TD Asset Management Inc. Lowers Position in FirstService Corp (FSV)
TD Asset Management Inc. trimmed its holdings in FirstService Corp (NASDAQ:FSV) (TSE:FSV) by 14.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 209,902 shares of the financial services provider’s stock after selling 35,791 shares during the period. TD Asset Management Inc.’s holdings in FirstService were worth $18,714,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of FSV. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in FirstService by 14.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,163 shares of the financial services provider’s stock valued at $148,000 after acquiring an additional 268 shares during the last quarter. Bbva Compass Bancshares Inc. acquired a new stake in FirstService in the 1st quarter valued at about $238,000. National Asset Management Inc. grew its stake in FirstService by 42.8% in the 4th quarter. National Asset Management Inc. now owns 3,885 shares of the financial services provider’s stock valued at $267,000 after acquiring an additional 1,164 shares during the last quarter. Dean Capital Investments Management LLC grew its stake in FirstService by 14.8% in the 4th quarter. Dean Capital Investments Management LLC now owns 5,834 shares of the financial services provider’s stock valued at $400,000 after acquiring an additional 754 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. grew its stake in FirstService by 15.0% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 6,215 shares of the financial services provider’s stock valued at $426,000 after acquiring an additional 813 shares during the last quarter. 65.97% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts recently commented on the stock. Raymond James set a $85.00 price objective on shares of FirstService and gave the company a “market perform” rating in a research note on Friday. BMO Capital Markets upped their target price on shares of FirstService to $106.00 in a report on Friday. BidaskClub upgraded shares of FirstService from a “hold” rating to a “buy” rating in a report on Saturday, March 30th. Zacks Investment Research lowered shares of FirstService from a “buy” rating to a “hold” rating in a report on Tuesday, April 9th. Finally, William Blair restated a “market perform” rating on shares of FirstService in a report on Wednesday, February 6th. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $95.00.
FirstService (NASDAQ:FSV) (TSE:FSV) last released its earnings results on Wednesday, April 24th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.31 by ($0.01). The firm had revenue of $485.70 million during the quarter, compared to analysts’ expectations of $468.98 million. FirstService had a net margin of 3.12% and a return on equity of 23.44%. FirstService’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same quarter last year, the company posted $0.25 earnings per share. Analysts forecast that FirstService Corp will post 1.88 earnings per share for the current year.
The company also recently announced a special dividend, which will be paid on Friday, July 5th. Shareholders of record on Friday, June 28th will be issued a $0.15 dividend. This is a positive change from FirstService’s previous special dividend of $0.08. The ex-dividend date is Thursday, June 27th. FirstService’s dividend payout ratio is 33.33%.
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FirstService Corporation, together with its subsidiaries, provides residential property services to residential and commercial customers in the United States and Canada. The company operates through two segments, FirstService Residential and FirstService Brands. The FirstService Residential segment provides property management 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.
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