Assenagon Asset Management S.A. Cuts Holdings in FirstService Corporation $FSV

Assenagon Asset Management S.A. reduced its holdings in FirstService Corporation (NASDAQ:FSV) (TSE:FSV) by 9.3% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,158 shares of the financial services provider’s stock after selling 119 shares during the period. Assenagon Asset Management S.A.’s holdings in FirstService were worth $201,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in FSV. TCTC Holdings LLC grew its stake in shares of FirstService by 155.2% in the 1st quarter. TCTC Holdings LLC now owns 171 shares of the financial services provider’s stock worth $28,000 after buying an additional 104 shares in the last quarter. Strs Ohio purchased a new position in shares of FirstService in the 1st quarter worth $38,000. Spire Wealth Management grew its stake 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 worth $90,000 after buying an additional 186 shares in the last quarter. SVB Wealth LLC purchased a new position in shares of FirstService in the 1st quarter worth $90,000. Finally, State of Wyoming grew its stake in shares of FirstService by 11.1% in the 1st quarter. State of Wyoming now owns 621 shares of the financial services provider’s stock worth $103,000 after buying an additional 62 shares in the last quarter. 69.35% of the stock is owned by hedge funds and other institutional investors.

FirstService Price Performance

Shares of FSV opened at $189.70 on Monday. The company has a 50 day moving average price of $197.98 and a 200-day moving average price of $181.82. FirstService Corporation has a fifty-two week low of $153.13 and a fifty-two week high of $209.66. The stock has a market capitalization of $8.65 billion, a PE ratio of 60.80 and a beta of 0.96. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.76 and a current ratio of 1.76.

FirstService (NASDAQ:FSV) (TSE:FSV) last announced its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.26. FirstService had a net margin of 2.61% and a return on equity of 18.24%. The firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the prior year, the company earned $1.36 EPS. The company’s revenue was up 9.1% compared to the same quarter last year. Equities analysts predict that FirstService Corporation will post 5.27 earnings per share for the current fiscal year.

FirstService Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 7th. Stockholders of record on Tuesday, September 30th will be given a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Tuesday, September 30th. FirstService’s dividend payout ratio is presently 35.26%.

Analyst Ratings Changes

A number of brokerages have commented on FSV. Wall Street Zen raised shares of FirstService from a “hold” rating to a “buy” rating in a research note on Sunday, September 7th. TD Securities reaffirmed a “hold” rating on shares of FirstService in a research note on Thursday, September 4th. Zacks Research cut shares of FirstService from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 23rd. Finally, Scotiabank lifted their price target on shares of FirstService from $210.00 to $220.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 30th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, FirstService presently has an average rating of “Hold” and an average target price of $217.75.

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.