FirstService (NASDAQ:FSV) Rating Increased to Sector Outperform at Scotiabank

Key Points

• FirstService's stock rating was upgraded by Scotiabank from "sector perform" to "sector outperform", with a target price of $205.00, indicating a potential upside of 22.95% from the previous close.
• Several research firms have varied opinions on FirstService, with TD Securities upgrading to "buy" while Zacks Research downgraded to "hold", reflecting a consensus rating of "Moderate Buy".
• FirstService reported a stronger than expected quarterly earnings with an EPS of $1.71, exceeding estimates by $0.26, along with a year-over-year revenue increase of 9.1% to $1.42 billion.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV was upgraded by analysts at Scotiabank from a "sector perform" rating to a "sector outperform" rating in a report released on Friday,Finviz reports. The firm presently has a $205.00 target price on the financial services provider's stock. Scotiabank's target price suggests a potential upside of 22.95% from the company's previous close.

A number of other research firms have also recently commented on FSV. TD Securities upgraded shares of FirstService from a "hold" rating to a "buy" rating in a research note on Friday. Zacks Research downgraded shares of FirstService from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 23rd. Weiss Ratings restated a "buy (b-)" rating on shares of FirstService in a research note on Wednesday, October 8th. Finally, Wall Street Zen upgraded FirstService from a "hold" rating to a "buy" rating in a research note on Sunday, September 7th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $213.67.

FirstService Trading Down 9.8%

Shares of FSV stock opened at $166.73 on Friday. FirstService has a 1 year low of $153.13 and a 1 year high of $209.66. The firm has a fifty day moving average price of $194.34 and a 200-day moving average price of $183.80. The company has a market cap of $7.60 billion, a price-to-earnings ratio of 53.44 and a beta of 0.99. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.76 and a quick ratio of 1.76.

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

Hedge Funds Weigh In On FirstService

Several institutional investors have recently bought and sold shares of FSV. TCTC Holdings LLC raised its position in shares of FirstService by 155.2% during the 1st quarter. TCTC Holdings LLC now owns 171 shares of the financial services provider's stock valued at $28,000 after buying an additional 104 shares in the last quarter. Geneos Wealth Management Inc. raised its position in FirstService by 63.7% during the second quarter. Geneos Wealth Management Inc. now owns 203 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 79 shares during the period. Strs Ohio bought a new position in shares of FirstService during the 1st quarter valued at approximately $38,000. EverSource Wealth Advisors LLC raised its holdings in FirstService by 400.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 365 shares of the financial services provider's stock valued at $64,000 after buying an additional 292 shares during the period. Finally, Spire Wealth Management raised its holdings in FirstService by 300.0% during the 3rd quarter. Spire Wealth Management now owns 400 shares of the financial services provider's stock valued at $76,000 after buying an additional 300 shares during the period. Institutional investors own 69.35% of the company's stock.

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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