Wellington Management Group LLP Buys 22,511 Shares of FirstService Corporation $FSV

Key Points

• Wellington Management Group LLP increased its stake in FirstService Corporation by 39.0%, owning 80,182 shares valued at approximately $13.3 million.
• FirstService reported a Q2 earnings per share of $1.71, surpassing analyst expectations of $1.45, and its revenue increased by 9.1% compared to the previous year.
• Analysts have raised the price target for FirstService, with Scotiabank setting it at $220.00 and TD Securities at $211.00, reflecting a positive sentiment towards the stock.

Wellington Management Group LLP grew its stake in shares of FirstService Corporation (NASDAQ:FSV - Free Report) TSE: FSV by 39.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 80,182 shares of the financial services provider's stock after purchasing an additional 22,511 shares during the quarter. Wellington Management Group LLP owned about 0.18% of FirstService worth $13,305,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. TCTC Holdings LLC increased its position in shares of FirstService by 155.2% during the 1st quarter. TCTC Holdings LLC now owns 171 shares of the financial services provider's stock worth $28,000 after purchasing an additional 104 shares during the last quarter. Spire Wealth Management increased its position in shares of FirstService by 52.1% during the 1st quarter. Spire Wealth Management now owns 543 shares of the financial services provider's stock worth $90,000 after purchasing an additional 186 shares during the last quarter. State of Wyoming acquired a new position in shares of FirstService during the 4th quarter worth approximately $101,000. Fifth Third Bancorp increased its position in shares of FirstService by 23.0% during the 1st quarter. Fifth Third Bancorp now owns 769 shares of the financial services provider's stock worth $128,000 after purchasing an additional 144 shares during the last quarter. Finally, Two Sigma Advisers LP acquired a new position in shares of FirstService during the 4th quarter worth approximately $201,000. Institutional investors and hedge funds own 69.35% of the company's stock.

Analyst Upgrades and Downgrades

FSV has been the topic of a number of recent analyst reports. TD Securities boosted their target price on FirstService from $200.00 to $211.00 and gave the stock a "hold" rating in a report on Friday, July 25th. Scotiabank boosted their target price on FirstService from $210.00 to $220.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 30th. Finally, Wall Street Zen lowered FirstService from a "buy" rating to a "hold" rating in a report on Saturday. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $217.75.

FirstService Stock Performance

FSV traded down $3.67 during trading on Tuesday, hitting $197.54. The stock had a trading volume of 8,645 shares, compared to its average volume of 135,811. The company has a 50 day moving average price of $188.86 and a 200-day moving average price of $178.13. The firm has a market cap of $9.00 billion, a price-to-earnings ratio of 63.31 and a beta of 0.96. FirstService Corporation has a one year low of $153.13 and a one year high of $202.55. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.76 and a quick ratio of 1.76.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last released its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.26. The business had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.40 billion. FirstService had a return on equity of 18.24% and a net margin of 2.61%.The firm's quarterly revenue was up 9.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.36 EPS. As a group, research analysts predict that FirstService Corporation will post 5.27 EPS for the current year.

FirstService Company 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.