Summit Creek Advisors LLC Raises Position in FirstService Corporation (NASDAQ:FSV)

Key Points

• Summit Creek Advisors LLC increased its stake in FirstService Corporation by 8.4%, now holding 115,245 shares, which constitutes 2.8% of its total portfolio.
• Analysts have given FirstService a consensus rating of "Moderate Buy" with an average price target of $215.25, reflecting a cautious optimism regarding the company's stock performance.
• FirstService recently reported $1.71 EPS for the quarter, surpassing analyst expectations, and achieved a 9.1% year-over-year revenue growth to $1.42 billion.

Summit Creek Advisors LLC lifted its position in shares of FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 8.4% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 115,245 shares of the financial services provider's stock after buying an additional 8,961 shares during the quarter. FirstService makes up 2.8% of Summit Creek Advisors LLC's holdings, making the stock its 11th largest holding. Summit Creek Advisors LLC owned 0.25% of FirstService worth $19,125,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. TD Asset Management Inc increased its holdings 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 last quarter. Baskin Financial Services Inc. increased its holdings in shares of 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 purchasing an additional 1,588 shares during the last quarter. Spire Wealth Management boosted its stake in FirstService by 52.1% during the first quarter. Spire Wealth Management now owns 543 shares of the financial services provider's stock valued at $90,000 after buying an additional 186 shares during the last quarter. Northern Trust Corp boosted its stake in FirstService by 41.7% during the fourth quarter. Northern Trust Corp now owns 64,496 shares of the financial services provider's stock valued at $11,675,000 after buying an additional 18,977 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in FirstService by 11.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 2,452 shares of the financial services provider's stock valued at $407,000 after buying an additional 248 shares in the last quarter. Institutional investors own 69.35% of the company's stock.

Analyst Upgrades and Downgrades

FSV has been the subject of a number of research reports. Scotiabank reiterated a "sector perform" rating and set a $220.00 target price (up from $210.00) on shares of FirstService in a research report on Wednesday. TD Securities lifted their price objective on shares of FirstService from $200.00 to $211.00 and gave the stock a "hold" rating in a research note on Friday, July 25th. Finally, Wall Street Zen upgraded shares of FirstService from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $217.75.

FirstService Trading Down 0.8%

Shares of FSV traded down $1.60 during trading hours on Thursday, reaching $195.94. 83,513 shares of the company traded hands, compared to its average volume of 141,975. FirstService Corporation has a 12-month low of $153.13 and a 12-month high of $201.10. The stock's fifty day moving average price is $177.99 and its 200 day moving average price is $174.98. The firm has a market cap of $8.91 billion, a price-to-earnings ratio of 62.92 and a beta of 0.99. The company has a current ratio of 1.70, a quick ratio of 1.94 and a debt-to-equity ratio of 0.99.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last posted its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.26. The firm had revenue of $1.42 billion during 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 quarter in the previous year, the firm posted $1.36 earnings per share. Sell-side analysts forecast that FirstService Corporation will post 5.27 earnings per share for the current year.

FirstService Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Monday, June 30th were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 0.56%. The ex-dividend date of this dividend was Monday, June 30th. FirstService's dividend payout ratio (DPR) is presently 35.26%.

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.