FirstService (NASDAQ:FSV) Price Target Cut to $216.00 by Analysts at CIBC

Key Points

• CIBC has reduced its price target for FirstService from $225.00 to $216.00, indicating a potential upside of 31.13% from its current stock price.
• FirstService's stock experienced a decline of 1.2%, closing at $164.72, impacted by recent rating changes from various analysts.
• The company reported a quarterly earnings per share (EPS) of $1.71, exceeding expectations and reflecting a 9.1% revenue growth year-over-year.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV had its price target dropped by CIBC from $225.00 to $216.00 in a research note issued on Friday,BayStreet.CA reports. The brokerage currently has an "outperform" rating on the financial services provider's stock. CIBC's price target indicates a potential upside of 31.13% from the stock's current price.

Several other analysts have also issued reports on FSV. BMO Capital Markets set a $209.00 price objective on shares of FirstService and gave the company an "outperform" rating in a report on Friday. Weiss Ratings restated a "buy (b-)" rating on shares of FirstService in a report on Wednesday, October 8th. TD Securities set a $213.00 price objective on shares of FirstService in a report on Friday. Zacks Research lowered shares of FirstService from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 23rd. Finally, Scotiabank upgraded shares of FirstService from a "sector perform" rating to a "sector outperform" rating and reduced their price objective for the company from $220.00 to $205.00 in a report on Friday. Six equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $213.60.

FirstService Trading Down 1.2%

Shares of NASDAQ FSV traded down $2.01 during trading on Friday, hitting $164.72. 411,836 shares of the company were exchanged, compared to its average volume of 138,104. FirstService has a 12-month low of $153.13 and a 12-month high of $209.66. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.76 and a current ratio of 1.76. The company has a fifty day moving average price of $194.34 and a 200-day moving average price of $183.80. The firm has a market capitalization of $7.51 billion, a PE ratio of 52.79 and a beta of 0.99.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last posted its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.71 EPS for the quarter, topping the consensus estimate of $1.45 by $0.26. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.40 billion. FirstService had a return on equity of 18.24% and a net margin of 2.61%.The company's quarterly revenue was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.36 EPS. As a group, equities research analysts expect that FirstService will post 5.27 EPS for the current year.

Hedge Funds Weigh In On FirstService

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of FirstService by 1.2% during the first quarter. Vanguard Group Inc. now owns 1,815,548 shares of the financial services provider's stock worth $301,051,000 after buying an additional 20,872 shares in the last quarter. Mackenzie Financial Corp grew its position in shares of FirstService by 100.8% during the second quarter. Mackenzie Financial Corp now owns 1,475,463 shares of the financial services provider's stock worth $257,634,000 after buying an additional 740,583 shares in the last quarter. Orbis Allan Gray Ltd grew its position in shares of FirstService by 0.5% during the second quarter. Orbis Allan Gray Ltd now owns 1,423,870 shares of the financial services provider's stock worth $248,636,000 after buying an additional 6,680 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of FirstService by 2.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 671,431 shares of the financial services provider's stock worth $111,424,000 after buying an additional 15,334 shares in the last quarter. Finally, Franklin Resources Inc. grew its position in shares of FirstService by 8.8% during the second quarter. Franklin Resources Inc. now owns 586,891 shares of the financial services provider's stock worth $102,482,000 after buying an additional 47,696 shares in the last quarter. 69.35% of the stock is owned by institutional investors and hedge funds.

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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