Envestnet Asset Management Inc. reduced its position in FirstService Corp (NASDAQ:FSV) (TSE:FSV) by 15.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,529 shares of the financial services provider’s stock after selling 1,367 shares during the quarter. Envestnet Asset Management Inc.’s holdings in FirstService were worth $495,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in FSV. Geode Capital Management LLC raised its holdings in FirstService by 71.8% in the first quarter. Geode Capital Management LLC now owns 27,397 shares of the financial services provider’s stock worth $1,656,000 after purchasing an additional 11,449 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in FirstService by 26.1% in the first quarter. Dimensional Fund Advisors LP now owns 79,635 shares of the financial services provider’s stock worth $4,802,000 after purchasing an additional 16,485 shares in the last quarter. Canada Pension Plan Investment Board bought a new position in FirstService in the second quarter worth about $2,334,000. Legal & General Group Plc raised its holdings 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 worth $223,000 after purchasing an additional 198 shares in the last quarter. Finally, Blair William & Co. IL raised its holdings in FirstService by 0.3% in the second quarter. Blair William & Co. IL now owns 19,379 shares of the financial services provider’s stock worth $1,240,000 after purchasing an additional 49 shares in the last quarter. Institutional investors and hedge funds own 61.17% of the company’s stock.
Several research firms have recently issued reports on FSV. Scotiabank downgraded shares of FirstService from an “outperform” rating to a “sector perform” rating in a report on Thursday, October 26th. Royal Bank of Canada downgraded shares of FirstService from an “outperform” rating to a “sector perform” rating and upped their price objective for the company from $71.00 to $75.00 in a report on Thursday, October 26th. Zacks Investment Research upgraded shares of FirstService from a “hold” rating to a “strong-buy” rating and set a $80.00 price objective on the stock in a report on Tuesday, October 31st. BidaskClub upgraded shares of FirstService from a “buy” rating to a “strong-buy” rating in a report on Wednesday, September 6th. Finally, William Blair downgraded shares of FirstService from an “outperform” rating to a “market perform” rating in a report 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 stock currently has a consensus rating of “Hold” and an average target price of $69.20.
FirstService (NASDAQ:FSV) (TSE:FSV) last posted its quarterly earnings data on Wednesday, October 25th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.24. The firm had revenue of $456.50 million for the quarter, compared to the consensus estimate of $449.26 million. FirstService had a net margin of 2.74% and a return on equity of 24.16%. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.62 earnings per share. sell-side analysts forecast that FirstService Corp will post 1.93 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, January 5th. Investors of record on Friday, December 29th will be given a $0.1225 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $0.49 dividend on an annualized basis and a yield of 0.72%. FirstService’s dividend payout ratio is currently 54.44%.
FirstService Company Profile
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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