TORONTO - FirstService (NASDAQ:FSV) Corporation (TSX: FSV; NASDAQ: FSV), a North American leader in property services, announced a quarterly cash dividend of US$0.25 per common share, payable on October 7, 2024. Shareholders on record by September 30, 2024, will be eligible for the dividend, which is also recognized as an "eligible dividend" for Canadian income tax purposes.
FirstService operates through two main service platforms: FirstService Residential, the largest manager of residential communities in North America, and FirstService Brands, a leading provider of essential property services. The company, which boasts annual revenues exceeding $4.6 billion and a workforce of around 30,000 employees, emphasizes its track record of delivering value and returns for its shareholders.
The company's common shares are traded on the NASDAQ and the Toronto Stock Exchange under the symbol "FSV," and are a component of the S&P/TSX 60 index. FirstService attributes its success to significant insider ownership and an experienced management team.
While the press release contains forward-looking statements, it cautions that these should not be unduly relied upon. The actual results could materially differ due to various risks and uncertainties, including economic conditions, the company's ability to execute its business strategy, regulatory changes, and other factors detailed in its regulatory filings.
Investors are advised that this information is based on a press release statement from FirstService Corporation. The company's latest news and updates can be found on its website, but readers should be aware that the forward-looking statements are subject to change and carry risks and uncertainties that may cause actual outcomes to differ from those projected.
In other recent news, FirstService Corporation has been making significant strides in its financial growth, with its second-quarter earnings and revenue performance exceeding expectations. The company's EBITDA rose by 12% to $132 million, with total revenues experiencing a 16% year-over-year increase, largely due to strategic acquisitions. RBC Capital Markets and Scotiabank have both responded positively to this development, raising their price targets for FirstService to $192 and $190, respectively.
The company has also expanded its fire protection services with the recent acquisitions of Citadel Fire Sprinkler, Inc. and Sentry Fire Protection Co., Inc. These additions are anticipated to drive growth in fire sprinkler suppression capabilities and fill geographic gaps in existing markets.
FirstService's robust strategy of mergers and acquisitions, particularly in the roofing sector, has been a key driver of its impressive financial growth. This is reflected in the company's projected mid-teens percentage growth in consolidated revenues and EBITDA for 2023. These recent developments underscore FirstService's promising financial performance and growth trajectory.
InvestingPro Insights
FirstService Corporation's commitment to shareholder value is underscored by its consistent track record, as indicated by a dividend increase for 9 consecutive years. This dedication to returning value to shareholders is a positive sign for investors looking for stable income streams. Moreover, the company's net income is expected to grow this year, which may be a reflection of its operational efficiency and market position.
InvestingPro data reveals that FirstService Corporation has a market capitalization of $7.93 billion, with a high price-to-earnings (P/E) ratio of 98.47, suggesting that investors are willing to pay a premium for the company's earnings. The company's revenue for the last twelve months as of Q2 2024 stands at $4.65 billion, with a robust growth rate of 12.94%. Additionally, FirstService has been trading near its 52-week high, with a price percentage of 97.4% of that peak, which may indicate strong market confidence in the stock.
For those seeking more comprehensive analysis and metrics, there are additional InvestingPro Tips available on the platform, which can provide deeper insights into FirstService Corporation's financial health and market performance. These tips include a review of the company's sales growth expectations for the current year, an examination of its valuation multiples, and an assessment of its debt levels relative to its liquid assets.
To explore these insights and more, investors can visit the dedicated page for FirstService Corporation on InvestingPro: https://www.investing.com/pro/FSV. With 14 additional InvestingPro Tips available, users can gain a more nuanced understanding of the company's prospects and investment potential.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.