Scotiabank Increases Earnings Estimates for FirstService

FirstService Co. (NASDAQ:FSV) (TSE:FSV) – Analysts at Scotiabank upped their FY2024 earnings estimates for shares of FirstService in a research report issued to clients and investors on Wednesday, January 8th. Scotiabank analyst H. Gupta now expects that the financial services provider will post earnings per share of $4.64 for the year, up from their prior estimate of $4.36. Scotiabank has a “Sector Perform” rating and a $200.00 price objective on the stock. The consensus estimate for FirstService’s current full-year earnings is $4.58 per share. Scotiabank also issued estimates for FirstService’s FY2025 earnings at $5.38 EPS.

A number of other brokerages have also issued reports on FSV. StockNews.com raised shares of FirstService from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Stifel Nicolaus raised their target price on shares of FirstService from $200.00 to $215.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Finally, TD Securities boosted their price target on shares of FirstService from $179.00 to $182.00 and gave the stock a “hold” rating in a research note on Thursday, October 17th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $198.33.

FirstService Stock Performance

NASDAQ FSV opened at $174.61 on Friday. The business has a 50-day moving average price of $186.98 and a 200-day moving average price of $178.43. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 1.13. FirstService has a twelve month low of $141.26 and a twelve month high of $197.84. The firm has a market cap of $7.90 billion, a price-to-earnings ratio of 72.75 and a beta of 1.06.

FirstService (NASDAQ:FSV) (TSE:FSV) last released its earnings results on Thursday, October 24th. The financial services provider reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.42 by $0.21. The company had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.32 billion. FirstService had a net margin of 2.19% and a return on equity of 16.68%. FirstService’s revenue for the quarter was up 25.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.18 EPS.

Institutional Investors Weigh In On FirstService

Several large investors have recently added to or reduced their stakes in the stock. Versant Capital Management Inc bought a new stake in shares of FirstService in the 4th quarter worth about $29,000. Benjamin Edwards Inc. lifted its stake in FirstService by 35.0% in the second quarter. Benjamin Edwards Inc. now owns 351 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 91 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of FirstService during the third quarter valued at approximately $53,000. Benjamin F. Edwards & Company Inc. boosted its position in shares of FirstService by 49.6% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 416 shares of the financial services provider’s stock valued at $63,000 after buying an additional 138 shares during the period. Finally, Venturi Wealth Management LLC bought a new position in shares of FirstService during the third quarter valued at approximately $66,000. 69.35% of the stock is owned by institutional investors.

FirstService Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 31st were paid a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.57%. FirstService’s payout ratio is currently 41.67%.

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.