FirstService (NASDAQ:FSV) Price Target Raised to $220.00 at Scotiabank

Key Points

• Scotiabank raised FirstService's price target from $210.00 to $220.00, indicating an 11.71% potential upside from the stock's previous close.
• FirstService reported $1.71 EPS for the last quarter, exceeding analysts' expectations of $1.45, while its revenue climbed 9.1% year-over-year.
• Institutional investors and hedge funds hold 69.35% of FirstService's stock, with several firms significantly increasing their stakes in the company recently.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV had its price target hoisted by investment analysts at Scotiabank from $210.00 to $220.00 in a research note issued on Wednesday, July 30th, MarketBeat reports. The brokerage currently has a "sector perform" rating on the financial services provider's stock. Scotiabank's target price indicates a potential upside of 11.52% from the company's previous close.

A number of other research analysts have also recently commented on the company. Wall Street Zen upgraded FirstService from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. TD Securities upped their price target on FirstService from $200.00 to $211.00 and gave the stock a "hold" rating in a research note on Friday, July 25th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $217.75.

FirstService Price Performance

Shares of FirstService stock opened at $197.28 on Wednesday. FirstService has a twelve month low of $153.13 and a twelve month high of $201.10. The business has a 50-day moving average price of $180.33 and a 200 day moving average price of $175.60. The company has a quick ratio of 1.94, a current ratio of 1.76 and a debt-to-equity ratio of 0.99. The firm has a market cap of $8.97 billion, a PE ratio of 63.23 and a beta of 0.95.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last posted its quarterly earnings data 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 company had revenue of $1.42 billion during 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%. FirstService's quarterly revenue was up 9.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.36 EPS. Sell-side analysts predict that FirstService will post 5.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FSV. Sei Investments Co. increased its stake in shares of FirstService by 13.9% during the 4th quarter. Sei Investments Co. now owns 11,711 shares of the financial services provider's stock worth $2,120,000 after purchasing an additional 1,425 shares in the last quarter. LPL Financial LLC lifted its holdings in shares of FirstService by 5.1% during the 4th quarter. LPL Financial LLC now owns 9,707 shares of the financial services provider's stock valued at $1,757,000 after acquiring an additional 471 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of FirstService by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 1,794,676 shares of the financial services provider's stock valued at $325,100,000 after acquiring an additional 23,103 shares in the last quarter. Korea Investment CORP lifted its holdings in FirstService by 5.4% in the 4th quarter. Korea Investment CORP now owns 9,704 shares of the financial services provider's stock worth $1,757,000 after buying an additional 500 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in FirstService by 18.8% in the 4th quarter. JPMorgan Chase & Co. now owns 238,471 shares of the financial services provider's stock worth $43,168,000 after buying an additional 37,695 shares in the last quarter. 69.35% of the stock is owned by hedge funds and other 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.