FirstService Corporation (NASDAQ:FSV) Plans $0.30 Quarterly Dividend

Key Points

• FirstService declared a quarterly dividend of $0.305 per share, payable October 7 to shareholders of record on September 30. The payment implies an annualized dividend of approximately $1.22 and a 0.9% yield.
• The company has increased its dividend for seven consecutive years, with a payout ratio of 19.6%, indicating that earnings comfortably cover the dividend and are expected to continue doing so.
• FirstService’s latest quarterly results exceeded expectations, with EPS of $1.75 versus the $1.71 consensus estimate and revenue up 2.4% year over year to $1.44 billion.

FirstService Corporation (NASDAQ:FSV - Get Free Report) TSE: FSV declared a quarterly dividend on Thursday, September 17th. Shareholders of record on Wednesday, September 30th will be given a dividend of 0.305 per share by the financial services provider on Wednesday, October 7th. This represents a c) annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Wednesday, September 30th.

FirstService has raised its dividend payment by an average of 0.1%per year over the last three years and has increased its dividend annually for the last 7 consecutive years. FirstService has a dividend payout ratio of 19.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect FirstService to earn $6.21 per share next year, which means the company should continue to be able to cover its $1.22 annual dividend with an expected future payout ratio of 19.6%.

FirstService Price Performance

Shares of FirstService stock traded down $2.40 during trading on Friday, reaching $130.15. 63,659 shares of the stock traded hands, compared to its average volume of 217,155. FirstService has a 52-week low of $119.41 and a 52-week high of $202.67. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.63 and a quick ratio of 1.63. The business has a fifty day simple moving average of $141.51 and a two-hundred day simple moving average of $140.70. The company has a market capitalization of $5.68 billion, a price-to-earnings ratio of 36.87, a P/E/G ratio of 2.93 and a beta of 0.93.

FirstService (NASDAQ:FSV - Get Free Report) 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, topping the consensus estimate of $1.71 by $0.04. FirstService had a return on equity of 18.07% and a net margin of 2.88%.The business had revenue of $1.44 billion for the quarter, compared to analysts' expectations of $1.44 billion. During the same period in the prior year, the firm earned $1.71 EPS. The company's revenue for the quarter was up 2.4% on a year-over-year basis. Sell-side analysts expect that FirstService will post 5.61 EPS for the current year.

Institutional Investors Weigh In On FirstService

Several hedge funds have recently modified their holdings of FSV. Janus Henderson Group PLC raised its stake in FirstService by 16.1% in the 1st quarter. Janus Henderson Group PLC now owns 1,587,454 shares of the financial services provider's stock valued at $220,560,000 after acquiring an additional 219,890 shares during the period. Conestoga Capital Advisors LLC grew its stake in shares of FirstService by 19.9% in the first quarter. Conestoga Capital Advisors LLC now owns 1,405,564 shares of the financial services provider's stock worth $195,289,000 after acquiring an additional 233,043 shares during the last quarter. William Blair Investment Management LLC raised its position in shares of FirstService by 19.9% in the 4th quarter. William Blair Investment Management LLC now owns 596,249 shares of the financial services provider's stock worth $92,735,000 after purchasing an additional 98,808 shares during the last quarter. Royal Bank of Canada boosted its stake in FirstService by 15.7% in the 1st quarter. Royal Bank of Canada now owns 573,421 shares of the financial services provider's stock worth $79,672,000 after purchasing an additional 77,758 shares in the last quarter. Finally, Norges Bank purchased a new stake in FirstService during the 4th quarter valued at about $85,597,000. Institutional investors and hedge funds own 69.35% of the company's stock.

FirstService Company Profile

FirstService Corporation is a property services company serving residential and commercial property owners, residents, and businesses primarily in the United States and Canada. The company operates through two main divisions: FirstService Residential and FirstService Brands.

FirstService Residential provides property management services for condominium, cooperative, homeowners, and other residential communities. Its services include community association management, property maintenance, financial administration, compliance support, and resident services.

FirstService Brands operates a network of service businesses that support property repair, maintenance, improvement, and restoration.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.