FirstService Corporation (FSV) Sets New 1-Year High on Better-Than-Expected Earnings

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.

COPYRIGHT VIOLATION NOTICE: This story was published by BBNS and is the sole property of of BBNS. If you are accessing this story on another publication, it was copied illegally and reposted in violation of US and international copyright and trademark law. The correct version of this story can be accessed at https://baseballnewssource.com/markets/firstservice-corporation-fsv-reaches-new-12-month-high-on-earnings-beat-updated/1308410.html.

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 our FREE daily email newsletter.

 


Latest News

Miami’s Giancarlo Stanton Sets Marlins Home Run Record
Miami’s Giancarlo Stanton Sets Marlins Home Run Record
Bryce Harper Latest Star to Suffer Injury
Bryce Harper Latest Star to Suffer Injury
Chicago Cubs Must Survive Without Willson Contreras
Chicago Cubs Must Survive Without Willson Contreras
Cleveland Indians Acquire Jay Bruce From New York Mets
Cleveland Indians Acquire Jay Bruce From New York Mets
Injury to CC Sabathia Adds to Yankees’ Concerns
Injury to CC Sabathia Adds to Yankees’ Concerns
Darren Daulton Former Catcher with Phillies Dies
Darren Daulton Former Catcher with Phillies Dies


Leave a Reply

 
© 2006-2017 BBNS.