Polen Capital Management LLC Lowers Holdings in FirstService Corporation (NASDAQ:FSV)

Key Points

• Polen Capital Management LLC has reduced its stake in FirstService Corporation by 9.5% during the first quarter, now owning 29,648 shares valued at approximately $4.92 million.
• FirstService reported $1.71 earnings per share for the latest quarter, surpassing analyst expectations of $1.45, and demonstrated a 9.1% year-over-year revenue increase to $1.42 billion.
• Analysts have generally rated FirstService as a Moderate Buy with a consensus price target of $217.75, reflecting positive outlooks from multiple firms including TD Securities and Scotiabank.

Polen Capital Management LLC trimmed its stake in shares of FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 9.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 29,648 shares of the financial services provider's stock after selling 3,123 shares during the quarter. Polen Capital Management LLC owned 0.07% of FirstService worth $4,920,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in FSV. TCTC Holdings LLC lifted its position in FirstService by 155.2% in the 1st quarter. TCTC Holdings LLC now owns 171 shares of the financial services provider's stock worth $28,000 after buying an additional 104 shares during the last quarter. Natixis lifted its stake in shares of FirstService by 5,511.1% in the 4th quarter. Natixis now owns 505 shares of the financial services provider's stock valued at $91,000 after acquiring an additional 496 shares during the last quarter. Spire Wealth Management lifted its stake in shares of FirstService by 52.1% in the 1st quarter. Spire Wealth Management now owns 543 shares of the financial services provider's stock valued at $90,000 after acquiring an additional 186 shares during the last quarter. State of Wyoming bought a new stake in FirstService in the fourth quarter valued at approximately $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 valued at $128,000 after purchasing an additional 144 shares during the last quarter. Hedge funds and other institutional investors own 69.35% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on FSV shares. TD Securities upped their price objective on shares of FirstService from $200.00 to $211.00 and gave the company 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 report on Saturday, July 26th. Finally, Scotiabank increased their price objective on FirstService from $210.00 to $220.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 30th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, FirstService presently has an average rating of "Moderate Buy" and an average target price of $217.75.

FirstService Stock Performance

Shares of NASDAQ:FSV traded up $4.65 during trading on Wednesday, hitting $199.83. The company's stock had a trading volume of 175,539 shares, compared to its average volume of 140,687. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.76 and a quick ratio of 1.76. The firm has a market cap of $9.10 billion, a price-to-earnings ratio of 64.05 and a beta of 0.95. The company has a 50-day moving average of $182.45 and a 200-day moving average of $176.04. FirstService Corporation has a 12 month low of $153.13 and a 12 month high of $201.10.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last posted its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.71 EPS for the quarter, topping the consensus estimate of $1.45 by $0.26. The firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.40 billion. FirstService had a return on equity of 18.24% and a net margin of 2.61%. FirstService's revenue was up 9.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.36 EPS. On average, sell-side analysts expect that FirstService Corporation will post 5.27 earnings per share for the current 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.