Advisors Capital Management LLC Raises Holdings in FirstService Corporation $FSV

Advisors Capital Management LLC raised its position in FirstService Corporation (NASDAQ:FSV) (TSE:FSV) by 12.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 25,350 shares of the financial services provider’s stock after purchasing an additional 2,706 shares during the period. Advisors Capital Management LLC owned about 0.06% of FirstService worth $4,427,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. TCTC Holdings LLC raised its stake in FirstService by 155.2% during the 1st quarter. TCTC Holdings LLC now owns 171 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 104 shares in the last quarter. Strs Ohio acquired a new stake in shares of FirstService in the 1st quarter worth approximately $38,000. SVB Wealth LLC acquired a new position in shares of FirstService during the first quarter valued at approximately $90,000. State of Wyoming raised its holdings in FirstService by 11.1% during the first quarter. State of Wyoming now owns 621 shares of the financial services provider’s stock worth $103,000 after purchasing an additional 62 shares in the last quarter. Finally, Hardy Reed LLC bought a new position in FirstService during the 2nd quarter valued at $216,000. Institutional investors and hedge funds own 69.35% of the company’s stock.

FirstService Stock Performance

NASDAQ FSV opened at $156.13 on Friday. The company has a current ratio of 1.73, a quick ratio of 1.76 and a debt-to-equity ratio of 0.90. The business’s 50 day moving average is $180.54 and its two-hundred day moving average is $182.56. The stock has a market capitalization of $7.14 billion, a price-to-earnings ratio of 51.70 and a beta of 0.99. FirstService Corporation has a 12-month low of $149.13 and a 12-month high of $209.66.

FirstService (NASDAQ:FSV) (TSE:FSV) last issued its quarterly earnings results on Thursday, October 23rd. The financial services provider reported $1.76 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.76. FirstService had a return on equity of 17.98% and a net margin of 2.53%.The firm had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.47 billion. During the same period last year, the company earned $1.63 EPS. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. Research analysts expect that FirstService Corporation will post 5.27 EPS for the current year.

FirstService Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 7th. Shareholders of record on Tuesday, September 30th were given a $0.275 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $1.10 annualized dividend and a yield of 0.7%. FirstService’s payout ratio is 36.42%.

Wall Street Analyst Weigh In

A number of brokerages have commented on FSV. TD Securities lowered their target price on FirstService from $213.00 to $211.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. BMO Capital Markets set a $209.00 target price on FirstService and gave the company an “outperform” rating in a research note on Friday, October 24th. CIBC reduced their target price on shares of FirstService from $225.00 to $216.00 and set an “outperform” rating on the stock in a research note on Friday, October 24th. Stifel Nicolaus cut their price target on FirstService from $230.00 to $215.00 and set a “buy” rating for the company in a report on Monday, October 27th. Finally, Raymond James Financial cut their price objective on shares of FirstService from $225.00 to $215.00 and set an “outperform” rating on the stock in a report on Monday, October 27th. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $211.83.

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.