Truist Financial Corp Cuts Holdings in FirstService Co. (NASDAQ:FSV)

Truist Financial Corp decreased its position in FirstService Co. (NASDAQ:FSV) (TSE:FSV) by 33.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 14,099 shares of the financial services provider’s stock after selling 6,990 shares during the period. Truist Financial Corp’s holdings in FirstService were worth $2,552,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CIBC Asset Management Inc increased its holdings in FirstService by 57.4% in the fourth quarter. CIBC Asset Management Inc now owns 457,735 shares of the financial services provider’s stock valued at $83,138,000 after buying an additional 166,996 shares in the last quarter. State of New Jersey Common Pension Fund D grew its position in shares of FirstService by 20.8% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 10,122 shares of the financial services provider’s stock valued at $1,832,000 after purchasing an additional 1,742 shares during the period. Vista Finance LLC acquired a new stake in shares of FirstService in the fourth quarter valued at about $338,000. Congress Asset Management Co. acquired a new stake in shares of FirstService in the fourth quarter valued at about $232,000. Finally, Fiera Capital Corp grew its position in shares of FirstService by 24.1% in the fourth quarter. Fiera Capital Corp now owns 258,848 shares of the financial services provider’s stock valued at $46,839,000 after purchasing an additional 50,265 shares during the period. Hedge funds and other institutional investors own 69.35% of the company’s stock.

Analyst Ratings Changes

Separately, Raymond James lifted their target price on shares of FirstService from $215.00 to $225.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $201.67.

FirstService Stock Performance

FSV opened at $176.99 on Wednesday. The firm has a market capitalization of $8.02 billion, a PE ratio of 59.59 and a beta of 1.06. FirstService Co. has a twelve month low of $141.26 and a twelve month high of $197.84. The firm’s 50-day moving average price is $179.48 and its 200 day moving average price is $182.31. The company has a current ratio of 1.75, a quick ratio of 1.79 and a debt-to-equity ratio of 1.09.

FirstService Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 7th. Investors of record on Monday, March 31st will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Monday, March 31st. This is a positive change from FirstService’s previous quarterly dividend of $0.25. This represents a $1.10 dividend on an annualized basis and a yield of 0.62%. FirstService’s payout ratio is presently 37.04%.

FirstService 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.