Fred Alger Management LLC Sells 40,857 Shares of FirstService Corporation $FSV

Key Points

• Fred Alger Management LLC has reduced its stake in FirstService Corporation by 6.6%, selling 40,857 shares, and now owns approximately 574,500 shares of the company.
• Several hedge funds have adjusted their positions in FirstService, with TCTC Holdings increasing its holdings by 155.2% in the first quarter, while nearly 69.35% of the stock is now held by institutional investors.
• FirstService reported a quarterly EPS of $1.71, exceeding analyst expectations, with revenue growth of 9.1% year-over-year, and a consensus rating of "Moderate Buy."

Fred Alger Management LLC lessened its position in FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 6.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 574,500 shares of the financial services provider's stock after selling 40,857 shares during the period. FirstService comprises 0.5% of Fred Alger Management LLC's portfolio, making the stock its 29th largest holding. Fred Alger Management LLC owned about 1.26% of FirstService worth $95,490,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Fiera Capital Corp lifted its position in FirstService by 3.9% during the first quarter. Fiera Capital Corp now owns 268,935 shares of the financial services provider's stock valued at $44,639,000 after purchasing an additional 10,087 shares during the period. TD Asset Management Inc grew its position in FirstService by 61.6% during the first quarter. TD Asset Management Inc now owns 335,542 shares of the financial services provider's stock valued at $55,637,000 after buying an additional 127,846 shares during the period. Summit Creek Advisors LLC raised its position in shares of FirstService by 8.4% during the 1st quarter. Summit Creek Advisors LLC now owns 115,245 shares of the financial services provider's stock valued at $19,125,000 after purchasing an additional 8,961 shares during the period. Baskin Financial Services Inc. raised its position in shares of FirstService by 0.6% during the 1st quarter. Baskin Financial Services Inc. now owns 251,850 shares of the financial services provider's stock valued at $41,757,000 after purchasing an additional 1,588 shares during the period. Finally, Spire Wealth Management raised its position in shares of FirstService by 52.1% during the first quarter. Spire Wealth Management now owns 543 shares of the financial services provider's stock valued at $90,000 after buying an additional 186 shares during the last quarter. Institutional investors own 69.35% of the company's stock.

FirstService Trading Down 0.6%

FSV stock traded down $1.29 during midday trading on Wednesday, reaching $204.60. The company's stock had a trading volume of 84,020 shares, compared to its average volume of 78,186. FirstService Corporation has a 1 year low of $153.13 and a 1 year high of $206.51. The stock has a fifty day simple moving average of $192.78 and a two-hundred day simple moving average of $179.42. The firm has a market capitalization of $9.32 billion, a price-to-earnings ratio of 65.58 and a beta of 0.96. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.76 and a current ratio of 1.76.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last announced its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.71 earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter last year, the business posted $1.36 EPS. The firm's revenue for the quarter was up 9.1% on a year-over-year basis. On average, equities research analysts predict that FirstService Corporation will post 5.27 EPS for the current year.

FirstService Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 7th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $0.275 per share. The ex-dividend date is Tuesday, September 30th. This represents a $1.10 annualized dividend and a dividend yield of 0.5%. FirstService's dividend payout ratio (DPR) is currently 35.26%.

Analysts Set New Price Targets

Several research firms have recently issued reports on FSV. Scotiabank lifted their price objective on shares of FirstService from $210.00 to $220.00 and gave the company a "sector perform" rating in a research report on Wednesday, July 30th. Wall Street Zen upgraded shares of FirstService from a "hold" rating to a "buy" rating in a research report on Sunday. Finally, TD Securities reiterated a "hold" rating on shares of FirstService in a research report on Thursday, September 4th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold 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.

FirstService Company 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.