FirstService Corporation $FSV Shares Bought by Fred Alger Management LLC

Fred Alger Management LLC increased its position in FirstService Corporation (NASDAQ:FSV) (TSE:FSV) by 3.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 444,706 shares of the financial services provider’s stock after buying an additional 13,047 shares during the period. Fred Alger Management LLC owned about 0.97% of FirstService worth $69,165,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Lionstone Capital Management LLC lifted its stake in shares of FirstService by 13.7% during the 4th quarter. Lionstone Capital Management LLC now owns 245,720 shares of the financial services provider’s stock worth $38,217,000 after purchasing an additional 29,520 shares during the period. Magnetar Financial LLC grew its position in shares of FirstService by 15.5% in the fourth quarter. Magnetar Financial LLC now owns 11,118 shares of the financial services provider’s stock valued at $1,729,000 after purchasing an additional 1,495 shares during the period. Norwood Investment Partners LP grew its position in shares of FirstService by 100.0% in the fourth quarter. Norwood Investment Partners LP now owns 40,000 shares of the financial services provider’s stock valued at $6,221,000 after purchasing an additional 20,000 shares during the period. Alberta Investment Management Corp acquired a new position in FirstService in the fourth quarter valued at $4,277,000. Finally, Squarepoint Ops LLC purchased a new position in FirstService during the fourth quarter worth about $257,000. Hedge funds and other institutional investors own 69.35% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on FSV shares. Scotiabank lowered their price target on FirstService from $205.00 to $190.00 and set a “sector outperform” rating for the company in a report on Friday, April 24th. Loop Capital assumed coverage on shares of FirstService in a research report on Monday, May 4th. They issued a “hold” rating and a $140.00 target price on the stock. TD Cowen restated a “buy” rating and issued a $204.00 target price on shares of FirstService in a report on Wednesday, June 3rd. TD upped their price target on shares of FirstService from $201.00 to $204.00 and gave the stock a “buy” rating in a research report on Friday, April 24th. Finally, Weiss Ratings downgraded shares of FirstService from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 29th. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, FirstService presently has an average rating of “Moderate Buy” and a consensus target price of $197.22.

FirstService Trading Down 0.7%

NASDAQ:FSV opened at $142.69 on Wednesday. The business’s 50-day moving average is $139.20 and its two-hundred day moving average is $147.91. The firm has a market capitalization of $6.56 billion, a PE ratio of 40.31, a price-to-earnings-growth ratio of 4.36 and a beta of 0.95. 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 0.74, a current ratio of 1.66 and a quick ratio of 1.66.

FirstService (NASDAQ:FSV) (TSE:FSV) last posted its earnings results on Thursday, April 23rd. The financial services provider reported $0.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.06. The business had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.29 billion. FirstService had a return on equity of 17.91% and a net margin of 2.92%.The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.92 earnings per share. Research analysts predict that FirstService Corporation will post 5.54 earnings per share for the current fiscal year.

FirstService Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 7th. Stockholders of record on Tuesday, June 30th will be paid a dividend of $0.305 per share. The ex-dividend date is Tuesday, June 30th. This represents a $1.22 dividend on an annualized basis and a dividend yield of 0.9%. FirstService’s dividend payout ratio (DPR) is currently 34.46%.

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.