FirstService (NASDAQ:FSV) Announces Quarterly Earnings Results, Hits Estimates

Key Points

• FirstService reported quarterly earnings of $1.76 per share, meeting analyst expectations, while its revenue for the quarter was down slightly compared to estimates at $1.45 billion.
• The company declared a quarterly dividend of $0.275 per share, translating to an annualized yield of 0.7% with a payout ratio of 35.26%.
• FirstService's stock saw a 1.2% decline after earnings announcement, trading at $164.72 per share, with a market capitalization of $7.51 billion.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV announced its quarterly earnings data on Thursday. The financial services provider reported $1.76 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.76, Briefing.com reports. FirstService had a return on equity of 18.24% and a net margin of 2.61%.The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.47 billion. During the same period in the prior year, the business earned $1.63 EPS. The business's revenue for the quarter was up 3.7% on a year-over-year basis.

FirstService Stock Down 1.2%

Shares of FirstService stock traded down $2.01 during midday trading on Friday, reaching $164.72. 436,290 shares of the company's stock traded hands, compared to its average volume of 138,104. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.76 and a current ratio of 1.76. FirstService has a 52 week low of $153.13 and a 52 week high of $209.66. The company's 50 day simple moving average is $194.34 and its 200 day simple moving average is $183.80. The company has a market cap of $7.51 billion, a price-to-earnings ratio of 52.79 and a beta of 0.99.

FirstService Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 7th. Stockholders of record on Tuesday, September 30th were issued a dividend of $0.275 per share. The ex-dividend date was Tuesday, September 30th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 0.7%. FirstService's dividend payout ratio (DPR) is currently 35.26%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on FSV. Weiss Ratings reiterated a "buy (b-)" rating on shares of FirstService in a report on Wednesday, October 8th. Wall Street Zen raised shares of FirstService from a "hold" rating to a "buy" rating in a research report on Sunday, September 7th. Zacks Research lowered shares of FirstService from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 23rd. TD Securities set a $213.00 target price on shares of FirstService in a research note on Friday. Finally, Scotiabank raised shares of FirstService from a "sector perform" rating to a "sector outperform" rating and dropped their price target for the stock from $220.00 to $205.00 in a research note on Friday. Six analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $213.60.

Hedge Funds Weigh In On FirstService

Institutional investors have recently bought and sold shares of the stock. Balyasny Asset Management L.P. boosted its stake in shares of FirstService by 447.6% during the 2nd quarter. Balyasny Asset Management L.P. now owns 6,850 shares of the financial services provider's stock worth $1,196,000 after acquiring an additional 5,599 shares in the last quarter. Public Sector Pension Investment Board lifted its holdings in FirstService by 2.5% in the 2nd quarter. Public Sector Pension Investment Board now owns 4,076 shares of the financial services provider's stock worth $710,000 after purchasing an additional 100 shares during the last quarter. Engineers Gate Manager LP bought a new stake in FirstService during the second quarter worth approximately $669,000. Tower Research Capital LLC TRC grew its holdings in FirstService by 39.3% during the second quarter. Tower Research Capital LLC TRC now owns 3,186 shares of the financial services provider's stock valued at $556,000 after purchasing an additional 899 shares during the last quarter. Finally, Cetera Investment Advisers raised its position in shares of FirstService by 55.3% in the second quarter. Cetera Investment Advisers now owns 2,599 shares of the financial services provider's stock valued at $454,000 after purchasing an additional 925 shares during the period. 69.35% of the stock is currently owned by institutional investors.

About FirstService

FirstService Corporation, together with its subsidiaries, provides residential property management and other essential property services to residential and commercial customers in the United States and Canada. It operates through two segments: FirstService Residential and FirstService Brands. The FirstService Residential segment offers 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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