FirstService Corporation $FSV Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia lessened its stake in shares of FirstService Corporation (NASDAQ:FSV) (TSE:FSV) by 8.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 136,551 shares of the financial services provider’s stock after selling 12,849 shares during the quarter. Bank of Nova Scotia owned about 0.30% of FirstService worth $26,017,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Geneos Wealth Management Inc. grew its position in FirstService by 63.7% in the 2nd quarter. Geneos Wealth Management Inc. now owns 203 shares of the financial services provider’s stock valued at $35,000 after buying an additional 79 shares during the last quarter. Strs Ohio purchased a new position in FirstService during the 1st quarter worth $38,000. EverSource Wealth Advisors LLC lifted its stake in shares of FirstService by 400.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 365 shares of the financial services provider’s stock worth $64,000 after acquiring an additional 292 shares during the period. Spire Wealth Management boosted its holdings in shares of FirstService by 300.0% in the third quarter. Spire Wealth Management now owns 400 shares of the financial services provider’s stock valued at $76,000 after acquiring an additional 300 shares in the last quarter. Finally, Sagard Holdings Management Inc. purchased a new stake in shares of FirstService in the third quarter valued at about $79,000. 69.35% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FSV. BMO Capital Markets reissued an “outperform” rating and set a $202.00 price target on shares of FirstService in a report on Thursday, February 5th. Wall Street Zen raised FirstService from a “hold” rating to a “buy” rating in a report on Saturday, March 7th. Weiss Ratings reiterated a “hold (c+)” rating on shares of FirstService in a research report on Monday, December 22nd. Finally, TD Securities reissued a “buy” rating and set a $217.00 target price on shares of FirstService in a research note on Thursday, February 5th. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $211.67.

FirstService Stock Performance

Shares of FSV opened at $141.96 on Tuesday. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.79. FirstService Corporation has a 52-week low of $139.60 and a 52-week high of $209.66. The company has a 50-day simple moving average of $155.71 and a 200-day simple moving average of $165.91. The company has a market capitalization of $6.49 billion, a PE ratio of 44.92, a P/E/G ratio of 3.79 and a beta of 1.05.

FirstService (NASDAQ:FSV) (TSE:FSV) last released its quarterly earnings data on Wednesday, February 4th. The financial services provider reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.05. FirstService had a net margin of 2.64% and a return on equity of 18.69%. The firm had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.36 billion. During the same quarter in the previous year, the firm earned $1.34 earnings per share. The firm’s revenue was up 1.3% on a year-over-year basis. Equities research analysts predict that FirstService Corporation will post 5.27 earnings per share for the current fiscal year.

FirstService Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 7th. Stockholders of record on Tuesday, March 31st will be paid a dividend of $0.305 per share. This is a positive change from FirstService’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $1.22 annualized dividend and a dividend yield of 0.9%. FirstService’s dividend payout ratio is presently 34.81%.

FirstService Company Profile

FirstService Corporation, founded in 1989 and headquartered in Toronto, Ontario, is a leading provider of property services in North America. The company operates through two principal segments—FirstService Residential and FirstService Brands—offering a broad range of services to residential, commercial and homeowner association clients.

FirstService Residential delivers community management, financial oversight and consulting services to thousands of residential communities across the United States and Canada.