BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Cuts Stake in FirstService Corporation $FSV

Key Points

• BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its stake in FirstService Corporation by 75.6%, selling 71,687 shares and retaining only 23,155 shares valued at approximately $3,840,000.
• FirstService reported earnings per share of $1.71 for the last quarter, exceeding estimates of $1.45, alongside a revenue increase of 9.1% year-over-year, totaling $1.42 billion.
• TD Securities and Scotiabank have raised their price targets for FirstService shares to $211.00 and $220.00 respectively, with an average consensus price target of $217.75.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed its position in FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 75.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,155 shares of the financial services provider's stock after selling 71,687 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned approximately 0.05% of FirstService worth $3,840,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of FSV. Price T Rowe Associates Inc. MD boosted its stake in FirstService by 53.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 656,097 shares of the financial services provider's stock valued at $118,767,000 after acquiring an additional 229,889 shares in the last quarter. Brown Advisory Inc. acquired a new stake in shares of FirstService during the first quarter worth $30,523,000. TD Asset Management Inc lifted its stake in shares of 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 during the period. Geneva Capital Management LLC lifted its stake in shares of FirstService by 52.3% during the first quarter. Geneva Capital Management LLC now owns 362,293 shares of the financial services provider's stock worth $60,123,000 after buying an additional 124,385 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of FirstService by 27.8% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 533,385 shares of the financial services provider's stock worth $88,459,000 after buying an additional 115,898 shares during the period. 69.35% of the stock is currently owned by institutional investors and hedge funds.

FirstService Price Performance

NASDAQ FSV traded down $0.55 during trading hours on Thursday, hitting $200.62. 61,107 shares of the company's stock traded hands, compared to its average volume of 102,669. FirstService Corporation has a 52-week low of $153.13 and a 52-week high of $202.55. The company has a market capitalization of $9.14 billion, a PE ratio of 64.30 and a beta of 0.95. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.76 and a quick ratio of 1.76. The firm's 50-day moving average is $187.78 and its 200-day moving average is $177.71.

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 for the quarter, beating the consensus estimate of $1.45 by $0.26. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.40 billion. FirstService had a net margin of 2.61% and a return on equity of 18.24%. FirstService's revenue was up 9.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.36 EPS. Equities analysts forecast that FirstService Corporation will post 5.27 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FSV has been the subject of several recent research reports. TD Securities raised their target price on shares of FirstService from $200.00 to $211.00 and gave the stock a "hold" rating in a report on Friday, July 25th. Scotiabank raised their target price on shares of FirstService from $210.00 to $220.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 30th. Finally, Wall Street Zen raised shares of FirstService from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $217.75.

FirstService 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.