Charles Schwab Investment Management Inc. Lowers Holdings in FirstService Corporation $FSV

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in FirstService Corporation by 1.8%, selling 1,604 shares, leaving it with 88,663 shares valued at approximately $14.7 million.
• FirstService Corporation reported strong financial performance, with earnings per share of $1.71 for the quarter, surpassing expectations by $0.26, alongside a year-over-year revenue increase of 9.1%.
• Research analysts have shown increasing optimism, with Scotiabank raising its target price on FirstService from $210 to $220, reflecting a consensus rating of "Moderate Buy" among analysts.

Charles Schwab Investment Management Inc. decreased its holdings in shares of FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 1.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 88,663 shares of the financial services provider's stock after selling 1,604 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.20% of FirstService worth $14,700,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of FSV. TCTC Holdings LLC lifted its stake 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 purchasing an additional 104 shares during the last quarter. 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 valued at $90,000 after purchasing an additional 186 shares during the period. Natixis increased its position 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 period. State of Wyoming purchased a new position in FirstService during the 4th quarter valued at about $101,000. Finally, Fifth Third Bancorp boosted its holdings in shares of FirstService by 23.0% in the 1st quarter. Fifth Third Bancorp now owns 769 shares of the financial services provider's stock valued at $128,000 after buying an additional 144 shares in the last quarter. 69.35% of the stock is owned by institutional investors.

FirstService Price Performance

Shares of FirstService stock traded down $0.82 during trading hours on Thursday, reaching $200.35. 24,190 shares of the company's stock were exchanged, compared to its average volume of 136,812. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.99. FirstService Corporation has a 1 year low of $153.13 and a 1 year high of $202.55. The business has a fifty day moving average of $187.32 and a two-hundred day moving average of $177.54. The company has a market capitalization of $9.13 billion, a P/E ratio of 64.21 and a beta of 0.95.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last announced its earnings results on Thursday, July 24th. The financial services provider reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.26. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.40 billion. FirstService had a net margin of 2.61% and a return on equity of 18.24%. FirstService's revenue was up 9.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.36 earnings per share. As a group, research analysts predict that FirstService Corporation will post 5.27 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on FSV. Wall Street Zen upgraded shares of FirstService from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. TD Securities lifted their target price on shares of FirstService from $200.00 to $211.00 and gave the stock a "hold" rating in a research note on Friday, July 25th. Finally, Scotiabank lifted their price objective on shares of 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 Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, FirstService presently has a consensus rating of "Moderate Buy" and a consensus target price of $217.75.

FirstService Company 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.