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

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fiera Capital Corp increased its holdings in shares of FirstService by 3.9% in the first quarter. Fiera Capital Corp now owns 268,935 shares of the financial services provider's stock valued at $44,639,000 after buying an additional 10,087 shares in the last quarter. Summit Creek Advisors LLC raised its stake 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 valued at $19,125,000 after purchasing an additional 8,961 shares during the period. TD Asset Management Inc raised its stake 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 valued at $55,637,000 after purchasing an additional 127,846 shares during the period. Baskin Financial Services Inc. raised its stake 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 valued at $41,757,000 after purchasing an additional 1,588 shares during the period. Finally, Spire Wealth Management grew its holdings in shares of FirstService by 52.1% during the 1st quarter. Spire Wealth Management now owns 543 shares of the financial services provider's stock valued at $90,000 after acquiring an additional 186 shares in the last quarter. Institutional investors own 69.35% of the company's stock.

FirstService Stock Performance

Shares of FSV traded up $1.73 during trading hours on Thursday, reaching $197.71. 33,208 shares of the company traded hands, compared to its average volume of 140,623. The stock's fifty day moving average is $180.74 and its 200 day moving average is $175.75. The stock has a market cap of $8.99 billion, a P/E ratio of 63.46 and a beta of 0.95. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.94 and a current ratio of 1.76. FirstService Corporation has a 1-year low of $153.13 and a 1-year high of $201.10.

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 earnings per share (EPS) for the quarter, topping the consensus estimate 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 prior year, the business posted $1.36 earnings per share. The company's quarterly revenue was up 9.1% compared to the same quarter last year. Equities research analysts anticipate that FirstService Corporation will post 5.27 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

FSV has been the topic of several research analyst reports. Wall Street Zen upgraded shares of FirstService from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. TD Securities upped their price objective on shares of FirstService from $200.00 to $211.00 and gave the stock a "hold" rating in a report on Friday, July 25th. Finally, Scotiabank boosted their target price on shares of FirstService from $210.00 to $220.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 30th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus 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.