Swiss National Bank Has $19.24 Million Position in FirstService Corporation $FSV

Key Points

• Swiss National Bank increased its FirstService stake by 27.5% in the first quarter, ending with 138,500 shares valued at about $19.24 million.
• FirstService continues to attract large institutional holders, with firms like The Manufacturers Life Insurance Company, Durable Capital Partners, and Vanguard also holding significant positions; overall, institutions own 69.35% of the stock.
• The company reported better-than-expected quarterly earnings of $1.75 per share versus $1.71 expected, while analysts currently rate the stock Moderate Buy with a consensus target price of $184.20.

Swiss National Bank lifted its position in FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 27.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 138,500 shares of the financial services provider's stock after buying an additional 29,900 shares during the period. Swiss National Bank owned about 0.30% of FirstService worth $19,239,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in FSV. The Manufacturers Life Insurance Company lifted its position in FirstService by 493.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 2,775,353 shares of the financial services provider's stock worth $432,173,000 after buying an additional 2,307,684 shares in the last quarter. Durable Capital Partners LP lifted its stake in shares of FirstService by 12.9% during the 3rd quarter. Durable Capital Partners LP now owns 2,216,720 shares of the financial services provider's stock worth $422,263,000 after buying an additional 253,155 shares during the last quarter. Orbis Allan Gray Ltd lifted its holdings in FirstService by 36.5% during the 4th quarter. Orbis Allan Gray Ltd now owns 1,984,677 shares of the financial services provider's stock worth $308,677,000 after purchasing an additional 530,489 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of FirstService by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 1,954,819 shares of the financial services provider's stock valued at $304,000,000 after acquiring an additional 29,805 shares during the period. Finally, Mackenzie Financial Corp grew its position in shares of FirstService by 15.5% during the 4th quarter. Mackenzie Financial Corp now owns 1,791,116 shares of the financial services provider's stock worth $278,247,000 after purchasing an additional 239,941 shares in the last quarter. Institutional investors and hedge funds own 69.35% of the company's stock.

Analyst Upgrades and Downgrades

FSV has been the subject of a number of analyst reports. Stifel Nicolaus dropped their price target on FirstService from $215.00 to $200.00 and set a "buy" rating for the company in a research note on Monday, April 27th. Weiss Ratings downgraded FirstService from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, May 29th. Scotiabank set a $170.00 price objective on FirstService in a research report on Friday. TD Cowen restated a "buy" rating and issued a $204.00 target price on shares of FirstService in a report on Wednesday, June 3rd. Finally, Loop Capital started coverage on shares of FirstService in a research note on Monday, May 4th. They set a "hold" rating and a $140.00 target price on the stock. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $184.20.

FirstService Price Performance

Shares of NASDAQ:FSV opened at $137.46 on Friday. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.74. The stock's fifty day simple moving average is $139.47 and its two-hundred day simple moving average is $145.39. FirstService Corporation has a 1-year low of $119.41 and a 1-year high of $209.66. The stock has a market cap of $6.32 billion, a PE ratio of 38.94, a price-to-earnings-growth ratio of 3.96 and a beta of 0.94.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last posted its earnings results on Thursday, July 23rd. The financial services provider reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.04. FirstService had a net margin of 2.88% and a return on equity of 17.53%. The firm had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.44 billion. During the same quarter in the prior year, the business posted $1.71 EPS. The business's revenue was up 2.4% compared to the same quarter last year. As a group, analysts forecast that FirstService Corporation will post 5.57 EPS for the current fiscal year.

FirstService Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Tuesday, June 30th were paid a $0.305 dividend. This represents a $1.22 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Tuesday, June 30th. FirstService's dividend payout ratio is 34.56%.

FirstService Profile

FirstService Corporation, founded in 1989 and headquartered in Toronto, Ontario, is a leading provider of property services in North America. The company operates through two principal segments—FirstService Residential and FirstService Brands—offering a broad range of services to residential, commercial and homeowner association clients.

FirstService Residential delivers community management, financial oversight and consulting services to thousands of residential communities across the United States and Canada.

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