Copeland Capital Management LLC Reduces Stake in FirstService Corporation $FSV

Key Points

• Copeland Capital Management LLC has reduced its stake in FirstService Corporation by 8.0%, holding 352,369 shares after selling 30,483 shares during the 2nd quarter, which represents 1.3% of its investment portfolio.
• FirstService recently reported quarterly earnings of $1.71 earnings per share (EPS), exceeding analyst expectations and reflecting a 9.1% year-over-year revenue growth.
• The company announced a quarterly dividend of $0.275, with a yield of 0.6%, scheduled for payment to investors of record on September 30th.

Copeland Capital Management LLC reduced its position in FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 8.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 352,369 shares of the financial services provider's stock after selling 30,483 shares during the period. FirstService comprises 1.3% of Copeland Capital Management LLC's investment portfolio, making the stock its 28th biggest position. Copeland Capital Management LLC owned approximately 0.78% of FirstService worth $61,531,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Fiera Capital Corp increased its stake in FirstService by 3.9% in the 1st quarter. Fiera Capital Corp now owns 268,935 shares of the financial services provider's stock valued at $44,639,000 after purchasing an additional 10,087 shares in the last quarter. TD Asset Management Inc increased its position in FirstService by 61.6% during the first quarter. TD Asset Management Inc now owns 335,542 shares of the financial services provider's stock worth $55,637,000 after buying an additional 127,846 shares in the last quarter. Summit Creek Advisors LLC increased its position in FirstService by 8.4% during the first quarter. Summit Creek Advisors LLC now owns 115,245 shares of the financial services provider's stock worth $19,125,000 after buying an additional 8,961 shares in the last quarter. Baskin Financial Services Inc. increased its position in FirstService by 0.6% during the first quarter. Baskin Financial Services Inc. now owns 251,850 shares of the financial services provider's stock worth $41,757,000 after buying an additional 1,588 shares in the last quarter. Finally, Spire Wealth Management increased its position in FirstService by 52.1% during 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 in the last quarter. 69.35% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on FSV. TD Securities reissued a "hold" rating on shares of FirstService in a research report on Thursday, September 4th. Scotiabank raised their price target on FirstService from $210.00 to $220.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 30th. Zacks Research downgraded FirstService from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 23rd. Finally, Wall Street Zen raised FirstService from a "hold" rating to a "buy" rating in a research report on Sunday, September 7th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $217.75.

FirstService Price Performance

FSV stock opened at $187.71 on Friday. FirstService Corporation has a 52-week low of $153.13 and a 52-week high of $209.66. The stock's fifty day simple moving average is $198.44 and its 200-day simple moving average is $182.22. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $8.56 billion, a price-to-earnings ratio of 60.16 and a beta of 0.99.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last posted 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 return on equity of 18.24% and a net margin of 2.61%.The business had revenue of $1.42 billion for the quarter, compared to analysts' expectations of $1.40 billion. During the same quarter last year, the firm earned $1.36 earnings per share. The business's revenue was up 9.1% on a year-over-year basis. Equities research analysts expect that FirstService Corporation will post 5.27 EPS for the current year.

FirstService Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 7th. Investors of record on Tuesday, September 30th will be issued a $0.275 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $1.10 dividend on an annualized basis and a yield of 0.6%. FirstService's dividend payout ratio (DPR) is presently 35.26%.

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.

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