FirstService Corporation (NASDAQ:FSV) (TSE:FSV) hit a new 52-week high during trading on Thursday following a stronger than expected earnings report. The company traded as high as $66.80 and last traded at $66.52, with a volume of 41,819 shares. The stock had previously closed at $65.96.
The financial services provider reported $0.50 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.11. The firm had revenue of $434.90 million for the quarter, compared to analyst estimates 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 last year, the company earned $0.52 EPS.
Several research firms have recently weighed in on FSV. Raymond James Financial, Inc. boosted their price target on FirstService Corporation from $63.00 to $65.00 and gave the stock a “market perform” rating in a research note on Thursday, July 27th. Royal Bank Of Canada boosted their price target on FirstService Corporation from $65.00 to $71.00 and gave the stock an “outperform” rating in a research note on Thursday, July 27th. BidaskClub raised FirstService Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Zacks Investment Research raised FirstService Corporation from a “hold” rating to a “strong-buy” rating and set a $73.00 price objective for the company in a report on Wednesday, August 2nd. Finally, TheStreet raised FirstService Corporation from a “c” rating to a “b-” rating in a report on Wednesday, July 26th. Four research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $67.00.
Large investors have recently bought and sold shares of the company. William Blair Investment Management LLC increased its stake in FirstService Corporation by 4.5% in the second quarter. William Blair Investment Management LLC now owns 1,498,197 shares of the financial services provider’s stock worth $95,855,000 after buying an additional 64,340 shares in the last quarter. Van Berkom & Associates Inc. increased its stake in FirstService Corporation by 1.1% in the second quarter. Van Berkom & Associates Inc. now owns 1,210,543 shares of the financial services provider’s stock worth $77,621,000 after buying an additional 13,000 shares in the last quarter. Bank of Montreal Can increased its stake in FirstService Corporation by 28.6% in the first quarter. Bank of Montreal Can now owns 933,588 shares of the financial services provider’s stock worth $56,294,000 after buying an additional 207,455 shares in the last quarter. Renaissance Technologies LLC increased its stake in FirstService Corporation by 26.7% in the first quarter. Renaissance Technologies LLC now owns 813,200 shares of the financial services provider’s stock worth $49,043,000 after buying an additional 171,600 shares in the last quarter. Finally, Neuberger Berman Group LLC increased its stake in FirstService Corporation by 3.4% in the second quarter. Neuberger Berman Group LLC now owns 774,325 shares of the financial services provider’s stock worth $49,541,000 after buying an additional 25,445 shares in the last quarter. Institutional investors own 58.68% of the company’s stock.
The stock’s 50 day moving average price is $63.87 and its 200 day moving average price is $59.61. The company has a market cap of $2.30 billion, a price-to-earnings ratio of 51.18 and a beta of 0.91.
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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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