FirstService (NASDAQ:FSV) Issues Quarterly Earnings Results

Key Points

• FirstService reported a quarterly EPS of $1.71, exceeding the consensus estimate of $1.45, and achieved revenue of $1.42 billion, also surpassing expectations.
• The company announced a quarterly dividend of $0.275 per share, translating to an annualized yield of 0.55%.
• Institutional investors currently hold 69.35% of FirstService's shares, with Goldman Sachs significantly increasing its stake by 79.5% in the first quarter.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV posted its quarterly earnings results on Thursday. The financial services provider reported $1.71 EPS for the quarter, beating the consensus estimate of $1.45 by $0.26, Briefing.com reports. The business had revenue of $1.42 billion for the quarter, compared to analysts' expectations of $1.40 billion. FirstService had a net margin of 2.61% and a return on equity of 18.51%. FirstService's revenue was up 9.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.36 EPS.

FirstService Stock Performance

Shares of FSV stock traded up $6.08 during midday trading on Friday, hitting $200.08. 204,606 shares of the company were exchanged, compared to its average volume of 144,254. The firm has a market capitalization of $9.09 billion, a P/E ratio of 64.13 and a beta of 0.99. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.94 and a current ratio of 1.94. The firm's 50 day moving average price is $177.19 and its two-hundred day moving average price is $174.72. FirstService has a 52 week low of $153.13 and a 52 week high of $200.41.

FirstService Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Monday, June 30th were issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 0.55%. The ex-dividend date was Monday, June 30th. FirstService's payout ratio is 38.06%.

Institutional Trading of FirstService

A number of institutional investors have recently bought and sold shares of FSV. Goldman Sachs Group Inc. boosted its holdings in FirstService by 79.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 318,648 shares of the financial services provider's stock valued at $52,880,000 after purchasing an additional 141,152 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of FirstService by 40.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 59,389 shares of the financial services provider's stock valued at $9,856,000 after buying an additional 17,072 shares in the last quarter. Finally, Strs Ohio acquired a new position in shares of FirstService in the 1st quarter valued at approximately $38,000. Institutional investors own 69.35% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Wall Street Zen raised shares of FirstService from a "hold" rating to a "buy" rating in a research report on Saturday. Scotiabank dropped their price objective on shares of FirstService from $217.50 to $210.00 and set a "sector perform" rating for the company in a report on Thursday, April 17th. Finally, TD Securities increased their price target on shares of FirstService from $200.00 to $211.00 and gave the company a "hold" rating in a research note on Friday. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $210.60.

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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