Connor Clark & Lunn Investment Management Ltd. Acquires 115,898 Shares of FirstService Corporation (NASDAQ:FSV)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in FirstService Corporation by 27.8% in Q1, owning approximately 1.17% of the company worth $88.46 million.
• FirstService reported earnings of $1.71 per share for the last quarter, surpassing estimates of $1.45 and reflecting a 9.1% year-over-year revenue increase to $1.42 billion.
• Analysts have set a consensus target price of $217.75 for FirstService shares, with ratings ranging from "hold" to "buy" from multiple firms.

Connor Clark & Lunn Investment Management Ltd. increased its holdings in FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 27.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 533,385 shares of the financial services provider's stock after buying an additional 115,898 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 1.17% of FirstService worth $88,459,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FSV. LPL Financial LLC boosted its holdings in shares of FirstService by 5.1% in the 4th quarter. LPL Financial LLC now owns 9,707 shares of the financial services provider's stock valued at $1,757,000 after purchasing an additional 471 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of FirstService by 262.0% during the 4th quarter. Alliancebernstein L.P. now owns 12,271 shares of the financial services provider's stock worth $2,221,000 after buying an additional 8,881 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of FirstService by 23.5% during the 4th quarter. Geode Capital Management LLC now owns 297,037 shares of the financial services provider's stock worth $55,526,000 after buying an additional 56,434 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in FirstService by 9.4% in the fourth quarter. Russell Investments Group Ltd. now owns 41,061 shares of the financial services provider's stock valued at $7,434,000 after buying an additional 3,524 shares in the last quarter. Finally, APG Asset Management N.V. bought a new position in FirstService in the fourth quarter valued at about $3,444,000. 69.35% of the stock is currently owned by institutional investors and hedge funds.

FirstService Price Performance

Shares of NASDAQ:FSV traded up $2.97 during trading on Wednesday, hitting $198.15. 43,131 shares of the company were exchanged, compared to its average volume of 139,817. The business's 50 day moving average is $182.45 and its 200-day moving average is $176.04. The company has a market capitalization of $9.02 billion, a P/E ratio of 63.49 and a beta of 0.95. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.99. FirstService Corporation has a 1-year low of $153.13 and a 1-year high of $201.10.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last issued its quarterly earnings data 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. FirstService had a net margin of 2.61% and a return on equity of 18.24%. The company had revenue of $1.42 billion for the quarter, compared to analysts' expectations of $1.40 billion. During the same quarter in the previous year, the firm posted $1.36 earnings per share. FirstService's revenue for the quarter was up 9.1% on a year-over-year basis. Equities analysts forecast that FirstService Corporation will post 5.27 earnings per share for the current year.

Analyst Upgrades and Downgrades

FSV has been the subject of several research analyst reports. TD Securities boosted their target price on FirstService from $200.00 to $211.00 and gave the stock a "hold" rating in a research note on Friday, July 25th. Wall Street Zen raised FirstService from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Finally, Scotiabank boosted their target price on FirstService from $210.00 to $220.00 and gave the stock a "sector perform" rating in a research note on Wednesday, July 30th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price 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.