The Manufacturers Life Insurance Company Decreases Stock Holdings in FirstService Corporation $FSV

The Manufacturers Life Insurance Company trimmed its holdings in FirstService Corporation (NASDAQ:FSV) (TSE:FSV) by 31.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,913,406 shares of the financial services provider’s stock after selling 861,947 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in FirstService were worth $265,925,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. JPL Wealth Management LLC purchased a new stake in FirstService in the 3rd quarter valued at $26,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of FirstService by 88.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 173 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 81 shares during the period. Kestra Advisory Services LLC purchased a new position in shares of FirstService during the 4th quarter worth $34,000. Geneos Wealth Management Inc. boosted its position in shares of FirstService by 63.7% during the 2nd quarter. Geneos Wealth Management Inc. now owns 203 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 79 shares during the last quarter. Finally, Strs Ohio acquired a new position in shares of FirstService during the 1st quarter valued at about $38,000. Hedge funds and other institutional investors own 69.35% of the company’s stock.

Analyst Ratings Changes

FSV has been the subject of a number of analyst reports. Scotiabank set a $170.00 price objective on shares of FirstService in a research report on Friday. TD Securities reiterated a “buy” rating and issued a $195.00 target price on shares of FirstService in a report on Friday. TD increased their price target on shares of FirstService from $204.00 to $207.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Stifel Nicolaus cut their price target on shares of FirstService from $215.00 to $200.00 and set a “buy” rating for the company in a report on Monday, April 27th. Finally, BMO Capital Markets reduced their price target on shares of FirstService from $199.00 to $192.00 and set an “outperform” rating on the stock in a research report on Friday. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $184.20.

FirstService Stock Up 2.0%

Shares of NASDAQ:FSV opened at $140.23 on Tuesday. The business has a 50-day moving average price of $139.66 and a 200 day moving average price of $145.23. The company has a current ratio of 1.58, a quick ratio of 1.66 and a debt-to-equity ratio of 1.03. The company has a market capitalization of $6.44 billion, a price-to-earnings ratio of 39.73, a PEG ratio of 4.16 and a beta of 0.94. FirstService Corporation has a 12-month low of $119.41 and a 12-month high of $209.66.

FirstService (NASDAQ:FSV) (TSE:FSV) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.71 by $0.04. FirstService had a net margin of 2.88% and a return on equity of 18.07%. The firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same period in the previous year, the firm earned $1.71 EPS. FirstService’s revenue was up 2.4% on a year-over-year basis. Sell-side analysts expect that FirstService Corporation will post 5.57 EPS for the current year.

FirstService Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Tuesday, June 30th were issued a $0.305 dividend. This represents a $1.22 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Tuesday, June 30th. FirstService’s dividend payout ratio is currently 34.56%.

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.