Royal Bank of Canada Reduces Position in Frontdoor Inc. $FTDR

Key Points

• Royal Bank of Canada cut its Frontdoor stake by 44.3% in the first quarter, selling 32,869 shares and retaining 41,400 shares worth approximately $2.19 million.
• Analysts remain broadly positive on Frontdoor, with four Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $92. Several firms recently raised their targets to between $96 and $105.
• Frontdoor exceeded quarterly expectations, reporting $1.93 in earnings per share versus the $1.76 consensus and $645 million in revenue. Revenue increased 4.5% year over year, while the stock opened at $83.75 and has traded between $48.47 and $93.43 over the past year.

Royal Bank of Canada reduced its holdings in Frontdoor Inc. (NASDAQ:FTDR - Free Report) by 44.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,400 shares of the company's stock after selling 32,869 shares during the period. Royal Bank of Canada owned approximately 0.06% of Frontdoor worth $2,189,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. State of Wyoming lifted its stake in Frontdoor by 2.5% in the 1st quarter. State of Wyoming now owns 7,140 shares of the company's stock worth $377,000 after purchasing an additional 177 shares in the last quarter. ProShare Advisors LLC grew its position in shares of Frontdoor by 1.7% in the fourth quarter. ProShare Advisors LLC now owns 14,232 shares of the company's stock valued at $821,000 after purchasing an additional 236 shares in the last quarter. Snowden Capital Advisors LLC increased its holdings in shares of Frontdoor by 4.1% in the second quarter. Snowden Capital Advisors LLC now owns 6,407 shares of the company's stock valued at $378,000 after purchasing an additional 250 shares during the last quarter. Bank of Montreal Can increased its holdings in shares of Frontdoor by 5.0% in the fourth quarter. Bank of Montreal Can now owns 5,296 shares of the company's stock valued at $306,000 after purchasing an additional 254 shares during the last quarter. Finally, Huntington National Bank lifted its position in Frontdoor by 18.8% during the fourth quarter. Huntington National Bank now owns 1,723 shares of the company's stock worth $99,000 after buying an additional 273 shares in the last quarter.

Analyst Ratings Changes

FTDR has been the subject of several analyst reports. Benchmark upped their target price on Frontdoor from $80.00 to $96.00 and gave the company a "buy" rating in a report on Friday, August 7th. Oppenheimer lifted their price target on Frontdoor from $70.00 to $100.00 and gave the stock an "outperform" rating in a report on Friday, August 7th. The Goldman Sachs Group reissued a "neutral" rating on shares of Frontdoor in a research report on Friday, August 7th. Truist Financial boosted their target price on shares of Frontdoor from $82.00 to $105.00 and gave the company a "buy" rating in a report on Friday, August 7th. Finally, Weiss Ratings cut shares of Frontdoor from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, May 21st. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Frontdoor presently has an average rating of "Moderate Buy" and a consensus price target of $92.00.

Frontdoor Price Performance

NASDAQ:FTDR opened at $83.75 on Tuesday. Frontdoor Inc. has a 52 week low of $48.47 and a 52 week high of $93.43. The stock's fifty day moving average is $75.65 and its two-hundred day moving average is $65.84. The company has a market capitalization of $5.77 billion, a P/E ratio of 22.21 and a beta of 1.47. The company has a quick ratio of 1.59, a current ratio of 1.59 and a debt-to-equity ratio of 3.98.

Frontdoor (NASDAQ:FTDR - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $1.93 earnings per share for the quarter, topping analysts' consensus estimates of $1.76 by $0.17. The business had revenue of $645.00 million during the quarter, compared to analysts' expectations of $643.40 million. Frontdoor had a return on equity of 120.90% and a net margin of 12.72%.The company's revenue was up 4.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.63 EPS. Equities analysts expect that Frontdoor Inc. will post 4.66 EPS for the current year.

Frontdoor Profile

Frontdoor, Inc NASDAQ: FTDR is a leading provider of home service plans and repair solutions for residential property owners. The company offers contract-based coverage that helps homeowners manage the cost of repairing and replacing essential household systems and appliances, including heating and cooling, plumbing, electrical wiring, water heaters, washers, dryers, refrigerators and other major kitchen equipment.

Frontdoor delivers its services through a nationwide network of independent service professionals and contractors, leveraging a cloud-based platform and call center infrastructure to coordinate service visits and process claims.

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