National Bank of Canada FI Sells 31,490 Shares of FirstService Corporation (NASDAQ:FSV)

Key Points

• National Bank of Canada FI reduced its stake in FirstService Corporation by 9.6%, now owning 297,290 shares valued at approximately $49.17 million.
• Analyst ratings for FirstService show a shift towards positivity, with Wall Street Zen upgrading the stock from "hold" to "buy" and various firms increasing their target prices.
• FirstService reported a quarterly EPS of $1.71, exceeding estimates, with revenues increasing by 9.1% year-over-year to $1.42 billion.

National Bank of Canada FI decreased its holdings in shares of FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 9.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 297,290 shares of the financial services provider's stock after selling 31,490 shares during the period. National Bank of Canada FI owned 0.65% of FirstService worth $49,166,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Raymond James Financial Inc. purchased a new stake in shares of FirstService during the fourth quarter valued at approximately $48,541,000. 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 during the last quarter. Brown Advisory Inc. purchased a new stake in FirstService in the first quarter worth approximately $30,523,000. TD Asset Management Inc boosted its holdings in FirstService by 61.6% in the first quarter. TD Asset Management Inc now owns 335,542 shares of the financial services provider's stock worth $55,637,000 after purchasing an additional 127,846 shares during the last quarter. Finally, Geneva Capital Management LLC boosted its holdings in FirstService by 52.3% in the first quarter. Geneva Capital Management LLC now owns 362,293 shares of the financial services provider's stock worth $60,123,000 after purchasing an additional 124,385 shares during the last quarter. Institutional investors own 69.35% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on FSV shares. Wall Street Zen upgraded shares of FirstService from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Scotiabank raised their target price on shares of FirstService from $210.00 to $220.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 30th. Finally, TD Securities raised their target price on shares of FirstService from $200.00 to $211.00 and gave the stock a "hold" rating in a report on Friday, July 25th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $217.75.

FirstService Stock Performance

FSV traded up $4.65 during trading on Wednesday, hitting $199.83. The company's stock had a trading volume of 175,539 shares, compared to its average volume of 140,687. The firm has a market cap of $9.10 billion, a PE ratio of 64.05 and a beta of 0.95. FirstService Corporation has a one year low of $153.13 and a one year high of $201.10. The business's 50 day simple moving average is $182.45 and its 200-day simple moving average is $176.04. 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 (NASDAQ:FSV - Get Free Report) TSE: FSV last announced its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.71 EPS for the quarter, beating the consensus estimate 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 net margin of 2.61% and a return on equity of 18.24%. The company's revenue was up 9.1% on a year-over-year basis. During the same period last year, the firm earned $1.36 EPS. As a group, sell-side analysts predict that FirstService Corporation will post 5.27 EPS for the current fiscal year.

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.