Acadian Asset Management LLC Reduces Holdings in FirstService Corporation $FSV

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 lessened its stake in shares of 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 and Exchange Commission. The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fiera Capital Corp increased its position in FirstService by 3.9% during the 1st quarter. Fiera Capital Corp now owns 268,935 shares of the financial services provider's stock worth $44,639,000 after purchasing an additional 10,087 shares in the last quarter. TD Asset Management Inc increased its position in FirstService by 61.6% during the 1st quarter. TD Asset Management Inc now owns 335,542 shares of the financial services provider's stock worth $55,637,000 after purchasing an additional 127,846 shares in the last quarter. Summit Creek Advisors LLC increased its position in FirstService by 8.4% during the 1st quarter. Summit Creek Advisors LLC now owns 115,245 shares of the financial services provider's stock worth $19,125,000 after purchasing an additional 8,961 shares in the last quarter. Baskin Financial Services Inc. increased its position in FirstService by 0.6% during the 1st quarter. Baskin Financial Services Inc. now owns 251,850 shares of the financial services provider's stock worth $41,757,000 after purchasing an additional 1,588 shares in the last quarter. Finally, Spire Wealth Management increased its position in FirstService by 52.1% during the 1st quarter. Spire Wealth Management now owns 543 shares of the financial services provider's stock worth $90,000 after purchasing an additional 186 shares in the last quarter. Hedge funds and other institutional investors own 69.35% of the company's stock.

FirstService Stock Up 1.9%

Shares of NASDAQ:FSV opened at $208.43 on Friday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.76 and a current ratio of 1.76. FirstService Corporation has a 1 year low of $153.13 and a 1 year high of $209.66. The stock has a market capitalization of $9.49 billion, a P/E ratio of 66.80 and a beta of 0.96. The stock has a 50-day simple moving average of $193.38 and a 200-day simple moving average of $179.66.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last issued its earnings results on Thursday, July 24th. The financial services provider reported $1.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.45 by $0.26. FirstService had a return on equity of 18.24% and a net margin of 2.61%.The business had revenue of $1.42 billion during the quarter, compared to analysts' expectations of $1.40 billion. During the same quarter in the previous year, the business earned $1.36 EPS. The company's revenue for the quarter was up 9.1% on a year-over-year basis. Equities analysts forecast that FirstService Corporation will post 5.27 earnings per share for the current year.

FirstService Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 7th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $0.275 per share. The ex-dividend date is Tuesday, September 30th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 0.5%. FirstService's payout ratio is presently 35.26%.

Analysts Set New Price Targets

FSV has been the subject of a number of recent research reports. Wall Street Zen upgraded FirstService from a "hold" rating to a "buy" rating in a research report on Sunday, September 7th. TD Securities reiterated a "hold" rating on shares of FirstService in a research report on Thursday, September 4th. Finally, Scotiabank lifted their price target on FirstService from $210.00 to $220.00 and gave the company a "sector perform" rating in a report on Wednesday, July 30th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $217.75.

FirstService 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.

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