FirstService Corporation $FSV Stock: Conestoga Capital Advisors LLC Decreases Position

Key Points

• Conestoga Capital Advisors cut its FirstService stake by 38.1% in the third quarter, selling 463,404 shares; it retained 753,593 shares worth about $96.4 million.
• FirstService beat quarterly earnings and revenue estimates, reporting $1.89 per share and $1.51 billion in revenue; sales rose 5.8% year over year.
• Analysts maintain a Moderate Buy consensus, with an average price target of $179.82. Shares opened at $155.25, and the company’s annualized dividend yield is 0.8%.

Conestoga Capital Advisors LLC lessened its holdings in shares of FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 38.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 753,593 shares of the financial services provider's stock after selling 463,404 shares during the period. FirstService accounts for approximately 2.9% of Conestoga Capital Advisors LLC's investment portfolio, making the stock its 13th biggest position. Conestoga Capital Advisors LLC owned about 1.73% of FirstService worth $96,370,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Janus Henderson Group PLC increased its position in FirstService by 16.1% during the first quarter. Janus Henderson Group PLC now owns 1,587,454 shares of the financial services provider's stock worth $220,560,000 after purchasing an additional 219,890 shares during the last quarter. Royal Bank of Canada grew its stake in shares of FirstService by 15.7% in the 1st quarter. Royal Bank of Canada now owns 573,421 shares of the financial services provider's stock valued at $79,672,000 after buying an additional 77,758 shares during the period. Copeland Capital Management LLC grew its stake in shares of FirstService by 11.9% in the 3rd quarter. Copeland Capital Management LLC now owns 389,749 shares of the financial services provider's stock valued at $49,841,000 after buying an additional 41,333 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of FirstService by 3.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 277,225 shares of the financial services provider's stock valued at $38,513,000 after buying an additional 8,689 shares during the period. Finally, Bank of America Corp DE increased its holdings in shares of FirstService by 8.2% during the 1st quarter. Bank of America Corp DE now owns 240,316 shares of the financial services provider's stock worth $33,390,000 after buying an additional 18,146 shares during the last quarter. Institutional investors and hedge funds own 69.35% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. TD Securities reaffirmed a "buy" rating and set a $195.00 price target on shares of FirstService in a research report on Friday, July 24th. Scotiabank reiterated an "outperform" rating on shares of FirstService in a report on Friday, October 23rd. Stifel Nicolaus raised their target price on FirstService from $185.00 to $195.00 and gave the stock a "buy" rating in a research note on Friday, October 23rd. Scotia raised their target price on FirstService from $170.00 to $175.00 and gave the stock a "sector perform" rating in a research note on Friday, October 23rd. Finally, TD lifted their target price on FirstService from $195.00 to $203.00 and gave the company a "buy" rating in a research report on Friday, October 23rd. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $179.82.

FirstService Trading Up 4.3%

Shares of FSV stock opened at $155.25 on Thursday. FirstService Corporation has a fifty-two week low of $119.41 and a fifty-two week high of $166.73. The company has a 50 day moving average price of $136.19 and a 200 day moving average price of $142.25. The stock has a market capitalization of $6.78 billion, a P/E ratio of 47.33, a price-to-earnings-growth ratio of 2.81 and a beta of 0.89. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.63 and a current ratio of 1.56.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last issued its earnings results on Thursday, October 22nd. The financial services provider reported $1.89 EPS for the quarter, topping analysts' consensus estimates of $1.84 by $0.05. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.48 billion. FirstService had a net margin of 2.59% and a return on equity of 19.66%. The company's revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.76 earnings per share. Equities research analysts predict that FirstService Corporation will post 5.62 EPS for the current fiscal year.

FirstService Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 7th. Investors of record on Wednesday, September 30th were given a $0.3050 dividend. This represents a $1.22 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Wednesday, September 30th. FirstService's dividend payout ratio (DPR) is 37.20%.

About FirstService

FirstService Corporation is a Canadian provider of property management and property services serving customers primarily in the United States and Canada. The company operates through two main businesses: FirstService Residential and FirstService Brands.

FirstService Residential provides property management services for condominium and homeowners' associations, cooperatives, and other residential communities. Its services include community administration, financial management, maintenance coordination, customer support, and related operational services.

FirstService Brands operates and supports a network of property-service businesses, including companies involved in property restoration, painting, flooring, window treatments, and other residential and commercial services.

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