FirstService Corporation $FSV Shares Sold by Acadian Asset Management LLC

Key Points

• Acadian Asset Management LLC has reduced its holdings in FirstService Corporation by 20.9%, selling 20,200 shares and now owning approximately 0.17% of the company valued at $12.7 million.
• Other institutional investors like TD Asset Management Inc. and Fiera Capital Corp. have increased their positions in FirstService, reflecting a trend where hedge funds own 69.35% of the company's stock.
• FirstService recently reported earnings of $1.71 per share, surpassing analyst expectations, and announced a quarterly dividend of $0.275 per share to be paid on October 7th.

Acadian Asset Management LLC cut its position in FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 20.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 76,400 shares of the financial services provider's stock after selling 20,200 shares during the quarter. Acadian Asset Management LLC owned approximately 0.17% of FirstService worth $12,657,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of FirstService by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 1,815,548 shares of the financial services provider's stock valued at $301,051,000 after purchasing an additional 20,872 shares during the period. Orbis Allan Gray Ltd boosted its position in shares of FirstService by 18.8% in the 1st quarter. Orbis Allan Gray Ltd now owns 1,417,190 shares of the financial services provider's stock valued at $235,183,000 after purchasing an additional 224,125 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of FirstService by 2.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 671,431 shares of the financial services provider's stock valued at $111,424,000 after purchasing an additional 15,334 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of FirstService by 27.8% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 533,385 shares of the financial services provider's stock valued at $88,459,000 after purchasing an additional 115,898 shares during the period. Finally, Copeland Capital Management LLC lifted its position in FirstService by 7.2% during the 1st quarter. Copeland Capital Management LLC now owns 382,852 shares of the financial services provider's stock worth $63,534,000 after acquiring an additional 25,829 shares during the period. 69.35% of the stock is owned by institutional investors and hedge funds.

FirstService Price Performance

Shares of FSV traded up $1.66 during mid-day trading on Wednesday, hitting $204.33. The company's stock had a trading volume of 24,402 shares, compared to its average volume of 133,102. 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 50-day simple moving average of $194.98 and a 200 day simple moving average of $180.25. The firm has a market capitalization of $9.31 billion, a P/E ratio of 65.49 and a beta of 0.96. FirstService Corporation has a 1-year low of $153.13 and a 1-year high of $209.66.

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

FirstService Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 7th. Investors of record on Tuesday, September 30th will be paid a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 30th. FirstService's dividend payout ratio (DPR) is presently 35.26%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on FSV shares. Wall Street Zen raised FirstService from a "hold" rating to a "buy" rating in a research report on Sunday, September 7th. Scotiabank increased their price objective on FirstService from $210.00 to $220.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 30th. Finally, TD Securities reaffirmed a "hold" rating on shares of FirstService in a research report on Thursday, September 4th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average 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.