TD Asset Management Inc Has $48.65 Million Stock Holdings in FirstService Corporation $FSV

Key Points

• TD Asset Management Inc reduced its holdings in FirstService Corporation by 16.8%, owning approximately 279,280 shares worth $48.65 million at the end of the second quarter.
• FirstService reported earnings of $1.71 per share for the last quarter, exceeding analysts’ expectations by $0.26, with a revenue increase of 9.1% year-over-year to $1.42 billion.
• The company declared a quarterly dividend of $0.275 per share, yielding 0.6%, with a payout ratio of 35.26%, indicating a stable return to shareholders.

TD Asset Management Inc trimmed its holdings in shares of FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 16.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 279,280 shares of the financial services provider's stock after selling 56,262 shares during the period. TD Asset Management Inc owned about 0.61% of FirstService worth $48,654,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of FirstService by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 1,815,548 shares of the financial services provider's stock worth $301,051,000 after buying an additional 20,872 shares during the last quarter. Orbis Allan Gray Ltd raised its position in FirstService by 18.8% during the first quarter. Orbis Allan Gray Ltd now owns 1,417,190 shares of the financial services provider's stock worth $235,183,000 after acquiring an additional 224,125 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in FirstService by 2.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 671,431 shares of the financial services provider's stock worth $111,424,000 after acquiring an additional 15,334 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in FirstService by 27.8% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 533,385 shares of the financial services provider's stock worth $88,459,000 after acquiring an additional 115,898 shares in the last quarter. Finally, Copeland Capital Management LLC raised its position in FirstService by 7.2% during the first quarter. Copeland Capital Management LLC now owns 382,852 shares of the financial services provider's stock worth $63,534,000 after acquiring an additional 25,829 shares in the last quarter. 69.35% of the stock is currently owned by institutional investors and hedge funds.

FirstService Trading Up 0.3%

Shares of NASDAQ:FSV opened at $184.95 on Thursday. FirstService Corporation has a 12-month low of $153.13 and a 12-month high of $209.66. The stock has a market cap of $8.43 billion, a PE ratio of 59.28 and a beta of 0.99. The business has a 50 day moving average of $196.35 and a 200-day moving average of $183.17. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.99.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last issued its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.26. FirstService had a net margin of 2.61% and a return on equity of 18.24%. The business had revenue of $1.42 billion during the quarter, compared to analysts' expectations of $1.40 billion. During the same quarter in the previous year, the company earned $1.36 EPS. The business's revenue was up 9.1% on a year-over-year basis. As a group, equities research 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, October 7th. Shareholders of record on Tuesday, September 30th were paid a $0.275 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $1.10 annualized dividend and a yield of 0.6%. FirstService's payout ratio is 35.26%.

Wall Street Analysts Forecast Growth

FSV has been the topic of several analyst reports. TD Securities reaffirmed a "hold" rating on shares of FirstService in a research report on Thursday, September 4th. Scotiabank upped their price target 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. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of FirstService in a research report on Wednesday, October 8th. Zacks Research lowered FirstService from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 23rd. Finally, Wall Street Zen raised FirstService from a "hold" rating to a "buy" rating in a report on Sunday, September 7th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, FirstService has an average rating of "Moderate Buy" and an average 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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