Oppenheimer Asset Management Inc. Invests $7.46 Million in FirstCash Holdings, Inc. $FCFS

Key Points

• Oppenheimer Asset Management acquired 34,505 FirstCash shares worth approximately $7.46 million, while institutional investors collectively own 80.3% of the company.
• Analysts remain broadly bullish, with FirstCash carrying a consensus “Buy” rating and an average price target of $249, above its reported $214.75 share price.
• FirstCash exceeded quarterly earnings and revenue expectations, reporting $2.50 in EPS and $1.07 billion in revenue; it also announced a quarterly dividend of $0.42 per share.

Oppenheimer Asset Management Inc. acquired a new stake in FirstCash Holdings, Inc. (NASDAQ:FCFS - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 34,505 shares of the company's stock, valued at approximately $7,464,000. Oppenheimer Asset Management Inc. owned about 0.08% of FirstCash as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Arista Wealth Management LLC lifted its stake in FirstCash by 1.4% during the second quarter. Arista Wealth Management LLC now owns 4,193 shares of the company's stock worth $907,000 after purchasing an additional 56 shares during the last quarter. Apella Capital LLC purchased a new position in FirstCash in the second quarter valued at approximately $253,000. GAMMA Investing LLC increased its stake in FirstCash by 24.5% in the second quarter. GAMMA Investing LLC now owns 3,180 shares of the company's stock valued at $688,000 after purchasing an additional 625 shares during the last quarter. Avior Wealth Management LLC acquired a new stake in FirstCash during the second quarter worth approximately $211,000. Finally, Harbor Investment Advisory LLC raised its holdings in FirstCash by 591.2% during the second quarter. Harbor Investment Advisory LLC now owns 940 shares of the company's stock worth $203,000 after purchasing an additional 804 shares in the last quarter. Hedge funds and other institutional investors own 80.30% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Weiss Ratings upgraded shares of FirstCash from a "buy (b)" rating to a "buy (b+)" rating in a research report on Friday, August 7th. Canaccord Genuity Group increased their target price on shares of FirstCash from $242.00 to $252.00 and gave the company a "buy" rating in a research report on Friday, April 24th. Wall Street Zen lowered shares of FirstCash from a "strong-buy" rating to a "buy" rating in a research note on Sunday, May 10th. Loop Capital raised shares of FirstCash from a "hold" rating to a "buy" rating and set a $255.00 price target for the company in a research report on Monday. Finally, TD Cowen upped their price objective on shares of FirstCash from $235.00 to $240.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, FirstCash presently has an average rating of "Buy" and a consensus price target of $249.00.

FirstCash Price Performance

Shares of NASDAQ FCFS opened at $214.75 on Friday. The stock has a market cap of $9.31 billion, a P/E ratio of 24.51 and a beta of 0.53. FirstCash Holdings, Inc. has a twelve month low of $135.64 and a twelve month high of $235.97. The stock has a 50 day moving average of $214.79 and a two-hundred day moving average of $205.32. The company has a current ratio of 4.89, a quick ratio of 3.51 and a debt-to-equity ratio of 1.01.

FirstCash (NASDAQ:FCFS - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported $2.50 EPS for the quarter, beating the consensus estimate of $2.39 by $0.11. FirstCash had a net margin of 9.42% and a return on equity of 19.65%. The firm had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the firm earned $1.34 EPS. FirstCash's revenue for the quarter was up 29.4% on a year-over-year basis. On average, research analysts forecast that FirstCash Holdings, Inc. will post 11.85 earnings per share for the current year.

FirstCash Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be paid a dividend of $0.42 per share. The ex-dividend date is Friday, August 14th. This represents a $1.68 annualized dividend and a dividend yield of 0.8%. FirstCash's dividend payout ratio is 19.18%.

Insider Buying and Selling at FirstCash

In related news, SVP Raul Ramos sold 6,835 shares of the firm's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $225.23, for a total transaction of $1,539,447.05. Following the transaction, the senior vice president owned 20,400 shares of the company's stock, valued at $4,594,692. This trade represents a 25.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Thomas Brent Stuart sold 10,000 shares of the business's stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $228.49, for a total value of $2,284,900.00. Following the completion of the transaction, the chief operating officer owned 140,846 shares in the company, valued at $32,181,902.54. This trade represents a 6.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 26,000 shares of company stock worth $5,917,004 over the last three months. 2.86% of the stock is currently owned by corporate insiders.

About FirstCash

FirstCash, Inc NASDAQ: FCFS is a leading integrated operator of pawn stores and provider of short-term consumer loan services in the United States and Mexico. Through its retail pawn outlets, FirstCash offers collateral-based loans secured by personal property, enabling customers to access liquidity without a credit history or traditional bank account. The company also purchases, trades and sells a broad range of secondhand merchandise, including electronics, jewelry and power tools, through its network of conveniently located stores.

In addition to its pawn-broking activities, FirstCash provides unsecured consumer loans designed to meet urgent cash needs.

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