CIBC Asset Management Inc Trims Stake in FirstService Corporation $FSV

CIBC Asset Management Inc trimmed its holdings in shares of FirstService Corporation (NASDAQ:FSV) (TSE:FSV) by 9.5% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 320,962 shares of the financial services provider’s stock after selling 33,500 shares during the period. CIBC Asset Management Inc’s holdings in FirstService were worth $49,943,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Norges Bank bought a new stake in FirstService during the fourth quarter worth about $85,597,000. Durable Capital Partners LP lifted its stake in FirstService by 12.9% during 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 purchasing an additional 253,155 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in 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. William Blair Investment Management LLC lifted its stake in FirstService by 19.9% during 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 purchasing an additional 98,808 shares during the last quarter. Finally, Bank of Montreal Can lifted its stake in FirstService by 27.8% during the third quarter. Bank of Montreal Can now owns 416,766 shares of the financial services provider’s stock worth $79,389,000 after purchasing an additional 90,545 shares during the last quarter. 69.35% of the stock is currently owned by hedge funds and other institutional investors.

FirstService Trading Down 0.7%

NASDAQ FSV opened at $137.27 on Thursday. FirstService Corporation has a 1-year low of $119.41 and a 1-year high of $209.66. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.74. The stock has a 50-day moving average of $138.46 and a 200-day moving average of $148.61. The firm has a market cap of $6.31 billion, a PE ratio of 38.78, a price-to-earnings-growth ratio of 4.20 and a beta of 0.95.

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

FirstService Dividend Announcement

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

Wall Street Analyst Weigh In

Several brokerages have issued reports on FSV. TD lifted their price target on FirstService from $201.00 to $204.00 and gave the stock a “buy” rating in a research note on Friday, April 24th. Scotiabank dropped their price target on FirstService from $205.00 to $190.00 and set a “sector outperform” rating for the company in a research note on Friday, April 24th. TD Securities set a $204.00 price target on FirstService in a research note on Friday, April 24th. Weiss Ratings lowered FirstService from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 29th. Finally, Wall Street Zen raised FirstService from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently 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.