Lionstone Capital Management LLC Sells 72,000 Shares of FirstService Corporation (FSV)
Lionstone Capital Management LLC cut its stake in shares of FirstService Corporation (NASDAQ:FSV) (TSE:FSV) by 13.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 452,067 shares of the financial services provider’s stock after selling 72,000 shares during the quarter. FirstService Corporation makes up approximately 14.8% of Lionstone Capital Management LLC’s portfolio, making the stock its biggest position. Lionstone Capital Management LLC owned 1.26% of FirstService Corporation worth $29,007,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in the company. Orgel Wealth Management LLC acquired a new position in shares of FirstService Corporation during the second quarter worth about $211,000. Fiera Capital Corp grew its position in shares of FirstService Corporation by 43.6% during the second quarter. Fiera Capital Corp now owns 1,176,304 shares of the financial services provider’s stock worth $75,345,000 after buying an additional 357,370 shares in the last quarter. Jacobson & Schmitt Advisors LLC grew its position in shares of FirstService Corporation by 0.6% during the second quarter. Jacobson & Schmitt Advisors LLC now owns 106,610 shares of the financial services provider’s stock worth $6,821,000 after buying an additional 632 shares in the last quarter. AJO LP acquired a new position in shares of FirstService Corporation during the second quarter worth about $8,115,000. Finally, Alliancebernstein L.P. grew its position in shares of FirstService Corporation by 6.5% during the second quarter. Alliancebernstein L.P. now owns 21,270 shares of the financial services provider’s stock worth $1,361,000 after buying an additional 1,300 shares in the last quarter. 58.96% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have recently commented on the company. Raymond James Financial, Inc. boosted their price objective on FirstService Corporation from $63.00 to $65.00 and gave the stock a “market perform” rating in a research report on Thursday, July 27th. BidaskClub cut FirstService Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, June 20th. TheStreet upgraded FirstService Corporation from a “c” rating to a “b-” rating in a research note on Wednesday, July 26th. Royal Bank Of Canada boosted their target price on FirstService Corporation from $65.00 to $71.00 and gave the stock an “outperform” rating in a research note on Thursday, July 27th. Finally, Zacks Investment Research upgraded FirstService Corporation from a “hold” rating to a “strong-buy” rating and set a $73.00 target price for the company in a research note on Wednesday, August 2nd. Four equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $67.00.
FirstService Corporation (FSV) traded up 0.79% during midday trading on Tuesday, reaching $64.95. The company had a trading volume of 14,636 shares. The firm has a market capitalization of $2.33 billion, a PE ratio of 51.96 and a beta of 0.90. The firm’s 50-day moving average price is $66.63 and its 200 day moving average price is $65.23. FirstService Corporation has a 12 month low of $39.05 and a 12 month high of $70.83.
FirstService Corporation (NASDAQ:FSV) (TSE:FSV) last issued its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.11. FirstService Corporation had a return on equity of 24.64% and a net margin of 2.84%. The firm had revenue of $434.90 million during the quarter, compared to analyst estimates of $421.35 million. During the same quarter last year, the firm earned $0.52 EPS. FirstService Corporation’s quarterly revenue was up 12.9% on a year-over-year basis. Equities analysts anticipate that FirstService Corporation will post $1.96 earnings per share for the current fiscal year.
FirstService Corporation announced that its Board of Directors has authorized a share repurchase plan on Thursday, August 17th that allows the company to buyback 3,100,000 shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 6th. Shareholders of record on Friday, September 29th will be paid a dividend of $0.1225 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.49 dividend on an annualized basis and a yield of 0.76%. FirstService Corporation’s dividend payout ratio (DPR) is presently 39.20%.
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FirstService Corporation Company Profile
Firstservice Corporation is a provider of residential property management and other essential property services to residential and commercial customers. The Company operates through two segments: FirstService Residential and FirstService Brands. FirstService Residential is a property manager and provides ancillary services in the areas of on-site staffing, including building engineering and maintenance, full-service amenity management, security, concierge and front desk personnel, and landscaping; banking and insurance products, and energy conservation and management solutions.
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