FirstService Co. (NASDAQ:FSV) Shares Sold by CIBC Asset Management Inc

CIBC Asset Management Inc lowered its position in FirstService Co. (NASDAQ:FSV) (TSE:FSV) by 4.7% in the third quarter, HoldingsChannel reports. The fund owned 290,739 shares of the financial services provider’s stock after selling 14,214 shares during the quarter. CIBC Asset Management Inc’s holdings in FirstService were worth $53,143,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Millennium Management LLC boosted its position in FirstService by 2,136.1% during the second quarter. Millennium Management LLC now owns 209,297 shares of the financial services provider’s stock worth $31,853,000 after purchasing an additional 199,937 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of FirstService by 6.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,733,694 shares of the financial services provider’s stock worth $415,427,000 after buying an additional 174,970 shares during the period. Vanguard Group Inc. raised its stake in shares of FirstService by 4.8% during the 1st quarter. Vanguard Group Inc. now owns 1,654,783 shares of the financial services provider’s stock worth $274,363,000 after buying an additional 76,503 shares during the period. Summit Creek Advisors LLC acquired a new stake in FirstService in the 1st quarter valued at $11,710,000. Finally, Boston Financial Mangement LLC grew its stake in FirstService by 25.3% in the 3rd quarter. Boston Financial Mangement LLC now owns 246,673 shares of the financial services provider’s stock valued at $45,008,000 after acquiring an additional 49,790 shares during the period. 69.35% of the stock is owned by hedge funds and other institutional investors.

FirstService Stock Down 1.0 %

Shares of FSV opened at $185.26 on Friday. FirstService Co. has a 52-week low of $141.26 and a 52-week high of $192.71. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 1.13. The stock has a fifty day simple moving average of $183.74 and a two-hundred day simple moving average of $167.87. The company has a market capitalization of $8.36 billion, a PE ratio of 77.19 and a beta of 1.05.

FirstService (NASDAQ:FSV) (TSE:FSV) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.42 by $0.21. FirstService had a net margin of 2.19% and a return on equity of 16.68%. The firm had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same period last year, the business earned $1.18 earnings per share. FirstService’s revenue was up 25.0% compared to the same quarter last year. As a group, equities analysts forecast that FirstService Co. will post 4.58 EPS for the current year.

FirstService Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 7th. Investors of record on Monday, September 30th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.54%. The ex-dividend date was Monday, September 30th. FirstService’s dividend payout ratio is presently 41.67%.

Analysts Set New Price Targets

FSV has been the topic of several recent analyst reports. Scotiabank increased their price objective on shares of FirstService from $190.00 to $200.00 and gave the company a “sector perform” rating in a report on Tuesday, October 15th. Stifel Nicolaus raised their price target on shares of FirstService from $200.00 to $215.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Royal Bank of Canada boosted their price objective on FirstService from $187.00 to $192.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. StockNews.com upgraded FirstService from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Finally, TD Securities increased their price objective on FirstService from $179.00 to $182.00 and gave the company a “hold” rating in a research note on Thursday, October 17th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $198.33.

FirstService Profile

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.