SEB Asset Management AB Invests $31.49 Million in FirstService Corporation $FSV

SEB Asset Management AB bought a new stake in shares of FirstService Corporation (NASDAQ:FSV) (TSE:FSV) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 226,848 shares of the financial services provider’s stock, valued at approximately $31,487,000. SEB Asset Management AB owned 0.49% of FirstService at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. The Manufacturers Life Insurance Company raised its position in shares of FirstService by 493.4% during the fourth quarter. The Manufacturers Life Insurance Company now owns 2,775,353 shares of the financial services provider’s stock valued at $432,173,000 after buying an additional 2,307,684 shares during the last quarter. Durable Capital Partners LP lifted its stake in FirstService by 12.9% in the 3rd quarter. Durable Capital Partners LP now owns 2,216,720 shares of the financial services provider’s stock worth $422,263,000 after purchasing an additional 253,155 shares in the last quarter. Orbis Allan Gray Ltd boosted its holdings in shares of FirstService by 36.5% during the 4th quarter. Orbis Allan Gray Ltd now owns 1,984,677 shares of the financial services provider’s stock valued at $308,677,000 after purchasing an additional 530,489 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of FirstService by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 1,954,819 shares of the financial services provider’s stock valued at $304,000,000 after purchasing an additional 29,805 shares during the last quarter. Finally, Mackenzie Financial Corp increased its position in FirstService by 15.5% in the fourth quarter. Mackenzie Financial Corp now owns 1,791,116 shares of the financial services provider’s stock worth $278,247,000 after purchasing an additional 239,941 shares during the last quarter. 69.35% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on FSV shares. Scotiabank lowered their price objective on shares of FirstService from $190.00 to $175.00 and set an “outperform” rating for the company in a research report on Tuesday, June 30th. Loop Capital assumed coverage on shares of FirstService in a report on Monday, May 4th. They issued a “hold” rating and a $140.00 price target for the company. Stifel Nicolaus dropped their price target on FirstService from $215.00 to $200.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Wall Street Zen raised FirstService from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Finally, TD Cowen restated a “buy” rating and set a $204.00 price objective on shares of FirstService in a research report on Wednesday, June 3rd. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $195.89.

FirstService Stock Performance

Shares of NASDAQ:FSV opened at $148.46 on Monday. The company has a market capitalization of $6.82 billion, a price-to-earnings ratio of 41.94, a PEG ratio of 4.49 and a beta of 0.94. FirstService Corporation has a 12 month low of $119.41 and a 12 month high of $209.66. The firm’s 50-day moving average is $138.48 and its 200 day moving average is $145.84. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.74.

FirstService (NASDAQ:FSV) (TSE:FSV) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.89 by $0.06. FirstService had a net margin of 2.92% and a return on equity of 17.91%. The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same period in the prior year, the company posted $0.92 EPS. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. Research analysts predict that FirstService Corporation will post 5.57 EPS for the current year.

FirstService Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 7th. Investors of record on Tuesday, June 30th were paid a dividend of $0.305 per share. This represents a $1.22 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Tuesday, June 30th. FirstService’s dividend payout ratio (DPR) is currently 34.46%.

FirstService 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.