FirstService (FSV) Upgraded to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of FirstService (NASDAQ:FSV) (TSE:FSV) from a sell rating to a hold rating in a research report report published on Monday.
According to Zacks, “FirstService Corporation offers property services to commercial, institutional and residential customers primarily in North America and internationally. Its operating segment consists of Commercial Real Estate Services, Residential Real Estate Services and Property Services. FirstService Corporation is headquartered in Toronto, Canada. “
A number of other equities analysts have also recently issued reports on FSV. BidaskClub cut shares of FirstService from a buy rating to a hold rating in a report on Thursday, October 4th. BMO Capital Markets reissued a hold rating and issued a $83.00 target price on shares of FirstService in a report on Wednesday, October 24th. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. FirstService currently has a consensus rating of Hold and an average price target of $82.75.
FirstService (NASDAQ:FSV) (TSE:FSV) last issued its earnings results on Wednesday, October 24th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.90 by ($0.01). FirstService had a return on equity of 36.30% and a net margin of 3.71%. The business had revenue of $506.36 million during the quarter, compared to the consensus estimate of $505.25 million. During the same period in the prior year, the business earned $0.73 EPS. The business’s revenue was up 9.3% on a year-over-year basis. As a group, analysts anticipate that FirstService will post 1.87 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 8th. Shareholders of record on Monday, December 31st will be issued a $0.135 dividend. The ex-dividend date is Friday, December 28th. This represents a $0.54 dividend on an annualized basis and a yield of 0.71%. FirstService’s dividend payout ratio is currently 26.60%.
Several large investors have recently made changes to their positions in FSV. Allianz Asset Management GmbH acquired a new stake in shares of FirstService in the first quarter valued at approximately $338,000. Baskin Financial Services Inc. increased its stake in shares of FirstService by 1.5% in the second quarter. Baskin Financial Services Inc. now owns 176,348 shares of the financial services provider’s stock valued at $13,415,000 after purchasing an additional 2,653 shares during the period. Boston Financial Mangement LLC increased its stake in shares of FirstService by 2.2% in the second quarter. Boston Financial Mangement LLC now owns 109,339 shares of the financial services provider’s stock valued at $8,314,000 after purchasing an additional 2,362 shares during the period. Dean Capital Investments Management LLC acquired a new stake in shares of FirstService in the second quarter valued at approximately $389,000. Finally, Toronto Dominion Bank increased its stake in shares of FirstService by 52.4% in the second quarter. Toronto Dominion Bank now owns 34,885 shares of the financial services provider’s stock valued at $2,647,000 after purchasing an additional 11,988 shares during the period. Institutional investors own 67.40% of the company’s stock.
FirstService Corporation provides property services to residential and commercial customers in the United States and Canada. The company operates through two segments, FirstService Residential and FirstService Brands. The FirstService Residential segment manages private residential communities, such as condominiums, co-operatives, homeowner associations, master-planned communities, active adult and lifestyle communities, and various other residential developments.
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