Bank of America Corp DE Purchases 18,146 Shares of FirstService Corporation $FSV

Key Points

• Bank of America increased its FirstService stake by 8.2%, purchasing 18,146 shares to own 240,316 shares valued at approximately $33.4 million. Institutional investors collectively hold 69.35% of the company.
• FirstService reported quarterly earnings of $1.75 per share, beating estimates of $1.71, while revenue reached $1.44 billion and grew 2.4% year over year.
• Analyst sentiment remains positive, with an overall “Moderate Buy” rating and a consensus price target of $184.20, despite some firms maintaining Hold ratings or reducing targets.

Bank of America Corp DE lifted its holdings in FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 8.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 240,316 shares of the financial services provider's stock after acquiring an additional 18,146 shares during the quarter. Bank of America Corp DE owned approximately 0.52% of FirstService worth $33,390,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. The Manufacturers Life Insurance Company boosted its stake in FirstService by 493.4% in 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 purchasing an additional 2,307,684 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of FirstService by 18,366.1% in the fourth quarter. Wellington Management Group LLP now owns 719,993 shares of the financial services provider's stock worth $111,981,000 after acquiring an additional 716,094 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of FirstService by 73.6% in the fourth quarter. Janus Henderson Group PLC now owns 1,367,564 shares of the financial services provider's stock worth $212,698,000 after acquiring an additional 579,615 shares during the last quarter. Norges Bank acquired a new position in shares of FirstService during the fourth quarter worth approximately $85,597,000. Finally, Orbis Allan Gray Ltd lifted its position in shares of FirstService by 36.5% during the fourth quarter. Orbis Allan Gray Ltd now owns 1,984,677 shares of the financial services provider's stock worth $308,677,000 after purchasing an additional 530,489 shares in the last quarter. 69.35% of the stock is currently owned by institutional investors.

FirstService Stock Up 0.0%

NASDAQ:FSV opened at $140.81 on Friday. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 1.03. FirstService Corporation has a 12-month low of $119.41 and a 12-month high of $209.66. The stock's fifty day simple moving average is $141.86 and its 200-day simple moving average is $143.66. The firm has a market capitalization of $6.18 billion, a P/E ratio of 39.89, a P/E/G ratio of 3.12 and a beta of 0.93.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last released its earnings results on Thursday, July 23rd. The financial services provider reported $1.75 earnings per share 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 analyst estimates of $1.44 billion. FirstService had a return on equity of 18.07% and a net margin of 2.88%.The company's quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.71 earnings per share. Equities research analysts expect that FirstService Corporation will post 5.61 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on FSV. Wall Street Zen lowered shares of FirstService from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Loop Capital initiated coverage on FirstService in a report on Monday, May 4th. They set a "hold" rating and a $140.00 price objective on the stock. BMO Capital Markets decreased their price objective on FirstService from $199.00 to $192.00 and set an "outperform" rating on the stock in a research report on Friday, July 24th. TD Securities reissued a "buy" rating and issued a $195.00 target price on shares of FirstService in a research note on Friday, July 24th. Finally, Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $144.00 target price on shares of FirstService in a research report on Friday, July 24th. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $184.20.

FirstService Company Profile

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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