PNC Financial Services Group Inc. decreased its position in FirstService Corporation (NASDAQ:FSV) (TSE:FSV) by 0.6% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 900,229 shares of the financial services provider’s stock after selling 4,979 shares during the period. PNC Financial Services Group Inc. owned 2.51% of FirstService Corporation worth $57,596,000 as of its most recent filing with the SEC.
A number of other large investors have also recently bought and sold shares of the business. Orgel Wealth Management LLC purchased a new stake in FirstService Corporation in the 2nd quarter valued at about $211,000. Fiera Capital Corp increased its stake in FirstService Corporation by 43.6% in the 2nd quarter. Fiera Capital Corp now owns 1,176,304 shares of the financial services provider’s stock valued at $75,345,000 after buying an additional 357,370 shares during the last quarter. Jacobson & Schmitt Advisors LLC increased its stake in FirstService Corporation by 0.6% in the 2nd quarter. Jacobson & Schmitt Advisors LLC now owns 106,610 shares of the financial services provider’s stock valued at $6,821,000 after buying an additional 632 shares during the last quarter. AJO LP purchased a new stake in FirstService Corporation in the 2nd quarter valued at about $8,115,000. Finally, Alliancebernstein L.P. increased its stake in FirstService Corporation by 6.5% in the 2nd quarter. Alliancebernstein L.P. now owns 21,270 shares of the financial services provider’s stock valued at $1,361,000 after buying an additional 1,300 shares during the last quarter. Hedge funds and other institutional investors own 58.96% of the company’s stock.
Shares of FirstService Corporation (FSV) traded down 1.65% during midday trading on Friday, hitting $65.42. 41,280 shares of the stock traded hands. The company’s 50-day moving average is $67.07 and its 200 day moving average is $62.67. The firm has a market capitalization of $2.35 billion, a PE ratio of 52.34 and a beta of 0.90. FirstService Corporation has a 52 week low of $39.05 and a 52 week high of $70.83.
FirstService Corporation (NASDAQ:FSV) (TSE:FSV) last issued its earnings results on Wednesday, July 26th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.11. The firm had revenue of $434.90 million for the quarter, compared to the consensus estimate of $421.35 million. FirstService Corporation had a net margin of 2.84% and a return on equity of 24.64%. The business’s revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.52 earnings per share. Analysts anticipate that FirstService Corporation will post $1.96 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 6th. Stockholders of record on Friday, September 29th will be paid a $0.1225 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.49 annualized dividend and a dividend yield of 0.75%. FirstService Corporation’s dividend payout ratio is presently 39.20%.
FirstService Corporation declared that its Board of Directors has authorized a share buyback plan on Thursday, August 17th that authorizes the company to buyback 3,100,000 outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.
FSV has been the subject of several analyst reports. BidaskClub lowered shares of FirstService Corporation from a “buy” rating to a “hold” rating in a research note on Saturday, June 10th. Zacks Investment Research lowered shares of FirstService Corporation from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 27th. Raymond James Financial, Inc. increased their price objective on shares of FirstService Corporation from $63.00 to $65.00 and gave the company a “market perform” rating in a research note on Thursday, July 27th. Royal Bank Of Canada increased their price objective on shares of FirstService Corporation from $65.00 to $71.00 and gave the company an “outperform” rating in a research note on Thursday, July 27th. Finally, TheStreet upgraded shares of FirstService Corporation from a “c” rating to a “b-” rating in a research note on Wednesday, July 26th. Four research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. FirstService Corporation currently has a consensus rating of “Buy” and a consensus target price of $67.00.
About FirstService Corporation
Firstservice Corporation is a provider of residential property management and other essential property services to residential and commercial customers. The Company operates through two segments: FirstService Residential and FirstService Brands. FirstService Residential is a property manager and provides ancillary services in the areas of 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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