The Manufacturers Life Insurance Company reduced its position in FirstService Corporation (NASDAQ:FSV – Free Report) (TSE:FSV) by 31.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,913,406 shares of the financial services provider’s stock after selling 861,947 shares during the period. The Manufacturers Life Insurance Company owned about 4.16% of FirstService worth $265,925,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently added to or reduced their stakes in FSV. M&T Bank Corp acquired a new stake in shares of FirstService during the 4th quarter valued at about $6,120,000. Bessemer Group Inc. raised its holdings in FirstService by 52.2% in the 1st quarter. Bessemer Group Inc. now owns 191,970 shares of the financial services provider’s stock worth $26,672,000 after purchasing an additional 65,830 shares during the period. UBS Group AG raised its holdings in FirstService by 40.5% in the 4th quarter. UBS Group AG now owns 174,467 shares of the financial services provider’s stock worth $27,135,000 after purchasing an additional 50,263 shares during the period. Vanguard Group Inc. boosted its position in FirstService by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 1,954,819 shares of the financial services provider’s stock worth $304,000,000 after purchasing an additional 29,805 shares in the last quarter. Finally, Copeland Capital Management LLC boosted its position in FirstService by 3.3% during the fourth quarter. Copeland Capital Management LLC now owns 346,042 shares of the financial services provider’s stock worth $53,820,000 after purchasing an additional 10,970 shares in the last quarter. 69.35% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of research firms have recently commented on FSV. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $144.00 price objective on shares of FirstService in a research report on Friday. TD Cowen reissued a “buy” rating and issued a $204.00 price target on shares of FirstService in a research note on Wednesday, June 3rd. Loop Capital initiated coverage on shares of FirstService in a report on Monday, May 4th. They issued a “hold” rating and a $140.00 price target for the company. TD boosted their price target on shares of FirstService from $204.00 to $207.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Finally, Stifel Nicolaus reduced their price objective on shares of FirstService from $215.00 to $200.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Eight analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, FirstService has an average rating of “Moderate Buy” and a consensus price target of $184.20.
FirstService Price Performance
Shares of FirstService stock opened at $140.23 on Tuesday. The stock has a market capitalization of $6.44 billion, a P/E ratio of 39.73, a PEG ratio of 4.16 and a beta of 0.94. The business has a 50 day simple moving average of $139.66 and a two-hundred day simple moving average of $145.23. FirstService Corporation has a 12 month low of $119.41 and a 12 month high of $209.66. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.58 and a quick ratio of 1.66.
FirstService (NASDAQ:FSV – Get Free Report) (TSE:FSV) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.75 EPS for the quarter, topping the consensus estimate of $1.71 by $0.04. FirstService had a return on equity of 18.07% and a net margin of 2.88%.The firm had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same period in the previous year, the business earned $1.71 earnings per share. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. As a group, analysts predict that FirstService Corporation will post 5.57 EPS for the current fiscal year.
FirstService Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Tuesday, June 30th were paid a dividend of $0.305 per share. This represents a $1.22 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Tuesday, June 30th. FirstService’s payout ratio is 34.56%.
FirstService Company Profile
FirstService Corporation, founded in 1989 and headquartered in Toronto, Ontario, is a leading provider of property services in North America. The company operates through two principal segments—FirstService Residential and FirstService Brands—offering a broad range of services to residential, commercial and homeowner association clients.
FirstService Residential delivers community management, financial oversight and consulting services to thousands of residential communities across the United States and Canada.
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