CIBC Asset Management Inc Sells 51,472 Shares of FirstService Corporation $FSV

CIBC Asset Management Inc decreased its position in FirstService Corporation (NASDAQ:FSV) (TSE:FSV) by 12.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 354,462 shares of the financial services provider’s stock after selling 51,472 shares during the period. CIBC Asset Management Inc owned about 0.78% of FirstService worth $67,853,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FSV. DekaBank Deutsche Girozentrale grew its holdings in FirstService by 0.9% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 6,092 shares of the financial services provider’s stock worth $1,051,000 after acquiring an additional 52 shares during the last quarter. Evergreen Capital Management LLC boosted its holdings in shares of FirstService by 5.6% during the second quarter. Evergreen Capital Management LLC now owns 1,462 shares of the financial services provider’s stock worth $256,000 after purchasing an additional 77 shares during the period. Geneos Wealth Management Inc. grew its stake in shares of FirstService by 63.7% in the second quarter. Geneos Wealth Management Inc. now owns 203 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 79 shares during the last quarter. Vista Finance LLC increased its holdings in FirstService by 4.1% during the 2nd quarter. Vista Finance LLC now owns 2,081 shares of the financial services provider’s stock valued at $363,000 after purchasing an additional 81 shares during the period. Finally, Accretive Wealth Partners LLC raised its position in FirstService by 1.3% during the 2nd quarter. Accretive Wealth Partners LLC now owns 6,883 shares of the financial services provider’s stock valued at $1,202,000 after purchasing an additional 88 shares during the last quarter. 69.35% of the stock is currently owned by institutional investors.

FirstService Trading Up 0.1%

Shares of NASDAQ FSV opened at $160.03 on Friday. FirstService Corporation has a 1 year low of $147.23 and a 1 year high of $209.66. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.77 and a quick ratio of 1.77. The firm has a 50-day moving average of $155.53 and a 200 day moving average of $175.63. The stock has a market cap of $7.32 billion, a P/E ratio of 52.99, a price-to-earnings-growth ratio of 2.75 and a beta of 1.06.

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

FirstService Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 7th. Shareholders of record on Wednesday, December 31st were paid a dividend of $0.275 per share. The ex-dividend date was Wednesday, December 31st. This represents a $1.10 dividend on an annualized basis and a yield of 0.7%. FirstService’s payout ratio is presently 36.42%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. CIBC cut their price objective on FirstService from $225.00 to $216.00 and set an “outperform” rating on the stock in a research report on Friday, October 24th. Wall Street Zen cut shares of FirstService from a “buy” rating to a “hold” rating in a report on Saturday, October 25th. Stifel Nicolaus reduced their price objective on shares of FirstService from $230.00 to $215.00 and set a “buy” rating on the stock in a research report on Monday, October 27th. Raymond James Financial dropped their target price on shares of FirstService from $225.00 to $215.00 and set an “outperform” rating for the company in a research report on Monday, October 27th. Finally, TD Securities cut their target price on shares of FirstService from $213.00 to $211.00 and set a “buy” rating on the stock in a research note on Wednesday, November 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 has a consensus rating of “Moderate Buy” and an average price target of $211.83.

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.