Gulf International Bank UK Ltd Boosts Stock Position in FirstService Corporation $FSV

Key Points

• Gulf International Bank UK Ltd significantly increased its stake in FirstService Corporation by 2,185.0% during the first quarter, bringing its total holdings to 2,285 shares valued at $379,000.
• FirstService reported a Q2 earnings per share (EPS) of $1.71, exceeding estimates by $0.26, and the company’s revenue for the quarter was up 9.1% year-over-year.
• Wall Street analysts have raised their price targets for FirstService, with Scotiabank targeting $220.00, and the stock is currently rated as a "Moderate Buy."

Gulf International Bank UK Ltd increased its position in shares of FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 2,185.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,285 shares of the financial services provider's stock after acquiring an additional 2,185 shares during the quarter. Gulf International Bank UK Ltd's holdings in FirstService were worth $379,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Allianz Asset Management GmbH boosted its position in shares of FirstService by 1.3% during the 1st quarter. Allianz Asset Management GmbH now owns 5,784 shares of the financial services provider's stock valued at $959,000 after acquiring an additional 76 shares during the last quarter. HighTower Advisors LLC boosted its position in shares of FirstService by 2.8% during the 1st quarter. HighTower Advisors LLC now owns 3,058 shares of the financial services provider's stock valued at $508,000 after acquiring an additional 84 shares during the last quarter. Diversify Wealth Management LLC boosted its position in shares of FirstService by 4.4% during the 1st quarter. Diversify Wealth Management LLC now owns 2,127 shares of the financial services provider's stock valued at $366,000 after acquiring an additional 89 shares during the last quarter. Bank of Nova Scotia Trust Co. boosted its position in shares of FirstService by 1.2% during the 1st quarter. Bank of Nova Scotia Trust Co. now owns 7,394 shares of the financial services provider's stock valued at $1,227,000 after acquiring an additional 90 shares during the last quarter. Finally, US Bancorp DE boosted its position in shares of FirstService by 7.3% during the 1st quarter. US Bancorp DE now owns 1,431 shares of the financial services provider's stock valued at $238,000 after acquiring an additional 97 shares during the last quarter. Institutional investors and hedge funds own 69.35% of the company's stock.

FirstService Trading Up 1.2%

NASDAQ:FSV traded up $2.30 on Tuesday, reaching $200.36. 60,240 shares of the company's stock were exchanged, compared to its average volume of 167,390. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $9.13 billion, a price-to-earnings ratio of 64.22 and a beta of 0.95. The business has a fifty day moving average of $184.66 and a 200-day moving average of $176.56. FirstService Corporation has a 52-week low of $153.13 and a 52-week high of $201.67.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last released its earnings results on Thursday, July 24th. The financial services provider reported $1.71 earnings per share 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 analyst estimates of $1.40 billion. FirstService had a net margin of 2.61% and a return on equity of 18.24%. The business's quarterly revenue was up 9.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.36 earnings per share. As a group, analysts expect that FirstService Corporation will post 5.27 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on FSV. Scotiabank upped their target price 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. TD Securities upped their target price on shares of FirstService from $200.00 to $211.00 and gave the company a "hold" rating in a research report on Friday, July 25th. Finally, Wall Street Zen raised shares of FirstService from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $217.75.

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.