CIBC Asset Management Inc Decreases Stock Position in FirstService Corporation $FSV

CIBC Asset Management Inc reduced its position in FirstService Corporation (NASDAQ:FSV) (TSE:FSV) by 9.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 320,962 shares of the financial services provider’s stock after selling 33,500 shares during the quarter. CIBC Asset Management Inc owned approximately 0.70% of FirstService worth $49,943,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of FSV. Norges Bank purchased a new stake in FirstService in the fourth quarter worth $85,597,000. Durable Capital Partners LP increased its position in FirstService by 12.9% in the third quarter. Durable Capital Partners LP now owns 2,216,720 shares of the financial services provider’s stock worth $422,263,000 after buying an additional 253,155 shares during the last quarter. Goldman Sachs Group Inc. increased its position in FirstService by 79.5% in the first quarter. Goldman Sachs Group Inc. now owns 318,648 shares of the financial services provider’s stock worth $52,880,000 after buying an additional 141,152 shares during the last quarter. William Blair Investment Management LLC increased its position in FirstService by 19.9% in the fourth quarter. William Blair Investment Management LLC now owns 596,249 shares of the financial services provider’s stock worth $92,735,000 after buying an additional 98,808 shares during the last quarter. Finally, Bank of Montreal Can grew its position in shares of FirstService by 27.8% in the third quarter. Bank of Montreal Can now owns 416,766 shares of the financial services provider’s stock valued at $79,389,000 after purchasing an additional 90,545 shares in the last quarter. 69.35% of the stock is owned by hedge funds and other institutional investors.

FirstService Price Performance

FirstService stock opened at $137.27 on Thursday. FirstService Corporation has a 52 week low of $119.41 and a 52 week high of $209.66. The business has a 50-day simple moving average of $138.46 and a 200 day simple moving average of $148.61. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.74. The stock has a market cap of $6.31 billion, a price-to-earnings ratio of 38.78, a PEG ratio of 4.20 and a beta of 0.95.

FirstService (NASDAQ:FSV) (TSE:FSV) last posted its earnings results on Thursday, April 23rd. The financial services provider reported $0.95 EPS for the quarter, topping the consensus estimate of $0.89 by $0.06. FirstService had a return on equity of 17.91% and a net margin of 2.92%.The business had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same period in the previous year, the business earned $0.92 earnings per share. The firm’s revenue was up 5.3% on a year-over-year basis. On average, research analysts forecast that FirstService Corporation will post 5.54 earnings per share for the current fiscal year.

FirstService Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 7th. Investors of record on Tuesday, June 30th will be given a dividend of $0.305 per share. This represents a $1.22 annualized dividend and a yield of 0.9%. The ex-dividend date is Tuesday, June 30th. FirstService’s payout ratio is presently 34.46%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. TD Cowen reiterated a “buy” rating and issued a $204.00 price target on shares of FirstService in a research report on Wednesday. TD lifted their price target on FirstService from $201.00 to $204.00 and gave the company a “buy” rating in a research report on Friday, April 24th. TD Securities set a $204.00 price target on FirstService in a research report on Friday, April 24th. Scotiabank reduced their price target on FirstService from $205.00 to $190.00 and set a “sector outperform” rating for the company in a research report on Friday, April 24th. Finally, Stifel Nicolaus reduced their price target on 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 three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $197.22.

About FirstService

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.