FirstService Corporation (NASDAQ:FSV) Shares Sold by DAVENPORT & Co LLC

DAVENPORT & Co LLC cut its position in shares of FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 53.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,351 shares of the financial services provider's stock after selling 2,723 shares during the period. DAVENPORT & Co LLC's holdings in FirstService were worth $390,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FSV. Spire Wealth Management raised its holdings in shares of FirstService by 52.1% in the first quarter. Spire Wealth Management now owns 543 shares of the financial services provider's stock worth $90,000 after buying an additional 186 shares during the period. Northern Trust Corp grew its stake in FirstService by 41.7% in the fourth quarter. Northern Trust Corp now owns 64,496 shares of the financial services provider's stock worth $11,675,000 after purchasing an additional 18,977 shares in the last quarter. Ritholtz Wealth Management bought a new stake in FirstService during the 1st quarter valued at $360,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of FirstService by 11.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 2,452 shares of the financial services provider's stock worth $407,000 after acquiring an additional 248 shares in the last quarter. Finally, Millennium Management LLC lifted its position in FirstService by 130.6% during the fourth quarter. Millennium Management LLC now owns 27,090 shares of the financial services provider's stock valued at $4,904,000 after acquiring an additional 15,343 shares during the last quarter. 69.35% of the stock is owned by institutional investors.

FirstService Stock Performance

FSV stock traded up $0.62 during midday trading on Wednesday, reaching $177.70. The stock had a trading volume of 78,100 shares, compared to its average volume of 111,954. The stock has a market cap of $8.08 billion, a PE ratio of 61.49 and a beta of 0.99. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.94 and a current ratio of 1.94. The firm has a fifty day simple moving average of $175.55 and a two-hundred day simple moving average of $174.75. FirstService Corporation has a 52-week low of $152.72 and a 52-week high of $197.84.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last released its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.92 earnings per share for the quarter, beating analysts' consensus estimates of $0.84 by $0.08. FirstService had a return on equity of 17.49% and a net margin of 2.46%. The business had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same quarter last year, the business posted $0.67 EPS. The company's revenue was up 8.0% on a year-over-year basis. As a group, equities research analysts anticipate that FirstService Corporation will post 5.27 EPS for the current year.

FirstService Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Monday, June 30th were issued a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 0.62%. The ex-dividend date was Monday, June 30th. FirstService's payout ratio is presently 38.06%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Scotiabank cut their price target on shares of FirstService from $217.50 to $210.00 and set a "sector perform" rating on the stock in a report on Thursday, April 17th. Wall Street Zen downgraded shares of FirstService from a "buy" rating to a "hold" rating in a report on Thursday, March 27th. Finally, TD Securities upped their price objective on shares of FirstService from $198.00 to $200.00 and gave the company a "hold" rating in a report on Wednesday, May 7th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, FirstService currently has a consensus rating of "Moderate Buy" and a consensus price target of $208.40.

FirstService 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.