First Cash Financial Services (FCFS) Raises Quarterly Dividend 13.6% to $0.25, 1.3% Yield; Authorizes New $100M Share Buyback

First Cash Financial Services (NASDAQ: FCFS) declared a quarterly dividend of $0.25 per share, or $1 annualized. This is a 13.6% increase from the prior dividend of $0.22.

The dividend will be payable on November 30, 2018, to stockholders of record on November 15, 2018, with an ex-dividend date of November 14, 2018.

The annual yield on the dividend is 1.3 percent.

Share Buyback

During the quarter, the Company repurchased 495,000 shares at an aggregate cost of $40 million under the $100 million share repurchase program that became effective on July 25, 2018. Driven by the strong cash flows from the business, the Company announced that the Board of Directors authorized a new $100 million share repurchase program that will become effective upon the completion of the current plan, leaving a total of $160 million available for future repurchases. The plan is subject to expected liquidity, debt covenant restrictions and other relevant factors.

Year-to-date, the Company has repurchased 3,114,000 shares for an aggregate price of $257 million at an average price of $82.62 per share. Since the merger with Cash America in September 2016, the Company has repurchased a total of 4,730,000 shares at an average repurchase price of $74.06 per share, resulting in a 10% reduction from the number of shares outstanding immediately following the merger.

For a dividend history and other dividend-related data on First Cash Financial Services (FCFS) click here.

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