TD Waterhouse Canada Inc. Lowers Holdings in FirstService Corporation $FSV

Key Points

• TD Waterhouse Canada cut its stake in FirstService by 69.1% in Q4, selling 75,461 shares and retaining 33,741 shares (about 0.07% of the company) valued at roughly $5.224 million.
• Brokers mostly remain positive despite trimmed targets — TD Cowen and TD Securities lowered price targets from $217 to $201 — and the MarketBeat consensus is a “Moderate Buy” with a consensus price target of $207.86 (7 Buy, 2 Hold).
• FirstService beat Q results with $1.37 EPS (vs. $1.32 est.), lifted its quarterly dividend to $0.305 ($1.22 annual, 0.8% yield), and trades below prior highs with a market cap of about $6.75B and a P/E of 46.43.

TD Waterhouse Canada Inc. trimmed its holdings in FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 69.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,741 shares of the financial services provider's stock after selling 75,461 shares during the quarter. TD Waterhouse Canada Inc. owned approximately 0.07% of FirstService worth $5,224,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Evergreen Capital Management LLC raised its position in shares of FirstService by 5.6% during the second quarter. Evergreen Capital Management LLC now owns 1,462 shares of the financial services provider's stock valued at $256,000 after buying an additional 77 shares during the last quarter. Geneos Wealth Management Inc. boosted its position in shares of FirstService by 63.7% during the second quarter. Geneos Wealth Management Inc. now owns 203 shares of the financial services provider's stock worth $35,000 after acquiring an additional 79 shares during the last quarter. Parr Mcknight Wealth Management Group LLC grew its stake in FirstService by 1.1% during the third quarter. Parr Mcknight Wealth Management Group LLC now owns 7,583 shares of the financial services provider's stock valued at $1,444,000 after acquiring an additional 81 shares in the last quarter. NorthCrest Asset Manangement LLC grew its stake in FirstService by 4.2% during the third quarter. NorthCrest Asset Manangement LLC now owns 2,209 shares of the financial services provider's stock valued at $413,000 after acquiring an additional 90 shares in the last quarter. Finally, Pathstone Holdings LLC increased its holdings in FirstService by 0.5% in the 3rd quarter. Pathstone Holdings LLC now owns 17,021 shares of the financial services provider's stock valued at $3,242,000 after acquiring an additional 92 shares during the last quarter. 69.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on FSV. TD Cowen decreased their price target on shares of FirstService from $217.00 to $201.00 and set a "buy" rating on the stock in a research note on Tuesday, April 14th. TD Securities decreased their target price on FirstService from $217.00 to $201.00 and set a "buy" rating on the stock in a research report on Tuesday, April 14th. BMO Capital Markets reissued an "outperform" rating and set a $202.00 price target on shares of FirstService in a research note on Thursday, February 5th. Weiss Ratings restated a "hold (c)" rating on shares of FirstService in a report on Friday, March 27th. Finally, Wall Street Zen downgraded FirstService from a "buy" rating to a "hold" rating in a research note on Saturday. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $207.86.

FirstService Stock Performance

FirstService stock opened at $146.72 on Wednesday. The company's 50-day moving average price is $146.91 and its 200-day moving average price is $155.65. FirstService Corporation has a twelve month low of $133.42 and a twelve month high of $209.66. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.79. The company has a market cap of $6.75 billion, a PE ratio of 46.43, a price-to-earnings-growth ratio of 4.02 and a beta of 1.09.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last announced its quarterly earnings results on Wednesday, February 4th. The financial services provider reported $1.37 EPS for the quarter, beating analysts' consensus estimates of $1.32 by $0.05. The firm had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.36 billion. FirstService had a net margin of 2.64% and a return on equity of 18.69%. The firm's revenue for the quarter was up 1.3% compared to the same quarter last year. During the same quarter last year, the firm earned $1.34 EPS. On average, equities research analysts forecast that FirstService Corporation will post 5.73 EPS for the current fiscal year.

FirstService Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 7th. Stockholders of record on Tuesday, March 31st were paid a $0.305 dividend. This represents a $1.22 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Tuesday, March 31st. This is a positive change from FirstService's previous quarterly dividend of $0.28. FirstService's dividend payout ratio is 38.61%.

About FirstService

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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