Connor Clark & Lunn Investment Management Ltd. Sells 393,276 Shares of FirstService Corporation $FSV

Connor Clark & Lunn Investment Management Ltd. cut its stake in FirstService Corporation (NASDAQ:FSV) (TSE:FSV) by 73.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 140,109 shares of the financial services provider’s stock after selling 393,276 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in FirstService were worth $24,444,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in FSV. Orbis Allan Gray Ltd grew its stake in FirstService by 18.8% in the first quarter. Orbis Allan Gray Ltd now owns 1,417,190 shares of the financial services provider’s stock valued at $235,183,000 after purchasing an additional 224,125 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of FirstService by 79.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 318,648 shares of the financial services provider’s stock valued at $52,880,000 after buying an additional 141,152 shares in the last quarter. TD Asset Management Inc grew its position in shares of FirstService by 61.6% in the 1st quarter. TD Asset Management Inc now owns 335,542 shares of the financial services provider’s stock worth $55,637,000 after buying an additional 127,846 shares during the last quarter. Geneva Capital Management LLC raised its stake in shares of FirstService by 52.3% during the 1st quarter. Geneva Capital Management LLC now owns 362,293 shares of the financial services provider’s stock worth $60,123,000 after acquiring an additional 124,385 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its position in FirstService by 82.2% during the first quarter. Canada Pension Plan Investment Board now owns 157,271 shares of the financial services provider’s stock valued at $26,083,000 after acquiring an additional 70,971 shares during the last quarter. 69.35% of the stock is owned by institutional investors.

FirstService Stock Down 1.6%

Shares of FSV stock opened at $151.41 on Monday. The stock has a 50 day moving average of $185.01 and a 200 day moving average of $183.28. The company has a current ratio of 1.73, a quick ratio of 1.76 and a debt-to-equity ratio of 0.90. The stock has a market cap of $6.92 billion, a P/E ratio of 50.14 and a beta of 0.99. FirstService Corporation has a twelve month low of $151.33 and a twelve month high of $209.66.

FirstService (NASDAQ:FSV) (TSE:FSV) last released its quarterly earnings data on Thursday, October 23rd. The financial services provider reported $1.76 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.76. FirstService had a net margin of 2.53% and a return on equity of 17.98%. The company had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.47 billion. During the same quarter in the previous year, the company earned $1.63 earnings per share. The firm’s revenue for the quarter was up 3.7% on a year-over-year basis. As a group, sell-side analysts expect that FirstService Corporation will post 5.27 EPS for the current year.

FirstService Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 7th. Stockholders of record on Tuesday, September 30th were given a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Tuesday, September 30th. FirstService’s dividend payout ratio (DPR) is 36.42%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Wall Street Zen downgraded FirstService from a “buy” rating to a “hold” rating in a research report on Saturday, October 25th. BMO Capital Markets set a $209.00 target price on FirstService and gave the company an “outperform” rating in a research report on Friday, October 24th. Raymond James Financial lowered their price target on FirstService from $225.00 to $215.00 and set an “outperform” rating for the company in a report on Monday, October 27th. Stifel Nicolaus dropped their price target on FirstService from $230.00 to $215.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. Finally, CIBC decreased their price objective on shares of FirstService from $225.00 to $216.00 and set an “outperform” rating for the company in a research report on Friday, October 24th. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $211.83.

FirstService Profile

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.