Norwood Investment Partners LP Lowers Stake in FirstService Corporation $FSV

Norwood Investment Partners LP reduced its position in FirstService Corporation (NASDAQ:FSV) (TSE:FSV) by 30.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,000 shares of the financial services provider’s stock after selling 8,877 shares during the quarter. FirstService makes up about 3.3% of Norwood Investment Partners LP’s investment portfolio, making the stock its 12th largest holding. Norwood Investment Partners LP’s holdings in FirstService were worth $3,810,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Mackenzie Financial Corp lifted its stake in shares of FirstService by 100.8% during the 2nd 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 in the last quarter. Norges Bank bought a new stake in FirstService during the second quarter valued at about $93,904,000. Picton Mahoney Asset Management purchased a new position in shares of FirstService in the second quarter valued at about $56,029,000. Goldman Sachs Group Inc. boosted its stake in shares of FirstService by 79.5% in the first quarter. Goldman Sachs Group Inc. now owns 318,648 shares of the financial services provider’s stock worth $52,880,000 after acquiring an additional 141,152 shares during the period. Finally, Acadian Asset Management LLC grew its position in shares of FirstService by 131.3% during the second quarter. Acadian Asset Management LLC now owns 176,700 shares of the financial services provider’s stock worth $30,754,000 after purchasing an additional 100,300 shares in the last quarter. 69.35% of the stock is owned by hedge funds and other institutional investors.

FirstService Stock Performance

NASDAQ:FSV opened at $150.72 on Thursday. The company has a market cap of $6.89 billion, a price-to-earnings ratio of 47.70, a PEG ratio of 4.13 and a beta of 1.05. FirstService Corporation has a 1 year low of $147.23 and a 1 year high of $209.66. The stock’s 50 day simple moving average is $157.15 and its two-hundred day simple moving average is $169.15. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.73 and a quick ratio of 1.73.

FirstService (NASDAQ:FSV) (TSE:FSV) last posted its earnings results on Wednesday, February 4th. The financial services provider reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.05. FirstService had a return on equity of 18.69% and a net margin of 2.64%.The firm had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.36 billion. During the same period in the prior year, the company earned $1.34 EPS. The company’s quarterly revenue was up 1.3% compared to the same quarter last year. As a group, equities analysts anticipate that FirstService Corporation will post 5.27 earnings per share for the current fiscal year.

FirstService Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 7th. Shareholders of record on Tuesday, March 31st will be given a dividend of $0.305 per share. This represents a $1.22 annualized dividend and a yield of 0.8%. This is an increase from FirstService’s previous quarterly dividend of $0.28. The ex-dividend date is Tuesday, March 31st. FirstService’s dividend payout ratio (DPR) is 34.81%.

Analyst Ratings Changes

A number of research analysts recently commented on the company. TD Securities reissued a “buy” rating and issued a $217.00 price target on shares of FirstService in a report on Thursday, February 5th. Weiss Ratings reiterated a “hold (c+)” rating on shares of FirstService in a research report on Monday, December 22nd. Finally, BMO Capital Markets restated an “outperform” rating and set a $202.00 target price on shares of FirstService in a research report on Thursday, February 5th. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $211.67.

FirstService Company Profile

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.