CIBC Asset Management Inc Lowers Position in FirstService Co. (NASDAQ:FSV)

CIBC Asset Management Inc decreased its holdings in shares of FirstService Co. (NASDAQ:FSV) (TSE:FSV) by 4.7% during the third quarter, according to its most recent filing with the SEC. The firm owned 290,739 shares of the financial services provider’s stock after selling 14,214 shares during the period. CIBC Asset Management Inc owned 0.64% of FirstService worth $53,143,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Millennium Management LLC raised its stake in FirstService by 2,136.1% in the second quarter. Millennium Management LLC now owns 209,297 shares of the financial services provider’s stock worth $31,853,000 after buying an additional 199,937 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of FirstService by 6.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,733,694 shares of the financial services provider’s stock valued at $415,427,000 after acquiring an additional 174,970 shares during the period. Vanguard Group Inc. raised its position in shares of FirstService by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 1,654,783 shares of the financial services provider’s stock worth $274,363,000 after acquiring an additional 76,503 shares in the last quarter. Summit Creek Advisors LLC bought a new position in shares of FirstService in the 1st quarter worth $11,710,000. Finally, Boston Financial Mangement LLC lifted its stake in shares of FirstService by 25.3% during the 3rd quarter. Boston Financial Mangement LLC now owns 246,673 shares of the financial services provider’s stock worth $45,008,000 after purchasing an additional 49,790 shares during the last quarter. Hedge funds and other institutional investors own 69.35% of the company’s stock.

FirstService Stock Down 1.0 %

Shares of FSV stock opened at $185.26 on Friday. FirstService Co. has a fifty-two week low of $141.26 and a fifty-two week high of $192.71. The firm has a market capitalization of $8.36 billion, a PE ratio of 77.19 and a beta of 1.05. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.79 and a current ratio of 1.79. The stock’s 50-day simple moving average is $183.74 and its 200-day simple moving average is $167.87.

FirstService (NASDAQ:FSV) (TSE:FSV) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $1.63 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.21. FirstService had a net margin of 2.19% and a return on equity of 16.68%. The company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the prior year, the company earned $1.18 EPS. FirstService’s quarterly revenue was up 25.0% on a year-over-year basis. Equities analysts expect that FirstService Co. will post 4.58 earnings per share for the current year.

FirstService Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, October 7th. Investors of record on Monday, September 30th were issued a dividend of $0.25 per share. The ex-dividend date was Monday, September 30th. This represents a $1.00 annualized dividend and a dividend yield of 0.54%. FirstService’s dividend payout ratio (DPR) is presently 41.67%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on FSV shares. TD Securities boosted their target price on shares of FirstService from $179.00 to $182.00 and gave the stock a “hold” rating in a report on Thursday, October 17th. Royal Bank of Canada increased their target price on shares of FirstService from $187.00 to $192.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. StockNews.com raised shares of FirstService from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Stifel Nicolaus raised their price target on FirstService from $200.00 to $215.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Finally, Scotiabank upped their price objective on shares of FirstService from $190.00 to $200.00 and gave the company a “sector perform” rating in a report on Tuesday, October 15th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, FirstService has an average rating of “Moderate Buy” and a consensus target price of $198.33.

About FirstService

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.