Osterweis Capital Management Inc. Decreases Holdings in FirstService Corporation $FSV

Key Points

• Osterweis Capital Management Inc. reduced its stake in FirstService Corporation by 3.0%, now owning 111,728 shares valued at approximately $18.54 million.
• FirstService Corporation reported better-than-expected quarterly earnings with an EPS of $1.71, exceeding analysts' estimates by $0.26.
• The firm announced a quarterly dividend of $0.275 per share, with an ex-dividend date set for September 30th.

Osterweis Capital Management Inc. reduced its position in FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 3.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 111,728 shares of the financial services provider's stock after selling 3,410 shares during the quarter. Osterweis Capital Management Inc. owned 0.25% of FirstService worth $18,541,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FSV. Northern Trust Corp raised its position in FirstService by 41.7% in the 4th quarter. Northern Trust Corp now owns 64,496 shares of the financial services provider's stock worth $11,675,000 after purchasing an additional 18,977 shares during the period. Ameriprise Financial Inc. raised its position in FirstService by 13.7% in the 4th quarter. Ameriprise Financial Inc. now owns 88,055 shares of the financial services provider's stock worth $16,046,000 after purchasing an additional 10,617 shares during the period. BNP Paribas Financial Markets raised its position in FirstService by 190.1% in the 4th quarter. BNP Paribas Financial Markets now owns 20,942 shares of the financial services provider's stock worth $3,791,000 after purchasing an additional 13,724 shares during the period. Bank of America Corp DE raised its position in FirstService by 112.8% in the 4th quarter. Bank of America Corp DE now owns 216,270 shares of the financial services provider's stock worth $39,149,000 after purchasing an additional 114,620 shares during the period. Finally, Balyasny Asset Management L.P. purchased a new stake in FirstService in the 4th quarter worth about $788,000. 69.35% of the stock is owned by hedge funds and other institutional investors.

FirstService Price Performance

NASDAQ FSV opened at $208.43 on Friday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.76 and a current ratio of 1.76. The firm's 50 day moving average price is $193.38 and its 200-day moving average price is $179.66. FirstService Corporation has a 52-week low of $153.13 and a 52-week high of $209.66. The company has a market cap of $9.49 billion, a PE ratio of 66.80 and a beta of 0.96.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last released its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.45 by $0.26. FirstService had a net margin of 2.61% and a return on equity of 18.24%. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the firm earned $1.36 earnings per share. The company's quarterly revenue was up 9.1% on a year-over-year basis. Sell-side 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 will be paid on Tuesday, October 7th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $0.275 per share. The ex-dividend date is Tuesday, September 30th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 0.5%. FirstService's dividend payout ratio (DPR) is currently 35.26%.

Wall Street Analysts Forecast Growth

FSV has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of FirstService from a "hold" rating to a "buy" rating in a research report on Sunday, September 7th. TD Securities reaffirmed a "hold" rating on shares of FirstService in a research report on Thursday, September 4th. Finally, 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 research report on Wednesday, July 30th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $217.75.

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.

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