Scotiabank Lowers FirstService (NASDAQ:FSV) Price Target to $175.00

FirstService (NASDAQ:FSV) (TSE:FSV) had its target price cut by equities researchers at Scotiabank from $190.00 to $175.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the financial services provider’s stock. Scotiabank’s price objective points to a potential upside of 25.21% from the company’s current price.

FSV has been the topic of several other reports. Wall Street Zen upgraded shares of FirstService from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Stifel Nicolaus dropped their price target on shares of FirstService from $215.00 to $200.00 and set a “buy” rating for the company in a research note on Monday, April 27th. TD Securities set a $204.00 price target on shares of FirstService in a report on Friday, April 24th. Weiss Ratings cut shares of FirstService from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 29th. Finally, Loop Capital began coverage on FirstService in a report on Monday, May 4th. They issued a “hold” rating and a $140.00 price objective for the company. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $195.56.

FirstService Trading Down 1.6%

FirstService stock traded down $2.22 during trading hours on Tuesday, hitting $139.76. The stock had a trading volume of 13,998 shares, compared to its average volume of 223,877. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.74. The stock has a market cap of $6.42 billion, a price-to-earnings ratio of 39.50, a P/E/G ratio of 4.28 and a beta of 0.95. FirstService has a one year low of $119.41 and a one year high of $209.66. The business’s 50 day simple moving average is $137.49 and its 200-day simple moving average is $146.80.

FirstService (NASDAQ:FSV) (TSE:FSV) last released its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.06. FirstService had a return on equity of 17.91% and a net margin of 2.92%.The company had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same period in the previous year, the business posted $0.92 earnings per share. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, equities analysts predict that FirstService will post 5.54 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company grew its stake in FirstService by 493.4% during the fourth quarter. The Manufacturers Life Insurance Company now owns 2,775,353 shares of the financial services provider’s stock worth $432,173,000 after purchasing an additional 2,307,684 shares during the period. Durable Capital Partners LP increased its holdings in FirstService by 12.9% in the third quarter. Durable Capital Partners LP now owns 2,216,720 shares of the financial services provider’s stock worth $422,263,000 after purchasing an additional 253,155 shares in the last quarter. Orbis Allan Gray Ltd lifted its stake in FirstService by 36.5% in the fourth quarter. Orbis Allan Gray Ltd now owns 1,984,677 shares of the financial services provider’s stock valued at $308,677,000 after buying an additional 530,489 shares during the period. Vanguard Group Inc. lifted its stake in FirstService by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 1,954,819 shares of the financial services provider’s stock valued at $304,000,000 after buying an additional 29,805 shares during the period. Finally, Mackenzie Financial Corp boosted its holdings in shares of FirstService by 15.5% during the 4th quarter. Mackenzie Financial Corp now owns 1,791,116 shares of the financial services provider’s stock worth $278,247,000 after buying an additional 239,941 shares in the last quarter. 69.35% of the stock is owned by institutional investors and hedge funds.

About FirstService

FirstService Corporation, founded in 1989 and headquartered in Toronto, Ontario, is a leading provider of property services in North America. The company operates through two principal segments—FirstService Residential and FirstService Brands—offering a broad range of services to residential, commercial and homeowner association clients.

FirstService Residential delivers community management, financial oversight and consulting services to thousands of residential communities across the United States and Canada.