Royal Bank of Canada Increases FirstService (NASDAQ:FSV) Price Target to $110.00

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FirstService (NASDAQ:FSV) (TSE:FSV) had its target price upped by Royal Bank of Canada from $102.00 to $110.00 in a research note issued to investors on Thursday, BayStreet.CA reports. The brokerage currently has a sector perform rating on the financial services provider’s stock.

FSV has been the subject of a number of other research reports. Raymond James reissued an outperform rating and set a $36.00 price target on shares of Zymeworks in a research report on Thursday, May 30th. BMO Capital Markets reiterated a buy rating on shares of Toronto-Dominion Bank in a research note on Friday, May 24th. Zacks Investment Research upgraded FirstService from a strong sell rating to a hold rating and set a $110.00 price objective on the stock in a research note on Tuesday, June 25th. Finally, BidaskClub upgraded BankFinancial from a sell rating to a hold rating in a research note on Tuesday, April 9th. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $107.75.

Shares of NASDAQ FSV traded down $0.13 during midday trading on Thursday, hitting $105.15. 6,441 shares of the company’s stock were exchanged, compared to its average volume of 31,872. The firm has a fifty day simple moving average of $96.82. The company has a market cap of $3.72 billion, a P/E ratio of 58.42 and a beta of 0.84. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.45 and a current ratio of 1.42. FirstService has a twelve month low of $64.87 and a twelve month high of $106.73.

FirstService (NASDAQ:FSV) (TSE:FSV) last posted its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.94 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.31. FirstService had a positive return on equity of 26.44% and a negative net margin of 11.58%. The firm had revenue of $573.90 million for the quarter, compared to the consensus estimate of $550.77 million. During the same period in the previous year, the business earned $0.86 earnings per share. The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. On average, analysts anticipate that FirstService will post 1.87 EPS for the current fiscal year.

The company also recently announced a special dividend, which was paid on Friday, July 5th. Stockholders of record on Friday, June 28th were paid a $0.15 dividend. The ex-dividend date was Thursday, June 27th. This is a boost from FirstService’s previous special dividend of $0.08. FirstService’s payout ratio is 33.33%.

A number of hedge funds have recently bought and sold shares of the stock. Steward Partners Investment Advisory LLC purchased a new stake in FirstService during the 2nd quarter valued at approximately $402,000. Baskin Financial Services Inc. grew its holdings in shares of FirstService by 4.7% during the 2nd quarter. Baskin Financial Services Inc. now owns 193,762 shares of the financial services provider’s stock worth $18,642,000 after purchasing an additional 8,657 shares during the period. BB&T Corp purchased a new position in shares of FirstService during the 2nd quarter worth $226,000. Boston Financial Mangement LLC boosted its holdings in FirstService by 3.1% during the 2nd quarter. Boston Financial Mangement LLC now owns 92,248 shares of the financial services provider’s stock valued at $8,848,000 after acquiring an additional 2,765 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in FirstService by 23.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 746,985 shares of the financial services provider’s stock valued at $66,736,000 after acquiring an additional 143,267 shares during the period. Hedge funds and other institutional investors own 66.83% 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.

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