Zacks Investment Research Lowers FirstService (NASDAQ:FSV) to Hold

Zacks Investment Research lowered shares of FirstService (NASDAQ:FSV) (TSE:FSV) from a strong-buy rating to a hold rating in a research note published on Wednesday, Zacks.com reports.

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 research firms have also weighed in on FSV. TD Securities boosted their price objective on shares of FirstService from $130.00 to $150.00 and gave the stock a buy rating in a research note on Friday, October 2nd. ValuEngine lowered shares of FirstService from a buy rating to a hold rating in a research note on Thursday, November 5th. Royal Bank of Canada upped their price target on shares of FirstService from $120.00 to $135.00 and gave the company a sector perform rating in a research note on Thursday, October 29th. Raymond James upped their price target on shares of FirstService from $125.00 to $145.00 and gave the company an outperform rating in a research note on Thursday, October 29th. Finally, Scotiabank upped their price target on shares of FirstService from $125.00 to $128.00 and gave the company a sector perform rating in a research note on Thursday, October 29th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company currently has an average rating of Buy and an average price target of $130.14.

FirstService stock opened at $136.76 on Wednesday. The firm has a market capitalization of $5.94 billion, a PE ratio of 82.89 and a beta of 0.93. The company’s 50-day moving average is $134.32 and its 200-day moving average is $124.09. FirstService has a fifty-two week low of $57.38 and a fifty-two week high of $145.84. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.35 and a quick ratio of 1.35.

FirstService (NASDAQ:FSV) (TSE:FSV) last released its quarterly earnings data on Wednesday, October 28th. The financial services provider reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.41. The company had revenue of $741.90 million for the quarter, compared to analyst estimates of $685.55 million. FirstService had a net margin of 2.64% and a return on equity of 13.48%. FirstService’s revenue for the quarter was up 10.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.92 EPS. As a group, analysts expect that FirstService will post 1.93 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 7th. Shareholders of record on Thursday, December 31st will be given a dividend of $0.165 per share. The ex-dividend date of this dividend is Wednesday, December 30th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.48%. FirstService’s payout ratio is presently -10.14%.

Several large investors have recently made changes to their positions in the business. Schonfeld Strategic Advisors LLC acquired a new position in shares of FirstService during the 3rd quarter worth approximately $1,273,000. Jane Street Group LLC bought a new stake in shares of FirstService during the 3rd quarter worth approximately $1,862,000. Schwartz Investment Counsel Inc. lifted its holdings in shares of FirstService by 50.0% during the 3rd quarter. Schwartz Investment Counsel Inc. now owns 7,500 shares of the financial services provider’s stock worth $989,000 after acquiring an additional 2,500 shares during the period. Great West Life Assurance Co. Can lifted its holdings in shares of FirstService by 0.5% during the 3rd quarter. Great West Life Assurance Co. Can now owns 136,829 shares of the financial services provider’s stock worth $18,075,000 after acquiring an additional 632 shares during the period. Finally, Durable Capital Partners LP lifted its holdings in shares of FirstService by 4.2% during the 3rd quarter. Durable Capital Partners LP now owns 3,027,108 shares of the financial services provider’s stock worth $399,245,000 after acquiring an additional 121,265 shares during the period. Hedge funds and other institutional investors own 66.14% of the company’s stock.

About FirstService

FirstService Corporation, together with its subsidiaries, provides residential 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 provides property management services for private residential communities, such as condominiums, co-operatives, homeowner associations, master-planned communities, active adult and lifestyle communities, and various other residential developments.

Featured Story: Most Volatile Stocks

Get a free copy of the Zacks research report on FirstService (FSV)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for FirstService (NASDAQ:FSV)

Receive News & Ratings for FirstService Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FirstService and related companies with MarketBeat.com's FREE daily email newsletter.