Envestnet Asset Management Inc. Lowers Position in FirstService Corporation (NASDAQ:FSV)

Envestnet Asset Management Inc. cut its stake in shares of FirstService Corporation (NASDAQ:FSV) (TSE:FSV) by 11.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 147,665 shares of the financial services provider’s stock after selling 19,434 shares during the period. Envestnet Asset Management Inc. owned about 0.32% of FirstService worth $24,505,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Catawba River Capital boosted its position in shares of FirstService by 0.4% during the first quarter. Catawba River Capital now owns 46,410 shares of the financial services provider’s stock valued at $7,702,000 after buying an additional 187 shares during the period. Baskin Financial Services Inc. increased its position in shares of FirstService by 0.6% during the first quarter. Baskin Financial Services Inc. now owns 251,850 shares of the financial services provider’s stock worth $41,757,000 after purchasing an additional 1,588 shares in the last quarter. Copeland Capital Management LLC increased its position in shares of FirstService by 7.2% in the 1st quarter. Copeland Capital Management LLC now owns 382,852 shares of the financial services provider’s stock valued at $63,534,000 after acquiring an additional 25,829 shares during the period. Bessemer Group Inc. increased its position in shares of FirstService by 6.6% in the 1st quarter. Bessemer Group Inc. now owns 166,205 shares of the financial services provider’s stock valued at $27,582,000 after acquiring an additional 10,244 shares during the period. Finally, Spire Wealth Management increased its position in shares of FirstService by 52.1% in the 1st quarter. Spire Wealth Management now owns 543 shares of the financial services provider’s stock valued at $90,000 after acquiring an additional 186 shares during the period. 69.35% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FSV. TD Securities increased their target price on shares of FirstService from $198.00 to $200.00 and gave the stock a “hold” rating in a research note on Wednesday, May 7th. Scotiabank decreased their price objective on FirstService from $217.50 to $210.00 and set a “sector perform” rating on the stock in a report on Thursday, April 17th. Finally, Wall Street Zen downgraded shares of FirstService from a “buy” rating to a “hold” rating in a report on Thursday, March 27th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $208.40.

FirstService Stock Down 1.3%

Shares of NASDAQ FSV opened at $176.67 on Wednesday. FirstService Corporation has a 12-month low of $153.13 and a 12-month high of $197.84. The company has a market capitalization of $8.03 billion, a PE ratio of 61.13 and a beta of 0.99. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.94 and a quick ratio of 1.94. The firm’s 50-day moving average is $175.87 and its two-hundred day moving average is $174.53.

FirstService (NASDAQ:FSV) (TSE:FSV) last posted its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.08. FirstService had a net margin of 2.46% and a return on equity of 17.49%. The company had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter last year, the firm posted $0.67 earnings per share. FirstService’s revenue was up 8.0% on a year-over-year basis. Equities analysts anticipate that FirstService Corporation will post 5.27 EPS for the current fiscal year.

FirstService Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 8th. Shareholders of record on Monday, June 30th were issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 0.62%. The ex-dividend date was Monday, June 30th. FirstService’s dividend payout ratio is currently 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.