J. Safra Sarasin Holding AG Grows Stake in FirstService Corporation $FSV

J. Safra Sarasin Holding AG grew its position in shares of FirstService Corporation (NASDAQ:FSV) (TSE:FSV) by 78.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,834 shares of the financial services provider’s stock after purchasing an additional 3,008 shares during the period. J. Safra Sarasin Holding AG’s holdings in FirstService were worth $1,190,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Fiera Capital Corp grew its position in shares of FirstService by 3.9% during the 1st quarter. Fiera Capital Corp now owns 268,935 shares of the financial services provider’s stock valued at $44,639,000 after purchasing an additional 10,087 shares in the last quarter. TD Asset Management Inc grew its position in shares of FirstService by 61.6% during the 1st quarter. TD Asset Management Inc now owns 335,542 shares of the financial services provider’s stock valued at $55,637,000 after purchasing an additional 127,846 shares in the last quarter. Summit Creek Advisors LLC grew its position in shares of FirstService by 8.4% during the 1st quarter. Summit Creek Advisors LLC now owns 115,245 shares of the financial services provider’s stock valued at $19,125,000 after purchasing an additional 8,961 shares in the last quarter. Baskin Financial Services Inc. grew its position in shares of FirstService by 0.6% during the 1st quarter. Baskin Financial Services Inc. now owns 251,850 shares of the financial services provider’s stock valued at $41,757,000 after purchasing an additional 1,588 shares in the last quarter. Finally, Spire Wealth Management grew its position in shares of FirstService by 52.1% during the 1st quarter. Spire Wealth Management now owns 543 shares of the financial services provider’s stock valued at $90,000 after purchasing an additional 186 shares in the last quarter. 69.35% of the stock is currently owned by hedge funds and other institutional investors.

FirstService Stock Performance

NASDAQ FSV opened at $188.72 on Friday. The company has a 50-day simple moving average of $198.22 and a two-hundred day simple moving average of $182.44. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.99. FirstService Corporation has a 12-month low of $153.13 and a 12-month high of $209.66. The firm has a market cap of $8.61 billion, a price-to-earnings ratio of 60.49 and a beta of 0.99.

FirstService (NASDAQ:FSV) (TSE:FSV) last posted its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.26. FirstService had a net margin of 2.61% and a return on equity of 18.24%. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the prior year, the business posted $1.36 earnings per share. The company’s revenue was up 9.1% on a year-over-year basis. On average, equities analysts forecast that FirstService Corporation will post 5.27 EPS for the current year.

FirstService Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 7th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 0.6%. The ex-dividend date is Tuesday, September 30th. FirstService’s dividend payout ratio is presently 35.26%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on FSV shares. Scotiabank upped their target price on shares of FirstService from $210.00 to $220.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 30th. Wall Street Zen upgraded shares of FirstService from a “hold” rating to a “buy” rating in a research report on Sunday, September 7th. Zacks Research lowered shares of FirstService from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 23rd. Weiss Ratings reiterated a “buy (b-)” rating on shares of FirstService in a research report on Saturday, September 27th. Finally, TD Securities reiterated a “hold” rating on shares of FirstService in a research report on Thursday, September 4th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $217.75.

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.