Royal Bank of Canada Has $76.51 Million Holdings in FirstService Corporation $FSV

Key Points

• Royal Bank of Canada reduced its stake in FirstService Corporation by 26.8%, selling 168,653 shares, and now holds about 1.01% of the company.
• During the first quarter, various institutional investors, including TCTC Holdings LLC and Spire Wealth Management, significantly increased their stakes in FirstService, showing a mixed interest among hedge funds.
• FirstService reported quarterly earnings of $1.71 EPS, exceeding analyst expectations, with a revenue increase of 9.1% year-over-year, highlighting strong performance amidst recent changes in shareholder positions.

Royal Bank of Canada lowered its stake in FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 26.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 461,030 shares of the financial services provider's stock after selling 168,653 shares during the quarter. Royal Bank of Canada owned approximately 1.01% of FirstService worth $76,507,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. TCTC Holdings LLC grew its holdings in FirstService by 155.2% during the first quarter. TCTC Holdings LLC now owns 171 shares of the financial services provider's stock worth $28,000 after purchasing an additional 104 shares during the period. Spire Wealth Management grew its holdings 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 purchasing an additional 186 shares during the period. SVB Wealth LLC bought a new position in FirstService during the first quarter worth about $90,000. State of Wyoming bought a new position in FirstService during the fourth quarter worth about $101,000. Finally, Fifth Third Bancorp grew its holdings in FirstService by 23.0% during the first quarter. Fifth Third Bancorp now owns 769 shares of the financial services provider's stock worth $128,000 after purchasing an additional 144 shares during the period. Institutional investors and hedge funds own 69.35% of the company's stock.

FirstService Trading Down 0.9%

NASDAQ FSV traded down $1.77 on Tuesday, reaching $204.64. The company had a trading volume of 15,946 shares, compared to its average volume of 133,702. 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 has a market cap of $9.32 billion, a price-to-earnings ratio of 65.75 and a beta of 0.96. The business has a 50 day moving average of $191.61 and a two-hundred day moving average of $179.06. FirstService Corporation has a fifty-two week low of $153.13 and a fifty-two week high of $206.51.

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

Analysts Set New Price Targets

A number of equities analysts recently commented on FSV shares. Wall Street Zen upgraded FirstService from a "hold" rating to a "buy" rating in a report on Sunday. TD Securities restated a "hold" rating on shares of FirstService in a report on Thursday. Finally, Scotiabank boosted their price objective on FirstService from $210.00 to $220.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 30th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $217.75.

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.