Short Interest in FirstService Corporation (NASDAQ:FSV) Declines By 28.5%

Key Points

• Short interest in FirstService Corporation declined by 28.5%, dropping from 296,600 shares to 212,100 shares as of July 31st, with only 0.5% of the company's shares currently short sold.
• Institutional investors hold 69.35% of FirstService's stock, with several hedge funds increasing their positions significantly during the 2nd quarter.
• FirstService reported earnings of $1.71 per share in its latest quarter, exceeding analyst expectations, with a quarterly revenue increase of 9.1% year-over-year.

FirstService Corporation (NASDAQ:FSV - Get Free Report) TSE: FSV saw a large drop in short interest in the month of July. As of July 31st, there was short interest totaling 212,100 shares, adropof28.5% from the July 15th total of 296,600 shares. Currently,0.5% of the company's shares are short sold. Based on an average daily trading volume, of 129,800 shares, the days-to-cover ratio is currently 1.6 days. Based on an average daily trading volume, of 129,800 shares, the days-to-cover ratio is currently 1.6 days. Currently,0.5% of the company's shares are short sold.

Hedge Funds Weigh In On FirstService

Large investors have recently bought and sold shares of the business. Geneos Wealth Management Inc. raised its position in FirstService by 63.7% during the 2nd 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 in the last quarter. Parr Mcknight Wealth Management Group LLC raised its position in FirstService by 1.8% during the 2nd quarter. Parr Mcknight Wealth Management Group LLC now owns 7,502 shares of the financial services provider's stock valued at $1,310,000 after purchasing an additional 133 shares in the last quarter. Public Sector Pension Investment Board raised its position in FirstService by 2.5% during the 2nd quarter. Public Sector Pension Investment Board now owns 4,076 shares of the financial services provider's stock valued at $710,000 after purchasing an additional 100 shares in the last quarter. Evergreen Capital Management LLC raised its position in shares of FirstService by 5.6% in the 2nd quarter. Evergreen Capital Management LLC now owns 1,462 shares of the financial services provider's stock worth $256,000 after acquiring an additional 77 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its position in shares of FirstService by 11.9% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 21,972 shares of the financial services provider's stock worth $3,786,000 after acquiring an additional 2,329 shares in the last quarter. Hedge funds and other institutional investors own 69.35% of the company's stock.

FirstService Price Performance

FSV traded up $0.8050 on Wednesday, hitting $201.1650. 42,965 shares of the company's stock traded hands, compared to its average volume of 138,680. The company's 50 day simple moving average is $184.66 and its 200-day simple moving average is $176.56. The firm has a market cap of $9.16 billion, a price-to-earnings ratio of 64.48 and a beta of 0.95. FirstService has a one year low of $153.13 and a one year high of $201.67. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.99.

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

Analyst Upgrades and Downgrades

FSV has been the topic of several recent analyst reports. Wall Street Zen upgraded FirstService from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. TD Securities raised their price objective on FirstService from $200.00 to $211.00 and gave the company a "hold" rating in a research note on Friday, July 25th. Finally, Scotiabank raised their price objective on FirstService from $210.00 to $220.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 30th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $217.75.

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.

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