Engineers Gate Manager LP Has $758,000 Position in FirstService Corporation $FSV

Key Points

• Engineers Gate Manager LP cut its FirstService stake by 59.8% in the second quarter, selling 7,927 shares and retaining 5,331 shares valued at approximately $758,000. Institutional investors collectively own 69.35% of the company.
• FirstService reported quarterly earnings of $1.75 per share, beating estimates by $0.04, while revenue reached $1.44 billion and increased 2.4% year over year.
• The company declared a quarterly dividend of $0.305 per share, representing an annualized dividend of $1.22 and a 0.9% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $184.20.

Engineers Gate Manager LP lowered its holdings in FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 59.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,331 shares of the financial services provider's stock after selling 7,927 shares during the period. Engineers Gate Manager LP's holdings in FirstService were worth $758,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Rockefeller Capital Management L.P. lifted its stake in FirstService by 73.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 302 shares of the financial services provider's stock worth $47,000 after acquiring an additional 128 shares in the last quarter. Fifth Third Bancorp grew its stake in FirstService by 23.7% during the 1st quarter. Fifth Third Bancorp now owns 627 shares of the financial services provider's stock valued at $87,000 after acquiring an additional 120 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its holdings in shares of FirstService by 796.7% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 825 shares of the financial services provider's stock valued at $128,000 after purchasing an additional 733 shares during the period. Hardy Reed LLC acquired a new position in shares of FirstService in the 1st quarter valued at about $216,000. Finally, State of Wyoming purchased a new stake in shares of FirstService in the first quarter worth approximately $247,000. Hedge funds and other institutional investors own 69.35% of the company's stock.

FirstService Price Performance

Shares of FirstService stock opened at $129.11 on Monday. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.63 and a quick ratio of 1.63. The company has a market cap of $5.64 billion, a PE ratio of 36.58, a price-to-earnings-growth ratio of 2.86 and a beta of 0.93. The firm has a fifty day moving average price of $141.23 and a two-hundred day moving average price of $140.51. FirstService Corporation has a fifty-two week low of $119.41 and a fifty-two week high of $202.67.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.75 earnings per share for the quarter, beating analysts' consensus estimates of $1.71 by $0.04. The firm had revenue of $1.44 billion for the quarter, compared to analysts' expectations of $1.44 billion. FirstService had a return on equity of 18.07% and a net margin of 2.88%.The business's revenue was up 2.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.71 earnings per share. Analysts expect that FirstService Corporation will post 5.61 EPS for the current year.

FirstService Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 7th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.305 per share. The ex-dividend date is Wednesday, September 30th. This represents a $1.22 dividend on an annualized basis and a dividend yield of 0.9%. FirstService's payout ratio is presently 34.56%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Wall Street Zen downgraded shares of FirstService from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Canadian Imperial Bank of Commerce reissued an "outperform" rating and set a $175.00 target price on shares of FirstService in a research note on Friday, July 24th. Scotiabank set a $170.00 price target on shares of FirstService in a report on Friday, July 24th. TD increased their price objective on FirstService from $204.00 to $207.00 and gave the stock a "buy" rating in a report on Tuesday, July 14th. Finally, BMO Capital Markets lowered their target price on FirstService from $199.00 to $192.00 and set an "outperform" rating on the stock in a research note on Friday, July 24th. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, FirstService currently has an average rating of "Moderate Buy" and a consensus target price of $184.20.

About FirstService

FirstService Corporation is a property services company serving residential and commercial property owners, residents, and businesses primarily in the United States and Canada. The company operates through two main divisions: FirstService Residential and FirstService Brands.

FirstService Residential provides property management services for condominium, cooperative, homeowners, and other residential communities. Its services include community association management, property maintenance, financial administration, compliance support, and resident services.

FirstService Brands operates a network of service businesses that support property repair, maintenance, improvement, and restoration.

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