Durable Capital Partners LP Decreases Stock Position in FirstService Corporation $FSV

Key Points

• Durable Capital Partners LP reduced its stake in FirstService Corporation by 16.2%, selling 417,555 shares and holding a total of 2,156,713 shares valued at approximately $357.9 million.
• Analysts have mixed ratings for FirstService; while some lowered their ratings to "hold," Scotiabank and TD Securities increased their target prices to $220.00 and $211.00 respectively.
• FirstService reported better-than-expected earnings of $1.71 per share for the last quarter, exceeding analyst estimates and showing a year-over-year revenue growth of 9.1% to $1.42 billion.

Durable Capital Partners LP lessened its position in shares of FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 16.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,156,713 shares of the financial services provider's stock after selling 417,555 shares during the quarter. FirstService makes up about 3.2% of Durable Capital Partners LP's holdings, making the stock its 12th largest position. Durable Capital Partners LP owned about 4.75% of FirstService worth $357,907,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. TCTC Holdings LLC raised its stake in 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 raised its stake in 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 during the last quarter. SVB Wealth LLC acquired a new position in FirstService in the 1st quarter valued at about $90,000. State of Wyoming acquired a new position in FirstService in the 4th quarter valued at about $101,000. Finally, Fifth Third Bancorp raised its stake in 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 purchasing an additional 144 shares during the last quarter. Institutional investors and hedge funds own 69.35% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on FSV. Wall Street Zen downgraded shares of FirstService from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. TD Securities boosted their target price on shares of FirstService from $200.00 to $211.00 and gave the company a "hold" rating in a research note on Friday, July 25th. Finally, Scotiabank upped 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 investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $217.75.

FirstService Trading Down 0.3%

FSV traded down $0.54 on Friday, reaching $201.58. 38,276 shares of the company's stock were exchanged, compared to its average volume of 81,829. The company's 50 day moving average is $190.97 and its 200-day moving average is $178.77. The company has a market cap of $9.18 billion, a price-to-earnings ratio of 64.61 and a beta of 0.96. FirstService Corporation has a twelve month low of $153.13 and a twelve month high of $203.80. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.76 and a current ratio of 1.76.

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

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.