Scotia Capital Inc. Has $4.91 Million Stake in FirstService Corporation (NASDAQ:FSV)

Key Points

• Scotia Capital Inc. has increased its stake in FirstService Corporation by 7.2%, now owning approximately 0.07% of the company valued at $4,910,000.
• Wall Street analysts have raised their price targets for FirstService, with TD Securities setting a new target of $211.00 and Scotiabank increasing theirs to $220.00.
• FirstService reported earnings of $1.71 per share for the most recent quarter, exceeding expectations and reflecting a 9.1% revenue increase year-over-year.

Scotia Capital Inc. grew its holdings in FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 7.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,703 shares of the financial services provider's stock after acquiring an additional 1,993 shares during the period. Scotia Capital Inc. owned 0.07% of FirstService worth $4,910,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. TCTC Holdings LLC increased its position in FirstService by 155.2% during the first quarter. TCTC Holdings LLC now owns 171 shares of the financial services provider's stock worth $28,000 after acquiring an additional 104 shares during the period. Spire Wealth Management grew its holdings in shares of FirstService by 52.1% during the 1st quarter. Spire Wealth Management now owns 543 shares of the financial services provider's stock worth $90,000 after purchasing an additional 186 shares in the last quarter. Natixis increased its position in shares of FirstService by 5,511.1% during the fourth quarter. Natixis now owns 505 shares of the financial services provider's stock valued at $91,000 after purchasing an additional 496 shares during the period. State of Wyoming acquired a new position in shares of FirstService in the fourth quarter valued at $101,000. Finally, Fifth Third Bancorp lifted its position in FirstService by 23.0% in the first quarter. Fifth Third Bancorp now owns 769 shares of the financial services provider's stock worth $128,000 after purchasing an additional 144 shares during the period. Institutional investors and hedge funds own 69.35% of the company's stock.

Wall Street Analysts Forecast Growth

FSV has been the subject of a number of analyst reports. Wall Street Zen raised shares of FirstService from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. TD Securities raised their price target on shares of FirstService from $200.00 to $211.00 and gave the stock a "hold" rating in a research note on Friday, July 25th. 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 equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $217.75.

FirstService Price Performance

FirstService stock traded down $1.05 on Friday, reaching $197.69. The company's stock had a trading volume of 43,740 shares, compared to its average volume of 140,759. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.94 and a current ratio of 1.76. The company has a market cap of $8.99 billion, a price-to-earnings ratio of 63.35 and a beta of 0.95. FirstService Corporation has a twelve month low of $153.13 and a twelve month high of $201.10. The business's fifty day moving average price is $181.20 and its 200 day moving average price is $175.86.

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

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.