Conestoga Capital Advisors LLC Sells 41,079 Shares of FirstService Corporation $FSV

Key Points

• Conestoga Capital Advisors LLC reduced its stake in FirstService Corporation by 2.8%, selling 41,079 shares, while still holding approximately 1.4 million shares, representing 3.6% of their investment portfolio.
• FirstService reported a quarterly earnings per share of $1.71, exceeding estimates and reflecting a 9.1% year-over-year revenue increase, with total revenue of $1.42 billion.
• The company recently declared a quarterly dividend of $0.275 per share, equating to an annual yield of 0.6% and a dividend payout ratio of 35.26%.

Conestoga Capital Advisors LLC trimmed its position in FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 2.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,402,540 shares of the financial services provider's stock after selling 41,079 shares during the quarter. FirstService makes up 3.6% of Conestoga Capital Advisors LLC's investment portfolio, making the stock its 5th largest position. Conestoga Capital Advisors LLC owned approximately 3.09% of FirstService worth $244,912,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of FSV. TCTC Holdings LLC raised 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 purchasing an additional 104 shares in the last quarter. Strs Ohio acquired a new stake in shares of FirstService in the 1st quarter valued at $38,000. Spire Wealth Management raised its holdings in shares of FirstService by 52.1% in 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 in the last quarter. SVB Wealth LLC acquired a new stake in shares of FirstService in the 1st quarter valued at $90,000. Finally, State of Wyoming raised its holdings in shares of FirstService by 11.1% in the 1st quarter. State of Wyoming now owns 621 shares of the financial services provider's stock valued at $103,000 after purchasing an additional 62 shares in the last quarter. 69.35% of the stock is currently owned by institutional investors and hedge funds.

FirstService Trading Up 0.2%

Shares of FirstService stock opened at $183.26 on Monday. FirstService Corporation has a 1 year low of $153.13 and a 1 year high of $209.66. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.76 and a current ratio of 1.76. The company has a market capitalization of $8.36 billion, a P/E ratio of 58.74 and a beta of 0.99. The company's fifty day moving average is $195.75 and its two-hundred day moving average is $183.59.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last issued its quarterly earnings data 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 company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the firm posted $1.36 EPS. FirstService's revenue for the quarter was up 9.1% on a year-over-year basis. Analysts forecast that FirstService Corporation will post 5.27 earnings per share for the current year.

FirstService Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 7th. Shareholders of record on Tuesday, September 30th were given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Tuesday, September 30th. FirstService's dividend payout ratio (DPR) is presently 35.26%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on FSV shares. Scotiabank increased their target price on shares of FirstService from $210.00 to $220.00 and gave the company a "sector perform" rating in a research report on Wednesday, July 30th. TD Securities reaffirmed a "hold" rating on shares of FirstService in a research report on Thursday, September 4th. Wall Street Zen raised shares of FirstService from a "hold" rating to a "buy" rating in a research report on Sunday, September 7th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of FirstService in a research report on Wednesday, October 8th. Finally, Zacks Research downgraded shares of FirstService from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 23rd. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, FirstService presently has a consensus rating of "Moderate Buy" and a consensus price target of $217.75.

About FirstService

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.