Fred Alger Management LLC Has $111.54 Million Holdings in FirstService Co. (NASDAQ:FSV)

Fred Alger Management LLC cut its stake in shares of FirstService Co. (NASDAQ:FSV - Free Report) TSE: FSV by 17.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 615,357 shares of the financial services provider's stock after selling 134,531 shares during the period. Fred Alger Management LLC owned approximately 1.36% of FirstService worth $111,542,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new stake in FirstService in the 4th quarter valued at approximately $98,615,000. Raymond James Financial Inc. acquired a new position in FirstService during the fourth quarter worth $48,541,000. Price T Rowe Associates Inc. MD grew its position in FirstService by 53.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 656,097 shares of the financial services provider's stock valued at $118,767,000 after purchasing an additional 229,889 shares in the last quarter. CIBC Asset Management Inc lifted its position in FirstService by 57.4% during the 4th quarter. CIBC Asset Management Inc now owns 457,735 shares of the financial services provider's stock worth $83,138,000 after buying an additional 166,996 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of FirstService by 36.2% in the 4th quarter. American Century Companies Inc. now owns 543,163 shares of the financial services provider's stock valued at $98,380,000 after acquiring an additional 144,234 shares in the last quarter. Institutional investors own 69.35% of the company's stock.

Analyst Ratings Changes

FSV has been the subject of several analyst reports. Raymond James raised their target price on shares of FirstService from $215.00 to $225.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. TD Securities raised their target price on shares of FirstService from $198.00 to $200.00 and gave the company a "hold" rating in a research note on Wednesday. StockNews.com cut FirstService from a "buy" rating to a "hold" rating in a research report on Thursday, March 27th. Finally, Scotiabank dropped their price target on FirstService from $217.50 to $210.00 and set a "sector perform" rating on the stock in a research note on Thursday, April 17th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $206.33.

FirstService Stock Performance

Shares of FirstService stock traded down $1.43 during trading on Friday, reaching $173.47. The company's stock had a trading volume of 61,651 shares, compared to its average volume of 109,674. FirstService Co. has a 52 week low of $141.26 and a 52 week high of $197.84. The company has a quick ratio of 1.79, a current ratio of 1.75 and a debt-to-equity ratio of 1.09. The business's 50-day moving average price is $169.50 and its 200-day moving average price is $178.65. The firm has a market cap of $7.88 billion, a PE ratio of 58.41 and a beta of 1.04.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last issued its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.92 EPS for the quarter, topping analysts' consensus estimates of $0.84 by $0.08. The company had revenue of $1.21 billion for the quarter, compared to analysts' expectations of $1.28 billion. FirstService had a return on equity of 17.15% and a net margin of 2.58%. FirstService's revenue was up 8.0% on a year-over-year basis. During the same quarter last year, the business earned $0.67 earnings per share. Equities analysts forecast that FirstService Co. will post 5.27 earnings per share for the current year.

FirstService Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Monday, June 30th will be given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date of this dividend is Monday, June 30th. FirstService's dividend payout ratio is presently 38.06%.

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.