FirstService Corporation (FSV) Rating Increased to Buy at BidaskClub
FirstService Corporation (NASDAQ:FSV) (TSE:FSV) was upgraded by research analysts at BidaskClub from a “hold” rating to a “buy” rating in a report released on Thursday.
Several other equities research analysts also recently weighed in on the company. Zacks Investment Research downgraded FirstService Corporation from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 27th. William Blair downgraded FirstService Corporation from an “outperform” rating to a “market perform” rating in a report on Wednesday, September 13th. TheStreet upgraded FirstService Corporation from a “c” rating to a “b-” rating in a report on Wednesday, July 26th. Royal Bank Of Canada increased their price target on FirstService Corporation from $65.00 to $71.00 and gave the stock an “outperform” rating in a report on Thursday, July 27th. Finally, Raymond James Financial, Inc. increased their price target on FirstService Corporation from $63.00 to $65.00 and gave the stock a “market perform” rating in a report on Thursday, July 27th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $67.00.
Shares of FirstService Corporation (NASDAQ FSV) traded down 2.06% during trading on Thursday, reaching $65.72. The company’s stock had a trading volume of 34,877 shares. FirstService Corporation has a 12-month low of $39.05 and a 12-month high of $70.83. The company has a 50 day moving average of $66.37 and a 200-day moving average of $66.37. The stock has a market cap of $2.36 billion, a price-to-earnings ratio of 52.58 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 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 for the quarter, compared to the consensus estimate of $421.35 million. During the same period in the prior year, the business posted $0.52 earnings per share. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. Analysts forecast that FirstService Corporation will post $1.96 EPS for the current year.
FirstService Corporation declared that its board has approved a stock repurchase program on Thursday, August 17th that permits the company to buyback 3,100,000 outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.
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A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Scotia Capital Inc. increased its holdings in FirstService Corporation by 9.6% during the 2nd quarter. Scotia Capital Inc. now owns 11,819 shares of the financial services provider’s stock worth $755,000 after purchasing an additional 1,034 shares during the period. Bank of Nova Scotia purchased a new position in FirstService Corporation during the 2nd quarter worth $1,869,000. Arrowstreet Capital Limited Partnership purchased a new position in FirstService Corporation during the 2nd quarter worth $3,737,000. Royal Bank of Canada increased its holdings in 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 purchasing an additional 1,907 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in 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 purchasing an additional 11,418 shares during the period. 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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