Fred Alger Management LLC Lowers Stock Holdings in 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 decreased its position in shares of FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 6.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. 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 investment portfolio, making the stock its 29th biggest position. Fred Alger Management LLC owned approximately 1.26% of FirstService worth $95,490,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of FSV. Orbis Allan Gray Ltd lifted its stake in FirstService by 18.8% during the 1st quarter. Orbis Allan Gray Ltd now owns 1,417,190 shares of the financial services provider's stock worth $235,183,000 after acquiring an additional 224,125 shares in the last quarter. Brown Advisory Inc. acquired a new stake in FirstService in the 1st quarter valued at about $30,523,000. Goldman Sachs Group Inc. raised its position in FirstService by 79.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 318,648 shares of the financial services provider's stock valued at $52,880,000 after purchasing an additional 141,152 shares in the last quarter. TD Asset Management Inc raised its position in FirstService by 61.6% in the 1st quarter. TD Asset Management Inc now owns 335,542 shares of the financial services provider's stock valued at $55,637,000 after purchasing an additional 127,846 shares in the last quarter. Finally, Geneva Capital Management LLC raised its position in FirstService by 52.3% in the 1st quarter. Geneva Capital Management LLC now owns 362,293 shares of the financial services provider's stock valued at $60,123,000 after purchasing an additional 124,385 shares in the last quarter. Institutional investors and hedge funds own 69.35% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Wall Street Zen raised FirstService from a "hold" rating to a "buy" rating in a research report on Sunday, September 7th. Scotiabank increased their price target on FirstService from $210.00 to $220.00 and gave the company a "sector perform" rating in a research report on Wednesday, July 30th. Finally, TD Securities reissued a "hold" rating on shares of FirstService in a research report on Thursday, September 4th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $217.75.

FirstService Stock Performance

NASDAQ:FSV traded down $4.02 during mid-day trading on Friday, reaching $204.41. 71,409 shares of the stock were exchanged, compared to its average volume of 73,363. The company has a 50 day simple moving average of $193.91 and a 200-day simple moving average of $179.87. The stock has a market capitalization of $9.31 billion, a P/E ratio of 65.52 and a beta of 0.96. 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 $209.66.

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

FirstService Announces Dividend

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

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.