FirstService (NASDAQ:FSV) Stock Price Up 9.9% Following Better-Than-Expected Earnings

FirstService Corporation (NASDAQ:FSV - Get Free Report) TSE: FSV's share price was up 9.9% on Thursday following a stronger than expected earnings report. The company traded as high as $195.74 and last traded at $196.79. Approximately 60,341 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 134,643 shares. The stock had previously closed at $179.06.

The financial services provider reported $1.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.45 by $0.26. FirstService had a return on equity of 17.49% and a net margin of 2.46%. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the business earned $1.36 EPS. FirstService's revenue for the quarter was up 9.1% on a year-over-year basis.

FirstService Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Monday, June 30th were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date of this dividend was Monday, June 30th. FirstService's dividend payout ratio (DPR) is 38.06%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FSV. TD Securities upped their target price on shares of FirstService from $198.00 to $200.00 and gave the company a "hold" rating in a report on Wednesday, May 7th. Wall Street Zen lowered FirstService from a "buy" rating to a "hold" rating in a report on Thursday, March 27th. Finally, Scotiabank reduced their target price on FirstService from $217.50 to $210.00 and set a "sector perform" rating for the company in a report on Thursday, April 17th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, FirstService currently has an average rating of "Moderate Buy" and an average price target of $208.40.

Institutional Investors Weigh In On FirstService

Several hedge funds have recently made changes to their positions in FSV. TCTC Holdings LLC increased its position in FirstService by 155.2% in the 1st quarter. TCTC Holdings LLC now owns 171 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 104 shares during the period. Strs Ohio purchased a new position in shares of FirstService in the 1st quarter valued at approximately $38,000. Spire Wealth Management increased its holdings in shares of FirstService by 52.1% in the first quarter. Spire Wealth Management now owns 543 shares of the financial services provider's stock valued at $90,000 after purchasing an additional 186 shares during the period. SVB Wealth LLC purchased a new position in FirstService during the 1st quarter worth $90,000. Finally, Natixis raised its holdings in FirstService by 5,511.1% during the fourth quarter. Natixis now owns 505 shares of the financial services provider's stock worth $91,000 after purchasing an additional 496 shares in the last quarter. Institutional investors and hedge funds own 69.35% of the company's stock.

FirstService Stock Up 8.3%

The firm has a market capitalization of $8.82 billion, a price-to-earnings ratio of 67.13 and a beta of 0.99. The firm has a fifty day moving average price of $176.34 and a 200 day moving average price of $174.47. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.94 and a current ratio of 1.94.

FirstService Company Profile

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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