Dimensional Fund Advisors LP Raises Stake in FirstService Corporation $FSV

Key Points

• Dimensional Fund Advisors increased its FirstService stake by 3.2% in the first quarter, bringing its holdings to 277,225 shares worth approximately $38.5 million. Institutional investors collectively own 69.35% of the company.
• FirstService reported quarterly EPS of $1.75, exceeding estimates by $0.04, while revenue reached $1.44 billion, up 2.4% year over year. The company also pays a quarterly dividend of $0.305, yielding about 0.8% annually.
• Analysts maintain a generally positive outlook, with eight Buy ratings and four Holds; the stock has a “Moderate Buy” consensus rating and an average price target of $184.20, versus a recent price of $143.70.

Dimensional Fund Advisors LP grew its position in FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 3.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 277,225 shares of the financial services provider's stock after purchasing an additional 8,689 shares during the quarter. Dimensional Fund Advisors LP owned approximately 0.60% of FirstService worth $38,513,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of FSV. JPL Wealth Management LLC bought a new stake in FirstService during the third quarter valued at about $26,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of FirstService by 88.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 173 shares of the financial services provider's stock worth $27,000 after acquiring an additional 81 shares during the period. Kestra Advisory Services LLC bought a new position in shares of FirstService in the fourth quarter worth about $34,000. Geneos Wealth Management Inc. grew its position in shares of FirstService by 63.7% during the second quarter. Geneos Wealth Management Inc. now owns 203 shares of the financial services provider's stock worth $35,000 after purchasing an additional 79 shares in the last quarter. Finally, Strs Ohio purchased a new stake in shares of FirstService during the first quarter worth about $38,000. 69.35% of the stock is owned by hedge funds and other institutional investors.

FirstService Stock Performance

NASDAQ:FSV opened at $143.70 on Tuesday. The stock's fifty day moving average is $140.84 and its 200 day moving average is $144.72. FirstService Corporation has a fifty-two week low of $119.41 and a fifty-two week high of $209.66. The firm has a market capitalization of $6.60 billion, a PE ratio of 40.71, a PEG ratio of 3.12 and a beta of 0.93. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.66 and a current ratio of 1.58.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.71 by $0.04. FirstService had a return on equity of 18.07% and a net margin of 2.88%.The company had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same period last year, the company earned $1.71 earnings per share. FirstService's revenue was up 2.4% on a year-over-year basis. On average, sell-side analysts anticipate that FirstService Corporation will post 5.61 earnings per share for the current year.

FirstService Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Tuesday, June 30th were issued a $0.305 dividend. This represents a $1.22 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Tuesday, June 30th. FirstService's dividend payout ratio (DPR) is 34.56%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on FSV shares. Wall Street Zen downgraded FirstService from a "buy" rating to a "hold" rating in a research note on Saturday. BMO Capital Markets reduced their price objective on shares of FirstService from $199.00 to $192.00 and set an "outperform" rating on the stock in a research report on Friday, July 24th. Canadian Imperial Bank of Commerce reissued an "outperform" rating and issued a $175.00 target price on shares of FirstService in a report on Friday, July 24th. TD upped their target price on shares of FirstService from $204.00 to $207.00 and gave the stock a "buy" rating in a research report on Tuesday, July 14th. Finally, Stifel Nicolaus cut their target price on shares of FirstService from $215.00 to $200.00 and set a "buy" rating for the company in a research note on Monday, April 27th. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $184.20.

About FirstService

FirstService Corporation, founded in 1989 and headquartered in Toronto, Ontario, is a leading provider of property services in North America. The company operates through two principal segments—FirstService Residential and FirstService Brands—offering a broad range of services to residential, commercial and homeowner association clients.

FirstService Residential delivers community management, financial oversight and consulting services to thousands of residential communities across the United States and Canada.

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