Royal Bank of Canada Sells 168,653 Shares of 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 trimmed its holdings in FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 26.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 461,030 shares of the financial services provider's stock after selling 168,653 shares during the period. Royal Bank of Canada owned about 1.01% of FirstService worth $76,507,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of FirstService by 1.2% during the first quarter. Vanguard Group Inc. now owns 1,815,548 shares of the financial services provider's stock valued at $301,051,000 after purchasing an additional 20,872 shares in the last quarter. Orbis Allan Gray Ltd lifted its position in shares of FirstService by 18.8% during the first quarter. Orbis Allan Gray Ltd now owns 1,417,190 shares of the financial services provider's stock valued at $235,183,000 after purchasing an additional 224,125 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of FirstService by 2.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 671,431 shares of the financial services provider's stock valued at $111,424,000 after purchasing an additional 15,334 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position 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 valued at $88,459,000 after purchasing an additional 115,898 shares in the last quarter. Finally, Copeland Capital Management LLC lifted its position in shares of FirstService by 7.2% during the first quarter. Copeland Capital Management LLC now owns 382,852 shares of the financial services provider's stock valued at $63,534,000 after purchasing an additional 25,829 shares in the last quarter. 69.35% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on FSV shares. TD Securities raised their price target on shares of FirstService from $200.00 to $211.00 and gave the company a "hold" rating in a research report on Friday, July 25th. Wall Street Zen downgraded FirstService from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Finally, Scotiabank upped their price objective on FirstService from $210.00 to $220.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 30th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, FirstService presently has an average rating of "Moderate Buy" and an average target price of $217.75.

FirstService Stock Performance

Shares of FSV traded down $0.54 during trading hours on Friday, hitting $201.58. The company's stock had a trading volume of 38,276 shares, compared to its average volume of 81,829. The company has a market cap of $9.18 billion, a price-to-earnings ratio of 38.99 and a beta of 0.96. 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 business has a 50 day simple moving average of $190.97 and a two-hundred day simple moving average of $178.81. FirstService Corporation has a 52-week low of $153.13 and a 52-week high of $203.80.

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, topping the consensus estimate 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 last year, the company earned $1.36 earnings per share. On average, equities analysts expect that FirstService Corporation will post 5.27 earnings per share for the current fiscal 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.