FirstService Corporation (FSV) Rating Lowered to Hold at Zacks Investment Research
FirstService Corporation (NASDAQ:FSV) (TSE:FSV) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “FirstService Corporation offers property services to commercial, institutional and residential customers primarily in North America and internationally. Its operating segment consists of Commercial Real Estate Services, Residential Real Estate Services and Property Services. FirstService Corporation is headquartered in Toronto, Canada. “
A number of other research firms also recently weighed in on FSV. BidaskClub upgraded FirstService Corporation from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, September 6th. William Blair downgraded FirstService Corporation from an “outperform” rating to a “market perform” rating in a report on Wednesday, September 13th. TheStreet upgraded FirstService Corporation from a “c” rating to a “b-” rating in a report on Wednesday, July 26th. Royal Bank Of Canada upped their price objective on FirstService Corporation from $65.00 to $71.00 and gave the company an “outperform” rating in a report on Thursday, July 27th. Finally, Raymond James Financial, Inc. upped their price objective on FirstService Corporation from $63.00 to $65.00 and gave the company a “market perform” rating in a report on Thursday, July 27th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $67.00.
FirstService Corporation (NASDAQ:FSV) opened at 66.93 on Tuesday. FirstService Corporation has a 12-month low of $39.05 and a 12-month high of $70.83. The firm has a market capitalization of $2.41 billion, a price-to-earnings ratio of 53.54 and a beta of 0.90. The company’s 50-day moving average price is $66.37 and its 200-day moving average price is $66.37.
FirstService Corporation (NASDAQ:FSV) (TSE:FSV) last released its earnings results on Wednesday, July 26th. The financial services provider reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates 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 return on equity of 24.64% and a net margin of 2.84%. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.52 earnings per share. Equities analysts expect that FirstService Corporation will post $1.96 EPS for the current fiscal year.
FirstService Corporation declared that its board has authorized a stock repurchase program on Thursday, August 17th that permits the company to buyback 3,100,000 shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
Hedge funds have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of FirstService Corporation by 17.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,202 shares of the financial services provider’s stock worth $141,000 after buying an additional 324 shares during the period. Legal & General Group Plc boosted its position in shares of FirstService Corporation by 37.7% during the first quarter. Legal & General Group Plc now owns 3,289 shares of the financial services provider’s stock worth $198,000 after buying an additional 900 shares during the period. UBS Group AG boosted its position in shares of FirstService Corporation by 21.2% during the first quarter. UBS Group AG now owns 3,427 shares of the financial services provider’s stock worth $206,000 after buying an additional 600 shares during the period. Wetherby Asset Management Inc. acquired a new position in shares of FirstService Corporation during the second quarter worth about $209,000. Finally, Orgel Wealth Management LLC acquired a new position in shares of FirstService Corporation during the second quarter worth about $211,000. 58.96% of the stock is owned by institutional investors.
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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