T. Rowe Price Investment Management Inc. Sells 374,815 Shares of FirstService Corporation $FSV

Key Points

• T. Rowe Price Investment Management Inc. reduced its holdings in FirstService Corporation by 29.2% in the first quarter, owning approximately 910,468 shares valued at about $151 million after selling 374,815 shares.
• FirstService Corporation beat earnings estimates for the most recent quarter, reporting $1.71 EPS compared to expectations of $1.45, with revenue up 9.1% year-over-year.
• Analyst ratings for FirstService are generally positive, with an average rating of "Moderate Buy" and a target price of $217.75.

T. Rowe Price Investment Management Inc. lowered its stake in shares of FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 29.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 910,468 shares of the financial services provider's stock after selling 374,815 shares during the period. T. Rowe Price Investment Management Inc. owned 2.00% of FirstService worth $151,093,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of FSV. Mariner LLC increased its stake in shares of FirstService by 20.4% during the 4th quarter. Mariner LLC now owns 2,560 shares of the financial services provider's stock worth $464,000 after purchasing an additional 433 shares during the last quarter. First Trust Advisors LP bought a new position in FirstService in the 4th quarter worth approximately $442,000. Natixis boosted its holdings in FirstService by 5,511.1% in the 4th quarter. Natixis now owns 505 shares of the financial services provider's stock worth $91,000 after buying an additional 496 shares during the period. Stifel Financial Corp boosted its holdings in FirstService by 0.5% in the 4th quarter. Stifel Financial Corp now owns 21,205 shares of the financial services provider's stock worth $3,838,000 after buying an additional 102 shares during the period. Finally, Hsbc Holdings PLC boosted its holdings in FirstService by 51.1% in the 4th quarter. Hsbc Holdings PLC now owns 17,837 shares of the financial services provider's stock worth $3,228,000 after buying an additional 6,032 shares during the period. Hedge funds and other institutional investors own 69.35% of the company's stock.

FirstService Price Performance

NASDAQ:FSV traded up $0.46 during trading hours on Monday, hitting $200.25. The stock had a trading volume of 59,949 shares, compared to its average volume of 138,310. The company has a 50 day simple moving average of $185.92 and a two-hundred day simple moving average of $177.02. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.76 and a quick ratio of 1.76. FirstService Corporation has a one year low of $153.13 and a one year high of $201.67. The firm has a market capitalization of $9.12 billion, a price-to-earnings ratio of 64.18 and a beta of 0.95.

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

Analyst Ratings Changes

Several research analysts recently commented on FSV shares. TD Securities raised their price objective on shares of FirstService from $200.00 to $211.00 and gave the stock a "hold" rating in a report on Friday, July 25th. Wall Street Zen raised shares of FirstService from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Finally, Scotiabank raised their price objective 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. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $217.75.

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.