FirstService (NASDAQ:FSV) Stock Price Down 10.3% – Here’s What Happened

FirstService Corporation (NASDAQ:FSV) (TSE:FSV) shares traded down 10.3% during mid-day trading on Thursday . The stock traded as low as $126.49 and last traded at $127.0270. 44,649 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 211,308 shares. The stock had previously closed at $141.63.

Analysts Set New Price Targets

Several research firms have recently weighed in on FSV. Stifel Nicolaus reduced their price objective on FirstService from $215.00 to $200.00 and set a “buy” rating for the company in a research report on Monday, April 27th. TD Cowen reissued a “buy” rating and issued a $204.00 target price on shares of FirstService in a research report on Wednesday, June 3rd. Canadian Imperial Bank of Commerce restated an “outperform” rating and issued a $175.00 target price on shares of FirstService in a research note on Friday. TD boosted their target price on FirstService from $204.00 to $207.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Finally, Weiss Ratings downgraded FirstService from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, May 29th. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $184.20.

FirstService Stock Up 4.8%

The firm’s 50-day simple moving average is $139.47 and its 200 day simple moving average is $145.39. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.66 and a current ratio of 1.66. The stock has a market capitalization of $6.32 billion, a P/E ratio of 38.94, a PEG ratio of 3.96 and a beta of 0.94.

FirstService (NASDAQ:FSV) (TSE:FSV) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.71 by $0.04. The company had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.44 billion. FirstService had a return on equity of 17.53% and a net margin of 2.88%.FirstService’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.71 EPS. As a group, research analysts expect that FirstService Corporation will post 5.57 EPS for the current year.

FirstService Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 7th. Investors of record on Tuesday, June 30th were given a dividend of $0.305 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.22 annualized dividend and a yield of 0.9%. FirstService’s dividend payout ratio is 34.56%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in FSV. PensionDanmark Pensionsforsikringsaktieselskab raised its stake in shares of FirstService by 39.4% during the 2nd quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 21,200 shares of the financial services provider’s stock worth $3,014,000 after purchasing an additional 5,990 shares in the last quarter. Hilltop National Bank grew its stake in shares of FirstService by 4.1% in the second quarter. Hilltop National Bank now owns 2,055 shares of the financial services provider’s stock valued at $292,000 after buying an additional 81 shares in the last quarter. Glenmede Trust Co. NA grew its stake in shares of FirstService by 32.8% in the first quarter. Glenmede Trust Co. NA now owns 5,585 shares of the financial services provider’s stock valued at $776,000 after buying an additional 1,378 shares in the last quarter. Summitry LLC increased its holdings in FirstService by 44.9% during the first quarter. Summitry LLC now owns 2,670 shares of the financial services provider’s stock worth $371,000 after buying an additional 827 shares during the last quarter. Finally, Argent Capital Management LLC increased its holdings in FirstService by 52.0% during the first quarter. Argent Capital Management LLC now owns 50,787 shares of the financial services provider’s stock worth $7,056,000 after buying an additional 17,377 shares during the last quarter. Institutional investors and hedge funds own 69.35% of the company’s stock.

About FirstService

FirstService Corporation, founded in 1989 and headquartered in Toronto, Ontario, is a leading provider of property services in North America. The company operates through two principal segments—FirstService Residential and FirstService Brands—offering a broad range of services to residential, commercial and homeowner association clients.

FirstService Residential delivers community management, financial oversight and consulting services to thousands of residential communities across the United States and Canada.