Turtle Creek Asset Management Inc. Takes $1.72 Million Position in FirstService Corporation $FSV

Key Points

• Turtle Creek Asset Management acquired 12,400 shares of FirstService, valued at approximately $1.72 million. Institutional investors collectively own 69.35% of the company.
• Analysts maintain a generally positive view, with eight Buy ratings and four Holds, resulting in a “Moderate Buy” consensus and an average price target of $184.20.
• FirstService reported quarterly EPS of $1.75, beating estimates by $0.04, while revenue reached $1.44 billion, up 2.4% year over year. The company also pays a quarterly dividend of $0.305, representing a 0.9% annualized yield.

Turtle Creek Asset Management Inc. bought a new stake in shares of FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 12,400 shares of the financial services provider's stock, valued at approximately $1,723,000.

Several other institutional investors have also bought and sold shares of FSV. JPL Wealth Management LLC bought a new position in FirstService during the 3rd quarter valued at $26,000. Caitong International Asset Management Co. Ltd grew its stake in shares of FirstService by 88.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 173 shares of the financial services provider's stock worth $27,000 after acquiring an additional 81 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in shares of FirstService in the 4th quarter worth $34,000. Geneos Wealth Management Inc. raised its holdings in shares of FirstService by 63.7% in the second quarter. Geneos Wealth Management Inc. now owns 203 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 79 shares during the last quarter. Finally, Strs Ohio purchased a new stake in shares of FirstService in the first quarter valued at about $38,000. Institutional investors own 69.35% of the company's stock.

Analysts Set New Price Targets

FSV has been the topic of several analyst reports. Stifel Nicolaus cut their price target on shares of FirstService from $215.00 to $200.00 and set a "buy" rating on the stock in a report on Monday, April 27th. TD increased their price objective on shares of FirstService from $204.00 to $207.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. Canadian Imperial Bank of Commerce reissued an "outperform" rating and set a $175.00 target price on shares of FirstService in a research report on Friday, July 24th. Weiss Ratings downgraded FirstService from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, May 29th. Finally, TD Securities reaffirmed a "buy" rating and issued a $195.00 target price on shares of FirstService in a report on Friday, July 24th. Eight analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, FirstService presently has an average rating of "Moderate Buy" and a consensus target price of $184.20.

FirstService Stock Down 0.4%

Shares of NASDAQ FSV opened at $142.41 on Thursday. FirstService Corporation has a one year low of $119.41 and a one year high of $209.66. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.58 and a quick ratio of 1.66. The business's fifty day moving average price is $140.19 and its 200-day moving average price is $145.06. The stock has a market capitalization of $6.55 billion, a PE ratio of 40.34, a P/E/G ratio of 3.16 and a beta of 0.94.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $1.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.71 by $0.04. The business had revenue of $1.44 billion for the quarter, compared to analysts' expectations of $1.44 billion. FirstService had a return on equity of 18.07% and a net margin of 2.88%.The firm's quarterly revenue was up 2.4% compared to the same quarter last year. During the same period in the previous year, the business posted $1.71 EPS. On average, equities research analysts anticipate that FirstService Corporation will post 5.62 EPS for the current year.

FirstService Announces Dividend

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

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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