BidaskClub upgraded shares of FirstService Corporation (NASDAQ:FSV) (TSE:FSV) from a buy rating to a strong-buy rating in a research note issued to investors on Wednesday, September 6th.
A number of other research analysts have also recently commented on the company. Zacks Investment Research cut FirstService Corporation from a strong-buy rating to a hold rating in a research note on Tuesday, June 27th. Raymond James Financial, Inc. increased 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. Royal Bank Of Canada increased 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, TheStreet upgraded FirstService Corporation from a c rating to a b- rating in a report on Wednesday, July 26th. Four investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $67.00.
FirstService Corporation (FSV) opened at 65.42 on Wednesday. The company’s 50-day moving average price is $67.07 and its 200 day moving average price is $62.67. FirstService Corporation has a 52-week low of $39.05 and a 52-week high of $70.83. The firm has a market capitalization of $2.35 billion, a price-to-earnings ratio of 52.34 and a beta of 0.90.
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 the consensus estimate of $0.39 by $0.11. FirstService Corporation had a return on equity of 24.64% and a net margin of 2.84%. The firm had revenue of $434.90 million during the quarter, compared to analysts’ expectations of $421.35 million. During the same period in the prior year, the company earned $0.52 earnings per share. The company’s quarterly revenue was up 12.9% on a year-over-year basis. Equities research analysts predict that FirstService Corporation will post $1.96 earnings per share for the current year.
FirstService Corporation announced that its Board of Directors has approved a stock buyback plan on Thursday, August 17th that permits the company to repurchase 3,100,000 shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 6th. Stockholders of record on Friday, September 29th will be paid a $0.1225 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.49 annualized dividend and a dividend yield of 0.75%. FirstService Corporation’s dividend payout ratio is presently 39.20%.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Scotia Capital Inc. lifted its position in FirstService Corporation by 9.6% in the 2nd quarter. Scotia Capital Inc. now owns 11,819 shares of the financial services provider’s stock valued at $755,000 after acquiring an additional 1,034 shares in the last quarter. Bank of Nova Scotia bought a new position in shares of FirstService Corporation during the 2nd quarter worth approximately $1,869,000. Arrowstreet Capital Limited Partnership bought a new position in shares of FirstService Corporation during the 2nd quarter worth approximately $3,737,000. Royal Bank of Canada lifted its position in shares of FirstService Corporation by 0.6% during the 2nd quarter. Royal Bank of Canada now owns 315,431 shares of the financial services provider’s stock worth $20,182,000 after buying an additional 1,907 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of FirstService Corporation by 41.8% during the 2nd quarter. Goldman Sachs Group Inc. now owns 38,718 shares of the financial services provider’s stock worth $2,478,000 after buying an additional 11,418 shares in the last quarter. 58.96% of the stock is currently owned by institutional investors and hedge funds.
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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