1832 Asset Management L.P. Sells 35,675 Shares of FirstService Corporation $FSV

Key Points

• 1832 Asset Management L.P. reduced its holding in FirstService Corporation by 8.0%, selling 35,675 shares, leaving them with 409,942 shares valued at approximately $68 million.
• Several other institutional investors have increased their positions in FirstService, with a notable 69.35% of the stock being owned by institutional investors.
• FirstService Corporation reported a quarterly earnings per share of $1.71, exceeding analyst expectations, alongside a 9.1% increase in revenue year-over-year.

1832 Asset Management L.P. cut its position in shares of FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 8.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 409,942 shares of the financial services provider's stock after selling 35,675 shares during the period. 1832 Asset Management L.P. owned about 0.90% of FirstService worth $68,030,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Allianz Asset Management GmbH raised its position in FirstService by 1.3% during the 1st quarter. Allianz Asset Management GmbH now owns 5,784 shares of the financial services provider's stock valued at $959,000 after purchasing an additional 76 shares in the last quarter. HighTower Advisors LLC raised its position in FirstService by 2.8% during the 1st quarter. HighTower Advisors LLC now owns 3,058 shares of the financial services provider's stock valued at $508,000 after purchasing an additional 84 shares in the last quarter. Diversify Wealth Management LLC raised its position in FirstService by 4.4% during the 1st quarter. Diversify Wealth Management LLC now owns 2,127 shares of the financial services provider's stock valued at $366,000 after purchasing an additional 89 shares in the last quarter. Bank of Nova Scotia Trust Co. raised its position in FirstService by 1.2% during the 1st quarter. Bank of Nova Scotia Trust Co. now owns 7,394 shares of the financial services provider's stock valued at $1,227,000 after purchasing an additional 90 shares in the last quarter. Finally, US Bancorp DE raised its position in FirstService by 7.3% during the 1st quarter. US Bancorp DE now owns 1,431 shares of the financial services provider's stock valued at $238,000 after purchasing an additional 97 shares in the last quarter. 69.35% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

FSV has been the subject of a number of research analyst reports. Scotiabank lifted their target price on FirstService from $210.00 to $220.00 and gave the company a "sector perform" rating in a research report on Wednesday, July 30th. TD Securities boosted their price target on FirstService from $200.00 to $211.00 and gave the stock a "hold" rating in a research report on Friday, July 25th. Finally, Wall Street Zen raised FirstService from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $217.75.

FirstService Trading Up 1.2%

FSV opened at $199.79 on Friday. FirstService Corporation has a 12 month low of $153.13 and a 12 month high of $201.67. The stock has a fifty day moving average price of $185.92 and a 200-day moving average price of $176.96. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.99. The firm has a market cap of $9.10 billion, a price-to-earnings ratio of 64.04 and a beta of 0.95.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last announced its earnings results on Thursday, July 24th. The financial services provider reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.26. FirstService had a return on equity of 18.24% and a net margin of 2.61%.The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period in the prior year, the company posted $1.36 EPS. The firm's quarterly revenue was up 9.1% compared to the same quarter last year. As a group, equities research analysts anticipate that FirstService Corporation will post 5.27 earnings per share for the current fiscal year.

About FirstService

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.

Want to see what other hedge funds are holding FSV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.