In a notable surge, Firstservice Corp (FSV) stock has reached a 52-week high, touching $181.39. This peak reflects a robust year-over-year growth, with the company's stock price soaring by 14.7%. Investors have shown increased confidence in Firstservice Corp, propelling the stock to new heights over the past year. The company's performance, underscored by this 52-week high, signals a strong market presence and potentially forecasts a positive outlook for the upcoming financial quarters.
In other recent news, FirstService (NASDAQ:FSV) Corporation has reported a 16% year-over-year increase in total revenues, largely due to strategic acquisitions. The company's EBITDA also saw a rise of 12% to $132 million. In addition, FirstService Residential's revenues grew by 8%, driven by the acquisition of CitiScape and organic growth. For 2023, the company projects mid-teens percentage growth in consolidated revenues and EBITDA.
FirstService has also expanded its fire protection services with the recent acquisitions of Citadel Fire Sprinkler, Inc. and Sentry Fire Protection Co., Inc. These acquisitions are anticipated to drive growth in fire sprinkler suppression capabilities and fill geographic gaps in existing markets.
In the realm of analyst notes, RBC Capital Markets has raised its price target for FirstService to $192, while Scotiabank has set its price target at $190. Both firms have responded positively to the company's recent financial performance, particularly its second-quarter earnings and revenue results.
In other company news, FirstService has declared a quarterly cash dividend of US$0.25 per common share. The dividend will be payable to shareholders on record by September 30, 2024. These are among the recent developments involving FirstService Corporation.
InvestingPro Insights
As Firstservice Corp (FSV) celebrates its 52-week high, the latest data from InvestingPro reveals a company that is not only growing but also rewarding its shareholders. With a market capitalization of $8.16 billion and a revenue growth of nearly 13% in the last twelve months as of Q2 2024, the company is demonstrating a solid financial trajectory. Additionally, Firstservice Corp has raised its dividend for 9 consecutive years, a testament to its commitment to returning value to its investors. The dividend yield as of the latest data stands at 0.55%, with a notable 11.11% dividend growth in the last twelve months.
Investors may also take interest in the company's stock performance, with a significant 19.61% price total return over the last three months. Firstservice Corp is currently trading near its 52-week high, at 99.49% of this peak value. This aligns with the strong return over the last three months and could indicate continued investor optimism. For those seeking further insights, InvestingPro offers additional tips on Firstservice Corp, including expectations of net income growth this year and predictions of sales growth in the current year, which can be found at InvestingPro. There are 13 more InvestingPro Tips available, offering a comprehensive look at the company's financial health and market position.
While the P/E ratio appears high at 100.9, indicating a premium valuation, this may be justified by the company's growth prospects and market position as a prominent player in the Real Estate Management & Development industry. Investors considering Firstservice Corp should weigh these metrics and tips to make informed decisions, with the InvestingPro platform providing a detailed analysis to guide potential investments.
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