BidaskClub cut shares of FirstService Corporation (NASDAQ:FSV) (TSE:FSV) from a buy rating to a hold rating in a report published on Wednesday morning.
Other analysts have also recently issued research reports about the stock. TheStreet raised shares of FirstService Corporation from a c rating to a b- rating in a research report on Wednesday, July 26th. Zacks Investment Research cut shares of FirstService Corporation from a strong-buy rating to a hold rating in a research report on Tuesday, June 27th. William Blair cut shares of FirstService Corporation from an outperform rating to a market perform rating in a research report on Wednesday, September 13th. Raymond James Financial, Inc. increased their price target on shares of FirstService Corporation from $63.00 to $65.00 and gave the stock a market perform rating in a research report on Thursday, July 27th. Finally, Royal Bank Of Canada increased their price target on shares of FirstService Corporation from $65.00 to $71.00 and gave the stock an outperform rating in a research report on Thursday, July 27th. Five investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. FirstService Corporation has a consensus rating of Hold and an average target price of $67.00.
Shares of FirstService Corporation (FSV) opened at 65.45 on Wednesday. The stock has a 50 day moving average of $66.37 and a 200 day moving average of $66.37. FirstService Corporation has a 12-month low of $39.05 and a 12-month high of $70.83. The company has a market cap of $2.35 billion, a price-to-earnings ratio of 52.36 and a beta of 0.90.
FirstService Corporation (NASDAQ:FSV) (TSE:FSV) last issued its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.11. The business had revenue of $434.90 million for the quarter, compared to analysts’ expectations of $421.35 million. FirstService Corporation had a net margin of 2.84% and a return on equity of 24.64%. The business’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.52 earnings per share. Analysts forecast that FirstService Corporation will post $1.96 earnings per share for the current year.
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The firm also recently declared a quarterly dividend, which will be paid on Friday, October 6th. Stockholders of record on Friday, September 29th will be given a dividend of $0.1225 per share. The ex-dividend date is Thursday, September 28th. This represents a $0.49 annualized dividend and a dividend yield of 0.75%. FirstService Corporation’s dividend payout ratio is presently 39.20%.
FirstService Corporation announced that its Board of Directors has authorized a stock buyback plan on Thursday, August 17th that permits the company to repurchase 3,100,000 outstanding shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
Large investors have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in FirstService Corporation by 17.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,202 shares of the financial services provider’s stock valued at $141,000 after acquiring an additional 324 shares in the last quarter. Legal & General Group Plc raised its holdings in FirstService Corporation by 37.7% in the first quarter. Legal & General Group Plc now owns 3,289 shares of the financial services provider’s stock valued at $198,000 after acquiring an additional 900 shares in the last quarter. UBS Group AG raised its holdings in FirstService Corporation by 21.2% in the first quarter. UBS Group AG now owns 3,427 shares of the financial services provider’s stock valued at $206,000 after acquiring an additional 600 shares in the last quarter. Wetherby Asset Management Inc. acquired a new stake in FirstService Corporation in the second quarter valued at approximately $209,000. Finally, Orgel Wealth Management LLC acquired a new stake in FirstService Corporation in the second quarter valued at approximately $211,000. 58.96% of the stock is currently owned by hedge funds and other institutional investors.
FirstService Corporation Company Profile
Firstservice Corporation is a provider of residential property management and other essential property services to residential and commercial customers. The Company operates through two segments: FirstService Residential and FirstService Brands. FirstService Residential is a property manager and provides ancillary services in the areas of on-site staffing, including building engineering and maintenance, full-service amenity management, security, concierge and front desk personnel, and landscaping; banking and insurance products, and energy conservation and management solutions.
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