FirstService (FSV) Upgraded to Buy by Zacks Investment Research

FirstService (NASDAQ:FSV) (TSE:FSV) was upgraded by Zacks Investment Research from a “strong sell” rating to a “buy” rating in a research report issued on Tuesday. The firm currently has a $77.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 11.38% from the stock’s current price.

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. “

Several other equities research analysts also recently weighed in on the company. Royal Bank of Canada downgraded FirstService from an “outperform” rating to a “sector perform” rating and raised their price target for the stock from $71.00 to $75.00 in a report on Thursday, October 26th. BidaskClub downgraded FirstService from a “hold” rating to a “sell” rating in a report on Saturday, January 13th. Scotiabank downgraded FirstService from an “outperform” rating to a “sector perform” rating in a report on Thursday, October 26th. Finally, William Blair reaffirmed a “market perform” rating on shares of FirstService in a report on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $69.20.

Shares of FirstService (FSV) traded up $0.49 during midday trading on Tuesday, reaching $69.13. The company’s stock had a trading volume of 48,348 shares, compared to its average volume of 40,855. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.95 and a current ratio of 1.18. The firm has a market capitalization of $2,433.37, a P/E ratio of 47.68 and a beta of 0.59. FirstService has a fifty-two week low of $54.58 and a fifty-two week high of $74.49.

FirstService (NASDAQ:FSV) (TSE:FSV) last issued its quarterly earnings results on Wednesday, February 7th. The financial services provider reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.03. The business had revenue of $438.10 million during the quarter, compared to the consensus estimate of $416.13 million. FirstService had a return on equity of 29.64% and a net margin of 3.11%. The company’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the company earned $0.41 earnings per share. analysts expect that FirstService will post 2.25 EPS for the current year.

Several institutional investors have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. lifted its holdings in FirstService by 6.5% in the second quarter. Alliancebernstein L.P. now owns 21,270 shares of the financial services provider’s stock valued at $1,361,000 after acquiring an additional 1,300 shares during the period. Legal & General Group Plc lifted its holdings in FirstService by 40.1% in the third quarter. Legal & General Group Plc now owns 4,887 shares of the financial services provider’s stock valued at $320,000 after acquiring an additional 1,400 shares during the period. CIBC Asset Management Inc lifted its holdings in FirstService by 2.3% in the third quarter. CIBC Asset Management Inc now owns 67,829 shares of the financial services provider’s stock valued at $4,445,000 after acquiring an additional 1,503 shares during the period. Highstreet Asset Management Inc. lifted its holdings in FirstService by 611.1% in the third quarter. Highstreet Asset Management Inc. now owns 2,553 shares of the financial services provider’s stock valued at $168,000 after acquiring an additional 2,194 shares during the period. Finally, Great West Life Assurance Co. Can lifted its holdings in FirstService by 1.5% in the third quarter. Great West Life Assurance Co. Can now owns 171,775 shares of the financial services provider’s stock valued at $11,270,000 after acquiring an additional 2,488 shares during the period. 61.77% of the stock is owned by hedge funds and other institutional investors.

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About FirstService

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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