FirstService Corporation $FSV Stock Sold by Montrusco Bolton Investments Inc.

Key Points

• Montrusco Bolton Investments cut its FirstService stake by 23.1% in the third quarter, selling 58,839 shares and retaining 195,494 shares worth approximately $25.1 million. Institutional investors collectively own 69.35% of FSV.
• FirstService shares rose 0.9% to $130.81, while the company reported quarterly earnings of $1.75 per share, beating estimates by $0.04, and revenue of $1.44 billion, up 2.4% year over year.
• The company maintains a quarterly dividend of $0.305 per share, equivalent to a 0.9% yield. Analysts hold a “Moderate Buy” consensus rating with an average price target of $184.20.

Montrusco Bolton Investments Inc. lessened its stake in shares of FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 23.1% in the third quarter, according to its most recent filing with the SEC. The fund owned 195,494 shares of the financial services provider's stock after selling 58,839 shares during the period. Montrusco Bolton Investments Inc. owned about 0.45% of FirstService worth $25,090,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of FSV. Janus Henderson Group PLC raised its position in shares of 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 period. Conestoga Capital Advisors LLC raised its holdings in FirstService by 19.9% during the 1st quarter. Conestoga Capital Advisors LLC now owns 1,405,564 shares of the financial services provider's stock worth $195,289,000 after buying an additional 233,043 shares during the period. Royal Bank of Canada lifted its stake in FirstService by 15.7% during the first 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 in the last quarter. Fred Alger Management LLC lifted its stake in FirstService by 3.0% during the fourth quarter. Fred Alger Management LLC now owns 444,706 shares of the financial services provider's stock valued at $69,165,000 after buying an additional 13,047 shares in the last quarter. Finally, Copeland Capital Management LLC boosted its holdings in shares of FirstService by 6.5% in the first quarter. Copeland Capital Management LLC now owns 368,543 shares of the financial services provider's stock worth $51,206,000 after buying an additional 22,501 shares during the period. 69.35% of the stock is owned by institutional investors.

FirstService Stock Up 0.9%

Shares of FSV traded up $1.23 during midday trading on Tuesday, reaching $130.81. 126,545 shares of the stock were exchanged, compared to its average volume of 213,454. FirstService Corporation has a 12-month low of $119.41 and a 12-month high of $189.05. The firm has a 50 day simple moving average of $136.77 and a 200-day simple moving average of $138.84. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 1.03. The company has a market cap of $5.71 billion, a price-to-earnings ratio of 37.06, a P/E/G ratio of 2.87 and a beta of 0.95.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.75 EPS for the quarter, beating the consensus estimate of $1.71 by $0.04. FirstService had a return on equity of 18.07% and a net margin of 2.88%. The business had revenue of $1.44 billion during the quarter, compared to analysts' expectations of $1.44 billion. During the same quarter in the previous year, the business posted $1.71 EPS. The firm's quarterly revenue was up 2.4% compared to the same quarter last year. Research analysts forecast that FirstService Corporation will post 5.61 EPS for the current year.

FirstService Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 7th. Stockholders of record on Wednesday, September 30th were paid a dividend of $0.3050 per share. The ex-dividend date was Wednesday, September 30th. This represents a $1.22 annualized dividend and a dividend yield of 0.9%. FirstService's dividend payout ratio is 34.56%.

Wall Street Analysts Forecast Growth

FSV has been the topic of a number of recent analyst reports. Wall Street Zen lowered shares of FirstService from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating and issued a $175.00 price objective on shares of FirstService in a research note on Friday, July 24th. Weiss Ratings reiterated a "hold (c-)" rating on shares of FirstService in a research report on Wednesday, August 26th. TD lifted their price objective on shares of FirstService from $204.00 to $207.00 and gave the stock a "buy" rating in a research report on Tuesday, July 14th. Finally, BMO Capital Markets cut their target price on shares of FirstService from $199.00 to $192.00 and set an "outperform" rating on the stock in a research note on Friday, July 24th. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $184.20.

About FirstService

FirstService Corporation is a North American property services company headquartered in Toronto, Canada. The company provides services to residential and commercial properties through two primary business segments: FirstService Residential and FirstService Brands.

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

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