PineBridge Investments L.P. bought a new stake in FirstService Corp. (NASDAQ:FSV) during the second quarter, Holdings Channel reports. The firm bought 5,980 shares of the company’s stock, valued at approximately $353,000.
Several other hedge funds and other institutional investors have also recently made changes to their positions in FSV. CIBC World Markets Inc. raised its position in FirstService Corp. by 72.4% in the second quarter. CIBC World Markets Inc. now owns 331,535 shares of the company’s stock worth $15,194,000 after buying an additional 139,234 shares during the period. BB&T Securities LLC raised its position in FirstService Corp. by 2.4% in the second quarter. BB&T Securities LLC now owns 13,719 shares of the company’s stock worth $628,000 after buying an additional 322 shares during the period. Renaissance Technologies LLC raised its position in FirstService Corp. by 10.4% in the first quarter. Renaissance Technologies LLC now owns 552,138 shares of the company’s stock worth $22,606,000 after buying an additional 51,917 shares during the period. TD Asset Management Inc. raised its position in FirstService Corp. by 27.0% in the second quarter. TD Asset Management Inc. now owns 192,456 shares of the company’s stock worth $8,757,000 after buying an additional 40,931 shares during the period. Finally, Swiss National Bank raised its position in FirstService Corp. by 2.7% in the second quarter. Swiss National Bank now owns 57,200 shares of the company’s stock worth $2,603,000 after buying an additional 1,500 shares during the period. 55.07% of the stock is owned by hedge funds and other institutional investors.
FirstService Corp. (NASDAQ:FSV) opened at 48.58 on Wednesday. The stock has a 50 day moving average price of $49.33 and a 200-day moving average price of $45.46. FirstService Corp. has a 1-year low of $31.37 and a 1-year high of $53.15. The stock has a market capitalization of $1.75 billion, a P/E ratio of 62.12 and a beta of 0.57.
FirstService Corp. (NASDAQ:FSV) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.52 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.52. The business had revenue of $385.10 million for the quarter, compared to the consensus estimate of $386.29 million. FirstService Corp. had a return on equity of 19.20% and a net margin of 2.09%. The business’s quarterly revenue was up 18.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.40 earnings per share. Equities research analysts expect that FirstService Corp. will post $1.56 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 7th. Stockholders of record on Friday, September 30th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date is Wednesday, September 28th. FirstService Corp.’s payout ratio is presently 56.41%.
Several analysts have commented on the company. RBC Capital Markets assumed coverage on FirstService Corp. in a research note on Tuesday. They set an “outperform” rating on the stock. Royal Bank Of Canada assumed coverage on FirstService Corp. in a research note on Tuesday. They set an “outperform” rating and a $56.00 target price on the stock. Zacks Investment Research downgraded FirstService Corp. from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 2nd. Finally, Raymond James Financial Inc. downgraded FirstService Corp. from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 7th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. FirstService Corp. currently has a consensus rating of “Hold” and an average target price of $45.67.
About FirstService Corp.
FirstService Corporation is a provider of residential property management and other essential property services to residential and commercial customers. The Company’s operations are conducted in two segments: FirstService Residential and FirstService Brands. FirstService Residential is a property manager and provides a range of ancillary services primarily in various areas, including on-site staffing, including building engineering and maintenance, full-service amenity management, security, concierge and front desk personnel, and landscaping; banking and insurance products, and energy conservation and management solutions.
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