FirstService Corporation (FSV) Rating Lowered to Buy at BidaskClub
FirstService Corporation (NASDAQ:FSV) (TSE:FSV) was downgraded by research analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Thursday.
Several other brokerages have also issued reports on FSV. Zacks Investment Research lowered FirstService Corporation from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 27th. William Blair lowered FirstService Corporation from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Royal Bank Of Canada boosted their price target on FirstService Corporation from $65.00 to $71.00 and gave the company an “outperform” rating in a research note on Thursday, July 27th. TheStreet raised FirstService Corporation from a “c” rating to a “b-” rating in a research note on Wednesday, July 26th. Finally, Raymond James Financial, Inc. boosted their price target on FirstService Corporation from $63.00 to $65.00 and gave the company a “market perform” rating in a research note on Thursday, July 27th. Four investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. FirstService Corporation currently has an average rating of “Buy” and an average price target of $67.00.
Shares of FirstService Corporation (NASDAQ FSV) opened at 65.42 on Thursday. 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 1-year low of $39.05 and a 1-year high of $70.83. The company has a market capitalization of $2.35 billion, a PE ratio of 52.34 and a beta of 0.90.
FirstService Corporation (NASDAQ:FSV) (TSE:FSV) last issued its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 for the quarter, compared to analyst estimates of $421.35 million. During the same period in the previous year, the firm earned $0.52 earnings per share. The company’s revenue was up 12.9% compared to the same quarter last year. On average, equities analysts expect that FirstService Corporation will post $1.96 earnings per share for the current fiscal year.
FirstService Corporation announced that its board has approved a stock buyback plan on Thursday, August 17th that permits the company to buyback 3,100,000 shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of FirstService Corporation by 17.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,202 shares of the financial services provider’s stock valued at $141,000 after acquiring an additional 324 shares in the last quarter. Wetherby Asset Management Inc. bought a new stake in shares of FirstService Corporation during the second quarter valued at approximately $209,000. Legal & General Group Plc increased its holdings in shares of FirstService Corporation by 37.7% during the first quarter. Legal & General Group Plc now owns 3,289 shares of the financial services provider’s stock valued at $198,000 after acquiring an additional 900 shares in the last quarter. Orgel Wealth Management LLC bought a new stake in shares of FirstService Corporation during the second quarter valued at approximately $211,000. Finally, UBS Group AG increased its holdings in shares of FirstService Corporation by 21.2% during the first quarter. UBS Group AG now owns 3,427 shares of the financial services provider’s stock valued at $206,000 after acquiring an additional 600 shares in the last quarter. Hedge funds and other institutional investors own 58.96% of the company’s stock.
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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