William Blair Downgrades FirstService Corporation (FSV) to Market Perform
FirstService Corporation (NASDAQ:FSV) (TSE:FSV) was downgraded by analysts at William Blair from an “outperform” rating to a “market perform” rating in a research note issued to investors on Wednesday.
FSV has been the topic of a number of other reports. BidaskClub cut shares of FirstService Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. 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 raised shares of FirstService Corporation from a “hold” rating to a “strong-buy” rating and set a $73.00 price objective for the company in a research report on Wednesday, August 2nd. Royal Bank Of Canada increased their price objective on shares of FirstService Corporation from $65.00 to $71.00 and gave the company an “outperform” rating in a research report on Thursday, July 27th. Finally, Raymond James Financial, Inc. increased their price objective on shares of FirstService Corporation from $63.00 to $65.00 and gave the company a “market perform” rating in a research report on Thursday, July 27th. Four investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $67.00.
FirstService Corporation (NASDAQ FSV) opened at 66.52 on Wednesday. The stock’s 50 day moving average is $67.48 and its 200 day moving average is $61.66. FirstService Corporation has a 12-month low of $39.05 and a 12-month high of $70.83. The stock has a market capitalization of $2.39 billion, a PE ratio of 53.22 and a beta of 0.90.
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 for the quarter, beating analysts’ consensus estimates of $0.39 by $0.11. FirstService Corporation had a net margin of 2.84% and a return on equity of 24.64%. The business had revenue of $434.90 million for the quarter, compared to analysts’ expectations of $421.35 million. During the same period last year, the business earned $0.52 EPS. The company’s revenue was up 12.9% compared to the same quarter last year. Equities analysts anticipate that FirstService Corporation will post $1.96 EPS for the current fiscal year.
FirstService Corporation declared that its Board of Directors has approved a stock buyback plan on Thursday, August 17th that authorizes the company to repurchase 3,100,000 shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
Several institutional investors have recently made changes to their positions in FSV. Karp Capital Management Corp purchased a new position in FirstService Corporation during the 1st quarter worth approximately $1,432,000. Parametric Portfolio Associates LLC raised its position in FirstService Corporation by 10.3% during the 1st 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. raised its position in FirstService Corporation by 4.2% during the 1st 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 purchased a new position in FirstService Corporation during the 1st quarter worth approximately $45,157,000. Finally, RK Capital Management LLC purchased a new position in FirstService Corporation during the 1st quarter worth approximately $7,248,000. 58.96% of the stock is owned by hedge funds and other 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.
Receive News & Ratings for FirstService Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FirstService Corporation and related companies with MarketBeat.com's FREE daily email newsletter.