Scotiabank Issues Pessimistic Forecast for FirstService (NASDAQ:FSV) Stock Price

FirstService (NASDAQ:FSV) (TSE:FSV) had its price objective cut by Scotiabank from $217.50 to $210.00 in a research note published on Thursday, MarketBeat reports. They currently have a sector perform rating on the financial services provider’s stock.

A number of other brokerages have also issued reports on FSV. StockNews.com lowered FirstService from a “buy” rating to a “hold” rating in a research report on Thursday, March 27th. Raymond James raised their price target on shares of FirstService from $215.00 to $225.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $203.33.

FirstService Price Performance

FSV stock opened at $172.03 on Thursday. The stock has a market cap of $7.82 billion, a PE ratio of 57.92 and a beta of 1.04. The stock has a 50-day moving average price of $170.12 and a two-hundred day moving average price of $179.81. FirstService has a 1 year low of $141.26 and a 1 year high of $197.84. The company has a current ratio of 1.75, a quick ratio of 1.79 and a debt-to-equity ratio of 1.09.

FirstService Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 0.64%. This is an increase from FirstService’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Monday, March 31st. FirstService’s payout ratio is presently 37.04%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank acquired a new stake in FirstService in the 4th quarter valued at about $98,615,000. Franklin Resources Inc. raised its stake in FirstService by 486.3% in the third quarter. Franklin Resources Inc. now owns 469,141 shares of the financial services provider’s stock valued at $87,308,000 after buying an additional 389,129 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of FirstService in the fourth quarter valued at approximately $48,541,000. Price T Rowe Associates Inc. MD boosted its stake in shares of FirstService by 53.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 656,097 shares of the financial services provider’s stock worth $118,767,000 after acquiring an additional 229,889 shares during the period. Finally, CIBC Asset Management Inc boosted its stake in shares of FirstService by 57.4% during the 4th quarter. CIBC Asset Management Inc now owns 457,735 shares of the financial services provider’s stock worth $83,138,000 after acquiring an additional 166,996 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.