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 report issued on Thursday.
A number of other analysts have also weighed in on FSV. Raymond James Financial, Inc. raised their target price 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. Royal Bank Of Canada raised their target price 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 upgraded FirstService Corporation from a “c” rating to a “b-” rating in a research note on Wednesday, July 26th. Zacks Investment Research upgraded FirstService Corporation from a “hold” rating to a “strong-buy” rating and set a $73.00 target price for the company in a research note on Wednesday, August 2nd. Finally, William Blair lowered FirstService Corporation from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Four equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. FirstService Corporation presently has a consensus rating of “Buy” and a consensus price target of $67.00.
Shares of FirstService Corporation (NASDAQ FSV) traded down 1.65% during trading on Thursday, reaching $65.42. 41,280 shares of the company were exchanged. FirstService Corporation has a 52-week low of $39.05 and a 52-week high of $70.83. The stock has a market capitalization of $2.35 billion, a P/E ratio of 52.34 and a beta of 0.90. The stock has a 50-day moving average of $67.07 and a 200 day moving average of $62.67.
FirstService Corporation (NASDAQ:FSV) (TSE:FSV) last announced its earnings results on Wednesday, July 26th. The financial services provider reported $0.50 earnings per share for the quarter, beating the Zacks’ 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 company had revenue of $434.90 million during the quarter, compared to analyst estimates of $421.35 million. During the same period last year, the company posted $0.52 earnings per share. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year. On average, equities analysts anticipate that FirstService Corporation will post $1.96 earnings per share for the current fiscal year.
FirstService Corporation announced that its Board of Directors has approved a share buyback program on Thursday, August 17th that permits the company to repurchase 3,100,000 shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
A number of hedge funds have recently made changes to their positions in FSV. Neuberger Berman Group LLC acquired a new stake in FirstService Corporation in the first quarter worth about $45,157,000. Fiera Capital Corp increased its position in FirstService Corporation by 43.6% in the second quarter. Fiera Capital Corp now owns 1,176,304 shares of the financial services provider’s stock worth $75,345,000 after purchasing an additional 357,370 shares during the period. Renaissance Technologies LLC increased its position 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 purchasing an additional 171,600 shares during the period. AJO LP acquired a new stake in FirstService Corporation in the second quarter worth about $8,115,000. Finally, RK Capital Management LLC acquired a new stake in FirstService Corporation in the first quarter worth about $7,248,000. 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.
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 MarketBeat.com's FREE daily email newsletter.