Bank of Nova Scotia Has $26.72 Million Stock Position in FirstService Corporation (NASDAQ:FSV)

Key Points

• The Bank of Nova Scotia has reduced its stake in FirstService Corporation by 19.0%, selling 37,754 shares and now holding 161,099 shares valued at approximately $26.7 million.
• FirstService Corporation reported $1.71 earnings per share for the latest quarter, surpassing analysts' expectations, with revenue increasing by 9.1% year-over-year.
• Several brokerages have increased their price targets for FirstService, with TD Securities raising its target from $200.00 to $211.00 while maintaining a "hold" rating.

Bank of Nova Scotia lowered its holdings in shares of FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 19.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 161,099 shares of the financial services provider's stock after selling 37,754 shares during the quarter. Bank of Nova Scotia owned approximately 0.35% of FirstService worth $26,717,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. TCTC Holdings LLC increased its holdings in shares of 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 during the period. Natixis grew its stake in FirstService by 5,511.1% during the 4th quarter. Natixis now owns 505 shares of the financial services provider's stock valued at $91,000 after purchasing an additional 496 shares during the last quarter. Spire Wealth Management boosted its stake in shares of FirstService by 52.1% in the first quarter. Spire Wealth Management now owns 543 shares of the financial services provider's stock worth $90,000 after buying an additional 186 shares during the last quarter. State of Wyoming purchased a new stake in shares of FirstService in the fourth quarter worth about $101,000. Finally, Fifth Third Bancorp boosted its position in FirstService by 23.0% during the first quarter. Fifth Third Bancorp now owns 769 shares of the financial services provider's stock worth $128,000 after purchasing an additional 144 shares in the last quarter. Hedge funds and other institutional investors own 69.35% of the company's stock.

FirstService Stock Down 0.5%

Shares of NASDAQ:FSV traded down $1.04 during trading on Wednesday, reaching $196.24. 11,765 shares of the company traded hands, compared to its average volume of 140,773. The firm has a fifty day simple moving average of $180.33 and a 200 day simple moving average of $175.60. The firm has a market cap of $8.92 billion, a P/E ratio of 62.95 and a beta of 0.95. FirstService Corporation has a 1-year low of $153.13 and a 1-year high of $201.10. The company has a quick ratio of 1.94, a current ratio of 1.76 and a debt-to-equity ratio of 0.99.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last released its earnings results on Thursday, July 24th. The financial services provider reported $1.71 earnings per share for the quarter, topping analysts' consensus estimates of $1.45 by $0.26. FirstService had a net margin of 2.61% and a return on equity of 18.24%. 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 business earned $1.36 EPS. The business's revenue was up 9.1% on a year-over-year basis. Analysts anticipate that FirstService Corporation will post 5.27 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently commented on the company. TD Securities raised their price target on FirstService from $200.00 to $211.00 and gave the stock a "hold" rating in a research report on Friday, July 25th. Wall Street Zen upgraded FirstService from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Finally, Scotiabank upped their target price on FirstService from $210.00 to $220.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 30th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target 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.