FirstService (NASDAQ:FSV) Releases Quarterly Earnings Results, Misses Expectations By $0.01 EPS

FirstService (NASDAQ:FSV) (TSE:FSV) announced its earnings results on Wednesday. The financial services provider reported $0.57 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.01), reports. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.13 billion. FirstService had a net margin of 2.02% and a return on equity of 15.16%.

FirstService Stock Performance

Shares of NASDAQ FSV traded down $1.82 during trading on Friday, reaching $149.80. The stock had a trading volume of 82,212 shares, compared to its average volume of 85,591. FirstService has a one year low of $134.77 and a one year high of $171.94. The stock has a market cap of $6.74 billion, a PE ratio of 74.16 and a beta of 0.97. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.82 and a current ratio of 1.97. The firm’s 50 day moving average price is $161.56 and its two-hundred day moving average price is $158.34.

FirstService Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 29th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.67%. This is an increase from FirstService’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Wednesday, March 27th. FirstService’s payout ratio is 49.51%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Conestoga Capital Advisors LLC boosted its position in FirstService by 1.1% during the 1st quarter. Conestoga Capital Advisors LLC now owns 1,382,615 shares of the financial services provider’s stock valued at $229,238,000 after purchasing an additional 15,482 shares during the period. Spire Wealth Management boosted its position in FirstService by 88.1% during the 1st quarter. Spire Wealth Management now owns 457 shares of the financial services provider’s stock worth $76,000 after acquiring an additional 214 shares during the period. Duncker Streett & Co. Inc. boosted its position in FirstService by 238.8% during the 1st quarter. Duncker Streett & Co. Inc. now owns 2,392 shares of the financial services provider’s stock worth $397,000 after acquiring an additional 1,686 shares during the period. Raymond James & Associates boosted its position in FirstService by 2.5% during the 1st quarter. Raymond James & Associates now owns 121,689 shares of the financial services provider’s stock worth $20,176,000 after acquiring an additional 2,976 shares during the period. Finally, Berry Wealth Group LP acquired a new position in FirstService during the 1st quarter worth $276,000. Institutional investors and hedge funds own 69.35% of the company’s stock.

Analyst Ratings Changes

FSV has been the topic of several analyst reports. Scotiabank assumed coverage on FirstService in a report on Thursday, April 11th. They set a “sector perform” rating and a $170.00 target price on the stock. StockNews.com downgraded FirstService from a “buy” rating to a “hold” rating in a report on Wednesday, February 7th. BMO Capital Markets dropped their price objective on FirstService from $196.00 to $193.00 and set an “outperform” rating on the stock in a report on Wednesday, February 7th. TheStreet downgraded FirstService from a “b-” rating to a “c” rating in a report on Tuesday, February 6th. Finally, Raymond James lifted their price objective on FirstService from $185.00 to $205.00 and gave the stock an “outperform” rating in a report on Friday, January 26th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $177.86.

About FirstService

FirstService Corporation, together with its subsidiaries, provides residential property management and other essential property services to residential and commercial customers in the United States and Canada. It operates through two segments: FirstService Residential and FirstService Brands. The FirstService Residential segment offers services for private residential communities, such as condominiums, co-operatives, homeowner associations, master-planned communities, active adult and lifestyle communities, and various other residential developments.