FirstService Corporation (FSV) Downgraded to Buy at BidaskClub
BidaskClub cut shares of FirstService Corporation (NASDAQ:FSV) (TSE:FSV) from a strong-buy rating to a buy rating in a research report report published on Thursday morning.
FSV has been the subject of a number of other reports. Raymond James Financial, Inc. boosted their price target on FirstService Corporation from $63.00 to $65.00 and gave the company a market perform rating in a research note on Thursday, July 27th. TheStreet upgraded FirstService Corporation from a c rating to a b- rating in a research note on Wednesday, July 26th. Royal Bank Of Canada boosted their price target on FirstService Corporation from $65.00 to $71.00 and gave the company an outperform rating in a research note on Thursday, July 27th. Zacks Investment Research upgraded FirstService Corporation from a hold rating to a strong-buy rating and set a $73.00 price target for the company in a research note on Wednesday, August 2nd. Finally, William Blair downgraded FirstService Corporation from an outperform rating to a market perform rating in a research note on Wednesday. Four analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. FirstService Corporation has a consensus rating of Buy and an average price target of $67.00.
Shares of FirstService Corporation (NASDAQ FSV) traded down 1.40% during trading on Thursday, reaching $65.59. 24,798 shares of the company’s stock were exchanged. The firm has a market cap of $2.36 billion, a price-to-earnings ratio of 52.47 and a beta of 0.90. The stock has a 50-day moving average price of $67.48 and a 200 day moving average price of $61.66. FirstService Corporation has a 12 month low of $39.05 and a 12 month high of $70.83.
FirstService Corporation (NASDAQ:FSV) (TSE:FSV) last released its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.11. The business 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 business’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.52 EPS. On average, analysts forecast that FirstService Corporation will post $1.96 EPS for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 6th. Investors of record on Friday, September 29th will be paid a dividend of $0.1225 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.49 dividend on an annualized basis and a dividend yield of 0.74%. FirstService Corporation’s dividend payout ratio (DPR) is presently 39.20%.
FirstService Corporation declared that its Board of Directors has initiated a share buyback plan on Thursday, August 17th that authorizes the company to buyback 3,100,000 shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.
Large investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of FirstService Corporation by 17.3% during the 2nd 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 during the period. Legal & General Group Plc grew its stake in shares of FirstService Corporation by 37.7% during the 1st 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 during the period. UBS Group AG grew its stake in shares of FirstService Corporation by 21.2% during the 1st 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 during the period. Wetherby Asset Management Inc. bought a new position in shares of FirstService Corporation during the 2nd quarter valued at approximately $209,000. Finally, Orgel Wealth Management LLC bought a new position in shares of FirstService Corporation during the 2nd quarter valued at approximately $211,000. Institutional investors own 58.96% of the company’s stock.
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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