FirstService Corporation $FSV Shares Acquired by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. increased its holdings in FirstService Corporation by 32.1%, acquiring an additional 13,183 shares, bringing its total to 54,244 shares, valued at approximately $8.99 million.
• Several institutional investors have also increased their stakes, with Price T. Rowe Associates and TD Asset Management boosting their holdings by 53.9% and 61.6%, respectively.
• FirstService recently reported earnings of $1.71 per share for the quarter, exceeding estimates by $0.26, with revenue rising 9.1% year-over-year to $1.42 billion.

Russell Investments Group Ltd. increased its stake in FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 32.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 54,244 shares of the financial services provider's stock after purchasing an additional 13,183 shares during the period. Russell Investments Group Ltd. owned 0.12% of FirstService worth $8,998,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in FSV. Price T Rowe Associates Inc. MD lifted its holdings in shares of FirstService by 53.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 656,097 shares of the financial services provider's stock worth $118,767,000 after purchasing an additional 229,889 shares during the last quarter. Brown Advisory Inc. acquired a new stake in FirstService in the 1st quarter valued at approximately $30,523,000. TD Asset Management Inc increased its position in FirstService by 61.6% in the 1st quarter. TD Asset Management Inc now owns 335,542 shares of the financial services provider's stock valued at $55,637,000 after acquiring an additional 127,846 shares during the period. Geneva Capital Management LLC increased its position in FirstService by 52.3% in the 1st quarter. Geneva Capital Management LLC now owns 362,293 shares of the financial services provider's stock valued at $60,123,000 after acquiring an additional 124,385 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in FirstService by 27.8% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 533,385 shares of the financial services provider's stock valued at $88,459,000 after acquiring an additional 115,898 shares during the period. Institutional investors own 69.35% of the company's stock.

FirstService Price Performance

Shares of FSV stock traded up $2.45 during mid-day trading on Friday, hitting $199.79. 117,274 shares of the stock traded hands, compared to its average volume of 138,800. FirstService Corporation has a twelve month low of $153.13 and a twelve month high of $201.67. The firm has a market cap of $9.10 billion, a price-to-earnings ratio of 64.04 and a beta of 0.95. The company's 50-day simple moving average is $185.46 and its 200-day simple moving average is $176.84. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.76 and a current ratio of 1.76.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last issued its earnings results on Thursday, July 24th. The financial services provider reported $1.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.45 by $0.26. The business had revenue of $1.42 billion for the quarter, compared to analysts' expectations of $1.40 billion. FirstService had a return on equity of 18.24% and a net margin of 2.61%.The company's quarterly revenue was up 9.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.36 EPS. As a group, equities research analysts expect that FirstService Corporation will post 5.27 earnings per share for the current year.

Analyst Upgrades and Downgrades

FSV has been the topic of several analyst reports. Scotiabank raised their target price on FirstService from $210.00 to $220.00 and gave the company a "sector perform" rating in a research report on Wednesday, July 30th. Wall Street Zen upgraded FirstService from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Finally, TD Securities lifted their price target on FirstService from $200.00 to $211.00 and gave the company a "hold" rating in a research report on Friday, July 25th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $217.75.

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.