Raymond James Financial Inc. Sells 78,763 Shares of FirstService Corporation $FSV

Key Points

• Raymond James Financial Inc. reduced its holdings in FirstService Corporation by 29.4%, now owning approximately $31.43 million worth of shares.
• Analysts have set a consensus target price of $217.75 for FirstService, with a mix of ratings indicating a "Moderate Buy" sentiment.
• FirstService reported a 9.1% year-over-year increase in revenue, with Q2 earnings exceeding estimates at $1.71 EPS compared to the consensus of $1.45 EPS.

Raymond James Financial Inc. reduced its holdings in FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 29.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 189,387 shares of the financial services provider's stock after selling 78,763 shares during the quarter. Raymond James Financial Inc. owned 0.42% of FirstService worth $31,429,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Fiera Capital Corp raised its holdings in shares of FirstService by 3.9% during the first quarter. Fiera Capital Corp now owns 268,935 shares of the financial services provider's stock valued at $44,639,000 after acquiring an additional 10,087 shares during the period. TD Asset Management Inc grew its position 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 acquiring an additional 127,846 shares in the last quarter. Summit Creek Advisors LLC grew its position in FirstService by 8.4% in the first quarter. Summit Creek Advisors LLC now owns 115,245 shares of the financial services provider's stock worth $19,125,000 after acquiring an additional 8,961 shares in the last quarter. Baskin Financial Services Inc. grew its position in FirstService by 0.6% in the first quarter. Baskin Financial Services Inc. now owns 251,850 shares of the financial services provider's stock worth $41,757,000 after acquiring an additional 1,588 shares in the last quarter. Finally, Spire Wealth Management lifted its stake in shares of FirstService by 52.1% in the first quarter. Spire Wealth Management now owns 543 shares of the financial services provider's stock worth $90,000 after buying an additional 186 shares during the last quarter. 69.35% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on FSV shares. Wall Street Zen upgraded shares of FirstService from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. TD Securities increased their price objective on shares of FirstService from $200.00 to $211.00 and gave the company a "hold" rating in a research note on Friday, July 25th. Finally, Scotiabank upped 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. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, FirstService currently has a consensus rating of "Moderate Buy" and a consensus price target of $217.75.

FirstService Trading Up 0.3%

Shares of NASDAQ:FSV traded up $0.58 during mid-day trading on Friday, reaching $201.20. The stock had a trading volume of 62,022 shares, compared to its average volume of 97,204. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.99. The firm has a market cap of $9.16 billion, a PE ratio of 64.49 and a beta of 0.95. The firm has a 50 day simple moving average of $188.35 and a two-hundred day simple moving average of $177.89. FirstService Corporation has a twelve month low of $153.13 and a twelve month high of $202.55.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last announced its earnings results on Thursday, July 24th. The financial services provider reported $1.71 EPS for the quarter, topping 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 business's quarterly revenue was up 9.1% on a year-over-year basis. During the same period last year, the company posted $1.36 EPS. On average, research analysts predict that FirstService Corporation will post 5.27 EPS for the current fiscal year.

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.