Arrowstreet Capital Limited Partnership Sells 174,459 Shares of FirstService Corporation $FSV

Key Points

• Arrowstreet Capital cut its FirstService position by 76% in the first quarter, selling 174,459 shares and retaining 55,160 shares valued at approximately $7.67 million. Institutional investors collectively own 69.35% of the company.
• FirstService exceeded quarterly earnings expectations, reporting $1.75 in EPS versus the $1.71 consensus estimate, while revenue reached $1.44 billion and increased 2.4% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $184.20, compared with the stock’s reported price of $140.89.

Arrowstreet Capital Limited Partnership lessened its position in FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 76.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 55,160 shares of the financial services provider's stock after selling 174,459 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.12% of FirstService worth $7,670,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. The Manufacturers Life Insurance Company increased its position in shares of FirstService by 493.4% during the fourth quarter. The Manufacturers Life Insurance Company now owns 2,775,353 shares of the financial services provider's stock worth $432,173,000 after acquiring an additional 2,307,684 shares during the period. Durable Capital Partners LP lifted its holdings in shares of FirstService by 12.9% in the 3rd quarter. Durable Capital Partners LP now owns 2,216,720 shares of the financial services provider's stock worth $422,263,000 after buying an additional 253,155 shares during the period. Orbis Allan Gray Ltd grew its position in shares of FirstService by 36.5% during the 4th quarter. Orbis Allan Gray Ltd now owns 1,984,677 shares of the financial services provider's stock worth $308,677,000 after buying an additional 530,489 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of FirstService by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 1,954,819 shares of the financial services provider's stock valued at $304,000,000 after buying an additional 29,805 shares during the period. Finally, Mackenzie Financial Corp increased its stake in shares of FirstService by 15.5% during the fourth quarter. Mackenzie Financial Corp now owns 1,791,116 shares of the financial services provider's stock valued at $278,247,000 after buying an additional 239,941 shares during the period. 69.35% of the stock is owned by hedge funds and other institutional investors.

FirstService Price Performance

Shares of NASDAQ FSV opened at $140.89 on Friday. FirstService Corporation has a fifty-two week low of $119.41 and a fifty-two week high of $209.66. The company has a market cap of $6.48 billion, a PE ratio of 39.91, a P/E/G ratio of 3.12 and a beta of 0.94. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.66 and a current ratio of 1.58. The business has a 50-day simple moving average of $140.60 and a two-hundred day simple moving average of $144.92.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.71 by $0.04. The firm had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.44 billion. FirstService had a net margin of 2.88% and a return on equity of 18.07%. The company's revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.71 earnings per share. As a group, equities analysts expect that FirstService Corporation will post 5.61 EPS for the current fiscal year.

FirstService Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Tuesday, June 30th were issued a $0.305 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.22 dividend on an annualized basis and a dividend yield of 0.9%. FirstService's dividend payout ratio (DPR) is currently 34.56%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. TD Cowen reaffirmed a "buy" rating and issued a $204.00 price objective on shares of FirstService in a research note on Wednesday, June 3rd. Canadian Imperial Bank of Commerce reissued an "outperform" rating and set a $175.00 target price on shares of FirstService in a research report on Friday, July 24th. Wall Street Zen cut shares of FirstService from a "buy" rating to a "hold" rating in a research report on Saturday. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $144.00 price objective on shares of FirstService in a research note on Friday, July 24th. Finally, Weiss Ratings lowered shares of FirstService from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, May 29th. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $184.20.

About FirstService

FirstService Corporation, founded in 1989 and headquartered in Toronto, Ontario, is a leading provider of property services in North America. The company operates through two principal segments—FirstService Residential and FirstService Brands—offering a broad range of services to residential, commercial and homeowner association clients.

FirstService Residential delivers community management, financial oversight and consulting services to thousands of residential communities across the United States and Canada.

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