Mackenzie Financial Corp Sells 69,997 Shares of FirstService Corporation (NASDAQ:FSV)

Key Points

• Mackenzie Financial Corp has reduced its stake in FirstService Corporation by 8.7%, now holding a total of 734,880 shares valued at approximately $121.85 million.
• Analysts have mixed perspectives on FirstService, with Wall Street Zen upgrading the stock to a "buy" rating while Scotiabank lowered its price target from $217.50 to $210.00.
• FirstService recently declared a quarterly dividend of $0.275 per share, which represents a annualized yield of 0.56% and a payout ratio of 35.26%.

Mackenzie Financial Corp decreased its holdings in shares of FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 8.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 734,880 shares of the financial services provider's stock after selling 69,997 shares during the quarter. Mackenzie Financial Corp owned 1.62% of FirstService worth $121,852,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of FirstService by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 1,794,676 shares of the financial services provider's stock valued at $325,100,000 after buying an additional 23,103 shares in the last quarter. FIL Ltd grew its holdings in shares of FirstService by 12.0% during the fourth quarter. FIL Ltd now owns 1,057,284 shares of the financial services provider's stock valued at $191,524,000 after buying an additional 113,592 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of FirstService by 53.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 656,097 shares of the financial services provider's stock valued at $118,767,000 after buying an additional 229,889 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of FirstService by 18.5% during the fourth quarter. Franklin Resources Inc. now owns 556,050 shares of the financial services provider's stock valued at $100,632,000 after buying an additional 86,909 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of FirstService during the fourth quarter valued at $98,615,000. Hedge funds and other institutional investors own 69.35% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on FSV. Wall Street Zen upgraded FirstService from a "hold" rating to a "buy" rating in a report on Saturday. Scotiabank reduced their price objective on FirstService from $217.50 to $210.00 and set a "sector perform" rating for the company in a research report on Thursday, April 17th. Finally, TD Securities lifted their price objective on FirstService from $200.00 to $211.00 and gave the company a "hold" rating in a research report on Friday. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, FirstService presently has a consensus rating of "Moderate Buy" and an average price target of $215.25.

FirstService Stock Up 0.5%

Shares of NASDAQ:FSV traded up $1.05 on Tuesday, reaching $196.62. The company had a trading volume of 510,321 shares, compared to its average volume of 135,925. FirstService Corporation has a twelve month low of $153.13 and a twelve month high of $201.10. The stock has a 50-day moving average price of $177.58 and a 200 day moving average price of $174.83. The stock has a market capitalization of $8.94 billion, a P/E ratio of 63.02 and a beta of 0.99. The company has a quick ratio of 1.94, a current ratio of 1.70 and a debt-to-equity ratio of 0.99.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last announced its quarterly 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. FirstService had a return on equity of 18.24% and a net margin of 2.61%. The company had revenue of $1.42 billion during the quarter, compared to analysts' expectations of $1.40 billion. During the same quarter in the previous year, the firm earned $1.36 earnings per share. The business's quarterly revenue was up 9.1% compared to the same quarter last year. On average, equities analysts expect that FirstService Corporation will post 5.27 EPS for the current year.

FirstService Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 8th. Shareholders of record on Monday, June 30th were given a $0.275 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 0.56%. FirstService's dividend payout ratio is currently 35.26%.

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.