Vanguard Personalized Indexing Management LLC Purchases 2,257 Shares of FirstService Corporation $FSV

Key Points

• Vanguard Personalized Indexing Management LLC increased its holdings in FirstService Corporation by 52.5%, acquiring 2,257 additional shares, bringing its total to 6,558 shares valued at approximately $1.14 million.
• FirstService Corporation reported quarterly earnings of $1.71 per share, exceeding analysts' expectations, along with a revenue of $1.42 billion, a 9.1% increase year-over-year.
• The company declared a quarterly dividend of $0.275, resulting in an annualized dividend yield of 0.6%, with a payout ratio of 35.26%.

Vanguard Personalized Indexing Management LLC grew its holdings in shares of FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 52.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,558 shares of the financial services provider's stock after buying an additional 2,257 shares during the quarter. Vanguard Personalized Indexing Management LLC's holdings in FirstService were worth $1,145,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of FSV. Orbis Allan Gray Ltd lifted its stake in shares of FirstService by 18.8% during the 1st 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 during the last quarter. Brown Advisory Inc. purchased a new stake in FirstService in the first quarter worth $30,523,000. Goldman Sachs Group Inc. lifted its position in shares of FirstService by 79.5% during the first quarter. Goldman Sachs Group Inc. now owns 318,648 shares of the financial services provider's stock worth $52,880,000 after purchasing an additional 141,152 shares during the last quarter. TD Asset Management Inc boosted its stake in shares of FirstService by 61.6% during the first quarter. TD Asset Management Inc now owns 335,542 shares of the financial services provider's stock valued at $55,637,000 after purchasing an additional 127,846 shares during the period. Finally, Geneva Capital Management LLC boosted its stake in shares of FirstService by 52.3% during the first quarter. Geneva Capital Management LLC now owns 362,293 shares of the financial services provider's stock valued at $60,123,000 after purchasing an additional 124,385 shares during the period. 69.35% of the stock is currently owned by hedge funds and other institutional investors.

FirstService Stock Performance

Shares of NASDAQ:FSV opened at $183.26 on Friday. The firm has a 50 day moving average of $195.75 and a 200 day moving average of $183.47. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $8.36 billion, a price-to-earnings ratio of 58.74 and a beta of 0.99. FirstService Corporation has a 52 week low of $153.13 and a 52 week high of $209.66.

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 analysts' consensus estimates of $1.45 by $0.26. FirstService had a return on equity of 18.24% and a net margin of 2.61%.The firm had revenue of $1.42 billion during the quarter, compared to analysts' expectations of $1.40 billion. During the same period in the prior year, the business posted $1.36 EPS. The firm's quarterly revenue was up 9.1% on a year-over-year basis. On average, sell-side analysts predict that FirstService Corporation will post 5.27 earnings per share for the current fiscal year.

FirstService Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 7th. Shareholders of record on Tuesday, September 30th were issued a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Tuesday, September 30th. FirstService's payout ratio is currently 35.26%.

Wall Street Analyst Weigh In

Several research firms recently commented on FSV. Wall Street Zen raised shares of FirstService from a "hold" rating to a "buy" rating in a research note on Sunday, September 7th. TD Securities reaffirmed a "hold" rating on shares of FirstService in a research report on Thursday, September 4th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of FirstService in a research note on Wednesday, October 8th. Scotiabank raised their price objective on FirstService from $210.00 to $220.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 30th. Finally, Zacks Research cut FirstService from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 23rd. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $217.75.

About FirstService

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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