Millennium Management LLC Raises Stock Position in FirstCash Holdings, Inc. $FCFS

Key Points

• Millennium Management LLC increased its stake in FirstCash Holdings by 51.1% during the 1st quarter, now holding 293,750 shares valued at approximately $35.34 million.
• FirstCash recently disclosed a quarterly dividend increase to $0.42 per share, up from $0.38, alongside a 1.2% yield.
• After the company beat earnings estimates with an EPS of $1.79, several brokerages revised their ratings, with Jefferies upgrading FirstCash to a "strong-buy".

Millennium Management LLC boosted its position in shares of FirstCash Holdings, Inc. (NASDAQ:FCFS - Free Report) by 51.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 293,750 shares of the company's stock after acquiring an additional 99,361 shares during the period. Millennium Management LLC owned 0.66% of FirstCash worth $35,344,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Farther Finance Advisors LLC grew its stake in FirstCash by 808.0% during the first quarter. Farther Finance Advisors LLC now owns 227 shares of the company's stock valued at $27,000 after acquiring an additional 202 shares in the last quarter. CX Institutional bought a new stake in FirstCash during the first quarter valued at approximately $42,000. UMB Bank n.a. lifted its position in FirstCash by 167.5% during the first quarter. UMB Bank n.a. now owns 452 shares of the company's stock valued at $54,000 after purchasing an additional 283 shares during the last quarter. CWM LLC lifted its position in FirstCash by 92.9% during the first quarter. CWM LLC now owns 517 shares of the company's stock valued at $62,000 after purchasing an additional 249 shares during the last quarter. Finally, State of Wyoming bought a new stake in FirstCash during the first quarter valued at approximately $65,000. Hedge funds and other institutional investors own 80.30% of the company's stock.

FirstCash Trading Down 0.6%

NASDAQ:FCFS opened at $145.53 on Thursday. The company has a fifty day moving average of $137.29 and a 200 day moving average of $128.93. FirstCash Holdings, Inc. has a 52 week low of $100.24 and a 52 week high of $150.92. The company has a quick ratio of 3.12, a current ratio of 4.21 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $6.46 billion, a P/E ratio of 22.35 and a beta of 0.70.

FirstCash (NASDAQ:FCFS - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $1.79 EPS for the quarter, beating analysts' consensus estimates of $1.66 by $0.13. FirstCash had a net margin of 8.61% and a return on equity of 16.63%. The company had revenue of $830.62 million during the quarter, compared to analyst estimates of $820.42 million. During the same period in the prior year, the business posted $1.37 EPS. The firm's revenue was up .0% compared to the same quarter last year. On average, research analysts predict that FirstCash Holdings, Inc. will post 7.7 earnings per share for the current year.

FirstCash Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were issued a $0.42 dividend. This is a boost from FirstCash's previous quarterly dividend of $0.38. The ex-dividend date was Friday, August 15th. This represents a $1.68 annualized dividend and a yield of 1.2%. FirstCash's dividend payout ratio (DPR) is currently 25.81%.

Insiders Place Their Bets

In other FirstCash news, CEO Rick L. Wessel sold 69,024 shares of the company's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $138.49, for a total value of $9,559,133.76. Following the completion of the transaction, the chief executive officer directly owned 932,958 shares in the company, valued at approximately $129,205,353.42. This represents a 6.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James H. Graves sold 6,000 shares of the company's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $134.56, for a total transaction of $807,360.00. Following the completion of the transaction, the director owned 15,846 shares of the company's stock, valued at $2,132,237.76. This trade represents a 27.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 111,500 shares of company stock worth $15,493,610. 2.93% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FCFS. Loop Capital lowered shares of FirstCash from a "buy" rating to a "hold" rating and set a $145.00 target price for the company. in a research report on Friday, September 5th. Jefferies Financial Group upgraded shares of FirstCash to a "strong-buy" rating in a research report on Monday, August 18th. Wall Street Zen lowered shares of FirstCash from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 12th. Capital One Financial set a $160.00 target price on shares of FirstCash in a research report on Tuesday, August 5th. Finally, Cowen reiterated a "buy" rating on shares of FirstCash in a research report on Monday, August 18th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, FirstCash has a consensus rating of "Buy" and a consensus target price of $143.00.

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.

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