, Landscape Capital Management L.L.C. acquired a new stake in FirstCash during the 1st quarter worth approximately $6,206,000. Institutional investors and hedge funds own 80.30% of the company’s stock.

FirstCash Price Performance

Shares of NASDAQ FCFS opened at $162.52 on Wednesday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 3.12 and a current ratio of 4.21. FirstCash Holdings, Inc. has a one year low of $100.24 and a one year high of $166.08. The firm has a market capitalization of $7.17 billion, a P/E ratio of 24.96 and a beta of 0.66. The company’s fifty day moving average is $153.27 and its two-hundred day moving average is $140.15.

FirstCash (NASDAQ:FCFS) last announced its quarterly earnings data on Thursday, October 30th. The company reported $2.26 EPS for the quarter, beating the consensus estimate of $1.91 by $0.35. FirstCash had a net margin of 8.61% and a return on equity of 16.63%. The firm had revenue of $935.58 million during the quarter, compared to analysts’ expectations of $845.28 million. During the same quarter last year, the business earned $1.67 earnings per share. The business’s revenue for the quarter was up 11.7% compared to the same quarter last year. Analysts forecast that FirstCash Holdings, Inc. will post 7.7 EPS for the current fiscal year.

FirstCash declared that its board has authorized a stock buyback plan on Thursday, October 30th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to repurchase up to 2.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

FirstCash Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 26th. Investors of record on Friday, November 14th will be issued a $0.42 dividend. The ex-dividend date is Friday, November 14th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.0%. FirstCash’s dividend payout ratio is currently 24.24%.

Insider Activity at FirstCash

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

Analysts Set New Price Targets

A number of research analysts have recently issued reports on FCFS shares. Canaccord Genuity Group boosted their target price on FirstCash from $200.00 to $205.00 and gave the company a “buy” rating in a report on Friday, October 31st. Loop Capital cut shares of FirstCash from a “buy” rating to a “hold” rating and set a $145.00 price objective on the stock. 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. TD Cowen boosted their price target on shares of FirstCash from $181.00 to $188.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Finally, Jefferies Financial Group raised shares of FirstCash to a “strong-buy” rating in a report on Monday, August 18th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $167.00.

FirstCash Company Profile

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.