Jennison Associates LLC Raises Stake in FirstService Co. (NASDAQ:FSV)

Jennison Associates LLC raised its position in shares of FirstService Co. (NASDAQ:FSV) (TSE:FSV) by 4.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,081 shares of the financial services provider’s stock after purchasing an additional 223 shares during the quarter. Jennison Associates LLC’s holdings in FirstService were worth $823,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in FSV. Exchange Traded Concepts LLC lifted its holdings in FirstService by 126.6% during the third quarter. Exchange Traded Concepts LLC now owns 392 shares of the financial services provider’s stock valued at $57,000 after purchasing an additional 219 shares in the last quarter. Raymond James & Associates lifted its holdings in shares of FirstService by 1.8% in the third quarter. Raymond James & Associates now owns 111,818 shares of the financial services provider’s stock worth $16,274,000 after buying an additional 1,955 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of FirstService by 10.9% in the third quarter. Bank of New York Mellon Corp now owns 57,563 shares of the financial services provider’s stock worth $8,378,000 after buying an additional 5,657 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of FirstService by 3.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,842 shares of the financial services provider’s stock worth $2,169,000 after buying an additional 507 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its holdings in shares of FirstService by 17.4% in the third quarter. Mackenzie Financial Corp now owns 2,364,766 shares of the financial services provider’s stock worth $334,631,000 after buying an additional 349,894 shares in the last quarter. Hedge funds and other institutional investors own 69.35% of the company’s stock.

FirstService Price Performance

FirstService stock opened at $149.80 on Friday. The company has a market cap of $6.74 billion, a price-to-earnings ratio of 74.16 and a beta of 0.97. The firm’s fifty day moving average is $161.56 and its 200 day moving average is $158.34. The company has a quick ratio of 1.82, a current ratio of 1.97 and a debt-to-equity ratio of 0.89. FirstService Co. has a 52-week low of $134.77 and a 52-week high of $171.94.

FirstService (NASDAQ:FSV) (TSE:FSV) last posted its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.01). FirstService had a net margin of 2.02% and a return on equity of 15.16%. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.13 billion. Sell-side analysts forecast that FirstService Co. will post 4.6 EPS for the current fiscal year.

FirstService Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 29th were given a dividend of $0.25 per share. This is a boost from FirstService’s previous quarterly dividend of $0.23. The ex-dividend date was Wednesday, March 27th. This represents a $1.00 dividend on an annualized basis and a yield of 0.67%. FirstService’s payout ratio is 49.51%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on FSV. Royal Bank of Canada reissued an “outperform” rating and issued a $187.00 target price on shares of FirstService in a report on Wednesday, February 7th. TheStreet downgraded shares of FirstService from a “b-” rating to a “c” rating in a report on Tuesday, February 6th. Raymond James boosted their target price on shares of FirstService from $185.00 to $205.00 and gave the stock an “outperform” rating in a report on Friday, January 26th. StockNews.com downgraded shares of FirstService from a “buy” rating to a “hold” rating in a report on Wednesday, February 7th. Finally, BMO Capital Markets decreased their price target on shares of FirstService from $196.00 to $193.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 7th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, FirstService has a consensus rating of “Moderate Buy” and a consensus target price of $186.00.

About FirstService

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.