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 lessened its holdings in FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 8.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. 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 SEC filing.

A number of other large investors have also recently modified their holdings of FSV. Spire Wealth Management boosted its holdings in shares of FirstService by 52.1% during 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 in the last quarter. Natixis boosted its holdings in shares of FirstService by 5,511.1% during 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 in the last quarter. State of Wyoming acquired a new stake in shares of FirstService during the 4th quarter valued at $101,000. Fifth Third Bancorp boosted its holdings in shares of FirstService by 23.0% during the 1st quarter. Fifth Third Bancorp now owns 769 shares of the financial services provider's stock valued at $128,000 after acquiring an additional 144 shares in the last quarter. Finally, Two Sigma Advisers LP acquired a new stake in shares of FirstService during the 4th quarter valued at $201,000. Institutional investors and hedge funds own 69.35% of the company's stock.

FirstService Trading Down 1.6%

FSV traded down $3.20 during midday trading on Friday, hitting $194.03. 54,307 shares of the company were exchanged, compared to its average volume of 141,953. The firm's 50 day moving average price is $178.97 and its 200-day moving average price is $175.29. FirstService Corporation has a 1-year low of $153.13 and a 1-year high of $201.10. The company has a quick ratio of 1.94, a current ratio of 1.70 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $8.82 billion, a P/E ratio of 62.19 and a beta of 0.99.

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 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.26. FirstService had a return on equity of 18.24% and a net margin of 2.61%. The firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period last year, the company posted $1.36 EPS. The business's quarterly revenue was up 9.1% on a year-over-year basis. As a group, equities analysts forecast that FirstService Corporation will post 5.27 EPS for the current fiscal year.

FirstService Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 8th. Stockholders 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 annualized dividend and a dividend yield of 0.6%. FirstService's dividend payout ratio (DPR) is 35.26%.

Analysts Set New Price Targets

FSV has been the topic of several recent research reports. Wall Street Zen raised FirstService from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Scotiabank reaffirmed a "sector perform" rating and set a $220.00 target price (up from $210.00) on shares of FirstService in a report on Wednesday. Finally, TD Securities lifted their target price on FirstService from $200.00 to $211.00 and gave the stock a "hold" rating in a report on Friday, July 25th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus 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.