FirstService Corporation Announces Quarterly Dividend of $0.31 (NASDAQ:FSV)

Key Points

• FirstService declared a quarterly dividend of $0.305 per share (annualized yield ~0.9%); shareholders of record on June 30 will be paid on July 7 (ex-dividend date June 30), and the company has raised its dividend for seven consecutive years with a low payout ratio (~19.6%), indicating the dividend is well covered by earnings.
• Recent results and outlook: FirstService beat Q1 EPS estimates ($0.95 vs. $0.89) and reported revenue up 5.3% to $1.30 billion; the stock trades near $132.53 with a market cap of ~$6.1B and a P/E of ~37.4, while analysts expect continued earnings that should support the dividend going forward.

FirstService Corporation (NASDAQ:FSV - Get Free Report) TSE: FSV announced a quarterly dividend on Wednesday, May 6th. Shareholders of record on Tuesday, June 30th will be paid a dividend of 0.305 per share by the financial services provider on Tuesday, July 7th. This represents a c) annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Tuesday, June 30th.

FirstService has increased its dividend payment by an average of 0.1%annually over the last three years and has raised its dividend every year for the last 7 years. FirstService has a dividend payout ratio of 19.6% meaning its dividend is sufficiently covered by earnings. Analysts expect FirstService to earn $6.19 per share next year, which means the company should continue to be able to cover its $1.22 annual dividend with an expected future payout ratio of 19.7%.

FirstService Stock Performance

Shares of FSV opened at $132.53 on Thursday. The business's fifty day simple moving average is $144.29 and its two-hundred day simple moving average is $152.83. The company has a current ratio of 1.66, a quick ratio of 1.73 and a debt-to-equity ratio of 0.74. FirstService has a 12 month low of $124.37 and a 12 month high of $209.66. The company has a market cap of $6.09 billion, a price-to-earnings ratio of 37.44, a P/E/G ratio of 3.82 and a beta of 0.97.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last issued its earnings results on Thursday, April 23rd. The financial services provider reported $0.95 EPS for the quarter, beating the consensus estimate of $0.89 by $0.06. FirstService had a return on equity of 17.91% and a net margin of 2.92%.The business had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same period last year, the business posted $0.92 EPS. The company's revenue was up 5.3% compared to the same quarter last year. Research analysts anticipate that FirstService will post 5.54 earnings per share for the current fiscal year.

Hedge Funds Weigh In On FirstService

A number of institutional investors and hedge funds have recently modified their holdings of the company. JPL Wealth Management LLC bought a new position in FirstService in the 3rd quarter worth $26,000. Caitong International Asset Management Co. Ltd raised its holdings in 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 purchasing an additional 81 shares during the period. Kestra Advisory Services LLC bought a new position in FirstService in the 4th quarter worth $34,000. Geneos Wealth Management Inc. raised its holdings in FirstService by 63.7% in the 2nd quarter. Geneos Wealth Management Inc. now owns 203 shares of the financial services provider's stock worth $35,000 after purchasing an additional 79 shares during the period. Finally, Strs Ohio bought a new position in FirstService in the 1st quarter worth $38,000. 69.35% of the stock is currently owned by hedge funds and other institutional investors.

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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