FirstService Corporation (FSV) Rating Lowered to Hold at BidaskClub
BidaskClub lowered shares of FirstService Corporation (NASDAQ:FSV) (TSE:FSV) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning.
Other analysts also recently issued reports about the stock. Zacks Investment Research downgraded shares of FirstService Corporation from a strong-buy rating to a hold rating in a research report on Tuesday, June 27th. William Blair downgraded 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. boosted their target price 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. Royal Bank Of Canada boosted their target price 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. Finally, TheStreet raised shares of FirstService Corporation from a c rating to a b- rating in a research report on Wednesday, July 26th. 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 company. FirstService Corporation presently has a consensus rating of Hold and an average price target of $67.00.
FirstService Corporation (NASDAQ:FSV) opened at 65.65 on Wednesday. FirstService Corporation has a 52 week low of $39.05 and a 52 week high of $70.83. The stock has a market cap of $2.36 billion, a P/E ratio of 52.52 and a beta of 0.90. The stock has a 50 day moving average of $66.37 and a 200-day moving average of $66.37.
FirstService Corporation (NASDAQ:FSV) (TSE:FSV) last posted its earnings results on Wednesday, July 26th. The financial services provider reported $0.50 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.11. The company had revenue of $434.90 million during the quarter, compared to the consensus estimate of $421.35 million. FirstService Corporation had a net margin of 2.84% and a return on equity of 24.64%. The company’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $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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FirstService Corporation announced that its Board of Directors has authorized a share buyback program on Thursday, August 17th that permits the company to repurchase 3,100,000 shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 6th. Stockholders of record on Friday, September 29th will be paid a $0.1225 dividend. This represents a $0.49 dividend on an annualized basis and a dividend yield of 0.75%. The ex-dividend date is Thursday, September 28th. FirstService Corporation’s payout ratio is 39.20%.
Several institutional investors have recently modified their holdings of FSV. Karp Capital Management Corp acquired a new stake in shares of FirstService Corporation in the first quarter worth $1,432,000. Parametric Portfolio Associates LLC lifted its stake in shares of FirstService Corporation by 10.3% in the first quarter. Parametric Portfolio Associates LLC now owns 7,853 shares of the financial services provider’s stock worth $474,000 after buying an additional 733 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of FirstService Corporation by 4.2% in the first quarter. JPMorgan Chase & Co. now owns 4,860 shares of the financial services provider’s stock worth $224,000 after buying an additional 195 shares during the last quarter. Neuberger Berman Group LLC acquired a new stake in shares of FirstService Corporation in the first quarter worth $45,157,000. Finally, Alliancebernstein L.P. lifted its stake in shares of FirstService Corporation by 7.4% in the first quarter. Alliancebernstein L.P. now owns 19,970 shares of the financial services provider’s stock worth $1,204,000 after buying an additional 1,380 shares during the last quarter. Institutional investors and hedge funds own 58.96% of the company’s stock.
About FirstService Corporation
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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