Public Sector Pension investment Board Sells 21,300 Shares of FirstService Corporation (FSV)
Public Sector Pension investment Board cut its holdings in shares of FirstService Corporation (NASDAQ:FSV) (TSE:FSV) by 11.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 172,409 shares of the financial services provider’s stock after selling 21,300 shares during the quarter. Public Sector Pension investment Board owned 0.48% of FirstService Corporation worth $11,047,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also bought and sold shares of the business. UBS Asset Management Americas Inc. raised its position in FirstService Corporation by 45.4% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 10,470 shares of the financial services provider’s stock worth $671,000 after buying an additional 3,271 shares during the last quarter. Orgel Wealth Management LLC purchased a new position in FirstService Corporation during the 2nd quarter worth approximately $211,000. Fiera Capital Corp raised its position in FirstService Corporation by 43.6% during the 2nd 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 during the last quarter. Jacobson & Schmitt Advisors LLC raised its position in FirstService Corporation by 0.6% during the 2nd 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 during the last quarter. Finally, AJO LP purchased a new position in FirstService Corporation during the 2nd quarter worth approximately $8,115,000. 58.96% of the stock is owned by institutional investors.
FirstService Corporation (NASDAQ:FSV) opened at 66.00 on Friday. FirstService Corporation has a 12-month low of $39.05 and a 12-month high of $70.83. The stock’s 50 day moving average is $66.37 and its 200 day moving average is $66.37. The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of 52.80 and a beta of 0.90.
FirstService Corporation (NASDAQ:FSV) (TSE:FSV) last posted its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $0.50 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.11. The business had revenue of $434.90 million during the quarter, compared to the consensus estimate of $421.35 million. FirstService Corporation had a return on equity of 24.64% and a net margin of 2.84%. The company’s revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.52 earnings per share. Equities research analysts forecast that FirstService Corporation will post $1.96 EPS for the current fiscal year.
FirstService Corporation announced that its Board of Directors has authorized a stock buyback program on Thursday, August 17th that authorizes the company to buyback 3,100,000 shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 6th. Stockholders of record on Friday, September 29th will be issued a $0.1225 dividend. This represents a $0.49 annualized dividend and a dividend yield of 0.75%. The ex-dividend date is Thursday, September 28th. FirstService Corporation’s payout ratio is currently 39.20%.
A number of equities analysts have issued reports on the stock. BidaskClub raised shares of FirstService Corporation from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, September 6th. Zacks Investment Research lowered shares of FirstService Corporation from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 27th. William Blair lowered shares of FirstService Corporation from an “outperform” rating to a “market perform” rating in a research report on Wednesday, September 13th. Raymond James Financial, Inc. raised their price target on shares of FirstService Corporation from $63.00 to $65.00 and gave the stock a “market perform” rating in a research report on Thursday, July 27th. Finally, Royal Bank Of Canada raised their price target on shares of FirstService Corporation from $65.00 to $71.00 and gave the stock an “outperform” rating in a research report on Thursday, July 27th. Five analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $67.00.
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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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