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

Other institutional investors and hedge funds also recently made changes to their positions in the company. TCTC Holdings LLC lifted its position in FirstService by 155.2% in the 1st quarter. TCTC Holdings LLC now owns 171 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 104 shares in the last quarter. Spire Wealth Management lifted its position in FirstService by 52.1% in the 1st quarter. Spire Wealth Management now owns 543 shares of the financial services provider's stock valued at $90,000 after acquiring an additional 186 shares in the last quarter. Natixis increased its stake in shares of FirstService by 5,511.1% during the 4th quarter. Natixis now owns 505 shares of the financial services provider's stock worth $91,000 after purchasing an additional 496 shares during the last quarter. State of Wyoming purchased a new stake in shares of FirstService during the 4th quarter worth approximately $101,000. Finally, Fifth Third Bancorp increased its stake in shares of FirstService by 23.0% during the 1st quarter. Fifth Third Bancorp now owns 769 shares of the financial services provider's stock worth $128,000 after purchasing an additional 144 shares during the last quarter. Institutional investors own 69.35% of the company's stock.

FirstService Price Performance

FSV stock traded down $1.14 during mid-day trading on Thursday, hitting $200.03. 12,869 shares of the stock were exchanged, compared to its average volume of 136,751. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.76 and a quick ratio of 1.76. The business has a fifty day moving average price of $187.32 and a 200 day moving average price of $177.54. FirstService Corporation has a 12 month low of $153.13 and a 12 month high of $202.55. The stock has a market capitalization of $9.11 billion, a price-to-earnings ratio of 64.07 and a beta of 0.95.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.71 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the company posted $1.36 earnings per share. The company's revenue was up 9.1% compared to the same quarter last year. On average, sell-side analysts anticipate that FirstService Corporation will post 5.27 EPS for the current year.

Analyst Ratings Changes

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

FirstService Company 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.