Sterling Capital Management LLC lessened its holdings in FirstService Corp (NASDAQ:FSV) (TSE:FSV) by 37.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,081 shares of the financial services provider’s stock after selling 4,803 shares during the quarter. Sterling Capital Management LLC’s holdings in FirstService were worth $531,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in FirstService by 17.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,202 shares of the financial services provider’s stock valued at $141,000 after purchasing an additional 324 shares during the period. Highstreet Asset Management Inc. lifted its position in FirstService by 611.1% in the third quarter. Highstreet Asset Management Inc. now owns 2,553 shares of the financial services provider’s stock valued at $168,000 after purchasing an additional 2,194 shares during the period. Orgel Wealth Management LLC acquired a new stake in FirstService in the second quarter valued at about $211,000. Legal & General Group Plc lifted its position in FirstService by 6.0% in the second quarter. Legal & General Group Plc now owns 3,487 shares of the financial services provider’s stock valued at $223,000 after purchasing an additional 198 shares during the period. Finally, Marshall Wace North America L.P. acquired a new stake in FirstService in the second quarter valued at about $308,000. 61.17% of the stock is currently owned by institutional investors.
A number of equities research analysts recently commented on the stock. BidaskClub upgraded shares of FirstService from a “sell” rating to a “hold” rating in a research report on Friday. Zacks Investment Research raised shares of FirstService from a “hold” rating to a “strong-buy” rating and set a $80.00 target price for the company in a report on Tuesday, October 31st. Scotiabank cut shares of FirstService from an “outperform” rating to a “sector perform” rating in a report on Thursday, October 26th. Royal Bank of Canada cut shares of FirstService from an “outperform” rating to a “sector perform” rating and increased their target price for the company from $71.00 to $75.00 in a report on Thursday, October 26th. Finally, William Blair cut shares of FirstService from an “outperform” rating to a “market perform” rating in a research note on Wednesday, September 13th. Seven analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $69.20.
FirstService (NASDAQ:FSV) (TSE:FSV) last released its earnings results on Wednesday, October 25th. The financial services provider reported $0.74 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.24. The firm had revenue of $456.50 million during the quarter, compared to analysts’ expectations of $449.26 million. FirstService had a net margin of 2.74% and a return on equity of 24.16%. FirstService’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.62 EPS. research analysts predict that FirstService Corp will post 1.93 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, January 5th. Shareholders of record on Friday, December 29th will be paid a $0.1225 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $0.49 annualized dividend and a yield of 0.72%. FirstService’s payout ratio is currently 39.52%.
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Firstservice Corporation is a provider of residential property management and other essential property services to residential and commercial customers. The Company operates through two segments: FirstService Residential and FirstService Brands. FirstService Residential is a property manager and provides ancillary services in the areas of on-site staffing, including building engineering and maintenance, full-service amenity management, security, concierge and front desk personnel, and landscaping; banking and insurance products, and energy conservation and management solutions.
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