BidaskClub Downgrades FirstService (FSV) to Sell
FirstService (NASDAQ:FSV) (TSE:FSV) was downgraded by stock analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.
A number of other research firms have also issued reports on FSV. Scotiabank lowered shares of FirstService from an “outperform” rating to a “sector perform” rating in a report on Thursday, October 26th. Royal Bank of Canada lowered shares of FirstService from an “outperform” rating to a “sector perform” rating and upped their price objective for the company from $71.00 to $75.00 in a research note on Thursday, October 26th. Zacks Investment Research upgraded shares of FirstService from a “hold” rating to a “strong-buy” rating and set a $80.00 price objective on the stock in a research note on Tuesday, October 31st. Finally, William Blair lowered shares of FirstService from an “outperform” rating to a “market perform” rating in a research note on Wednesday, September 13th. One analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a strong buy rating to the company. FirstService presently has a consensus rating of “Hold” and an average price target of $69.20.
Shares of FirstService (NASDAQ FSV) opened at $68.27 on Thursday. FirstService has a 1-year low of $45.95 and a 1-year high of $74.49. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.51. The stock has a market cap of $2,340.00 and a P/E ratio of 54.94.
FirstService declared that its board has authorized a stock buyback plan on Thursday, August 17th that authorizes the company to repurchase 3,100,000 outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
Several institutional investors and hedge funds have recently made changes to their positions in FSV. Fiera Capital Corp increased its stake in shares of FirstService by 43.6% during the 2nd quarter. Fiera Capital Corp now owns 1,176,304 shares of the financial services provider’s stock worth $75,345,000 after purchasing an additional 357,370 shares during the last quarter. Neuberger Berman Group LLC increased its stake in shares of FirstService by 33.9% during the 3rd quarter. Neuberger Berman Group LLC now owns 1,036,806 shares of the financial services provider’s stock worth $68,139,000 after purchasing an additional 262,481 shares during the last quarter. AJO LP acquired a new position in shares of FirstService during the 2nd quarter worth $8,115,000. American Century Companies Inc. increased its stake in shares of FirstService by 31.7% during the 3rd quarter. American Century Companies Inc. now owns 309,469 shares of the financial services provider’s stock worth $20,335,000 after purchasing an additional 74,426 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of FirstService by 1,515.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 78,523 shares of the financial services provider’s stock worth $3,612,000 after purchasing an additional 73,663 shares during the last quarter. Institutional investors own 61.17% of the company’s stock.
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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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