FirstService Corporation $FSV Shares Sold by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership trimmed its position in FirstService Corporation (NASDAQ:FSV) (TSE:FSV) by 5.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 199,751 shares of the financial services provider’s stock after selling 10,498 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in FirstService were worth $34,880,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Mackenzie Financial Corp raised its position in shares of FirstService by 100.8% in the second quarter. Mackenzie Financial Corp now owns 1,475,463 shares of the financial services provider’s stock valued at $257,634,000 after buying an additional 740,583 shares during the last quarter. Norges Bank purchased a new stake in FirstService in the 2nd quarter worth approximately $93,904,000. Picton Mahoney Asset Management acquired a new position in FirstService in the 2nd quarter valued at $56,029,000. Orbis Allan Gray Ltd lifted its stake in shares of FirstService by 18.8% during the 1st quarter. Orbis Allan Gray Ltd now owns 1,417,190 shares of the financial services provider’s stock worth $235,183,000 after purchasing an additional 224,125 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of FirstService by 79.5% during the first quarter. Goldman Sachs Group Inc. now owns 318,648 shares of the financial services provider’s stock worth $52,880,000 after purchasing an additional 141,152 shares during the last quarter. 69.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. BMO Capital Markets set a $209.00 price objective on FirstService and gave the company an “outperform” rating in a research report on Friday, October 24th. Scotiabank upgraded FirstService from a “sector perform” rating to a “sector outperform” rating and lowered their price target for the company from $220.00 to $205.00 in a report on Friday, October 24th. CIBC cut their price objective on shares of FirstService from $225.00 to $216.00 and set an “outperform” rating on the stock in a report on Friday, October 24th. Stifel Nicolaus decreased their target price on shares of FirstService from $230.00 to $215.00 and set a “buy” rating on the stock in a research report on Monday, October 27th. Finally, Raymond James Financial lowered their target price on shares of FirstService from $225.00 to $215.00 and set an “outperform” rating for the company in a report on Monday, October 27th. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $211.83.

FirstService Stock Performance

Shares of FSV stock opened at $154.92 on Friday. The company’s fifty day simple moving average is $166.47 and its 200-day simple moving average is $180.37. FirstService Corporation has a 52 week low of $149.13 and a 52 week high of $209.66. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.90. The company has a market cap of $7.08 billion, a PE ratio of 51.30, a P/E/G ratio of 2.92 and a beta of 1.05.

FirstService (NASDAQ:FSV) (TSE:FSV) last announced its quarterly earnings results on Thursday, October 23rd. The financial services provider reported $1.76 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.76. FirstService had a net margin of 2.53% and a return on equity of 17.98%. The firm had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.47 billion. During the same period in the prior year, the company earned $1.63 EPS. The firm’s revenue was up 3.7% on a year-over-year basis. As a group, equities research analysts anticipate that FirstService Corporation will post 5.27 EPS for the current year.

FirstService Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 7th. Stockholders of record on Wednesday, December 31st will be paid a $0.275 dividend. The ex-dividend date is Wednesday, December 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 0.7%. FirstService’s dividend payout ratio (DPR) is 36.42%.

FirstService Company Profile

FirstService Corporation, together with its subsidiaries, provides residential property management and other essential property services to residential and commercial customers in the United States and Canada. It operates through two segments: FirstService Residential and FirstService Brands. The FirstService Residential segment offers services for private residential communities, such as condominiums, co-operatives, homeowner associations, master-planned communities, active adult and lifestyle communities, and various other residential developments.