State of Tennessee Department of Treasury Reduces Stake in FirstService Co. (NASDAQ:FSV)

State of Tennessee Department of Treasury lowered its stake in shares of FirstService Co. (NASDAQ:FSV) (TSE:FSV) by 10.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 40,818 shares of the financial services provider’s stock after selling 4,636 shares during the period. State of Tennessee Department of Treasury owned 0.09% of FirstService worth $7,390,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of FSV. Franklin Resources Inc. boosted its position in FirstService by 486.3% during the third quarter. Franklin Resources Inc. now owns 469,141 shares of the financial services provider’s stock worth $87,308,000 after purchasing an additional 389,129 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of FirstService by 5.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 200,776 shares of the financial services provider’s stock valued at $36,634,000 after buying an additional 10,191 shares in the last quarter. CIBC Asset Management Inc boosted its holdings in FirstService by 57.4% in the 4th quarter. CIBC Asset Management Inc now owns 457,735 shares of the financial services provider’s stock worth $83,138,000 after buying an additional 166,996 shares during the period. Harbor Capital Advisors Inc. grew its stake in FirstService by 253.4% in the 4th quarter. Harbor Capital Advisors Inc. now owns 19,351 shares of the financial services provider’s stock valued at $3,503,000 after buying an additional 13,876 shares in the last quarter. Finally, Triasima Portfolio Management inc. bought a new stake in FirstService during the 4th quarter valued at $2,816,000. Institutional investors own 69.35% of the company’s stock.

Analysts Set New Price Targets

FSV has been the subject of several recent research reports. StockNews.com cut FirstService from a “buy” rating to a “hold” rating in a research report on Thursday, March 27th. Scotiabank decreased their price target on FirstService from $217.50 to $210.00 and set a “sector perform” rating on the stock in a research report on Thursday, April 17th. Raymond James increased their price target on shares of FirstService from $215.00 to $225.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Finally, TD Securities boosted their price objective on shares of FirstService from $197.00 to $198.00 and gave the company a “hold” rating in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, FirstService currently has a consensus rating of “Moderate Buy” and an average price target of $206.00.

FirstService Trading Down 0.5 %

Shares of FirstService stock opened at $171.84 on Friday. The company has a 50 day simple moving average of $169.85 and a two-hundred day simple moving average of $179.56. The firm has a market cap of $7.81 billion, a PE ratio of 57.86 and a beta of 1.04. FirstService Co. has a 1 year low of $141.26 and a 1 year high of $197.84. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.75 and a quick ratio of 1.79.

FirstService (NASDAQ:FSV) (TSE:FSV) last announced its earnings results on Wednesday, April 23rd. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.05). FirstService had a return on equity of 17.15% and a net margin of 2.58%. Analysts expect that FirstService Co. will post 5.27 earnings per share for the current fiscal year.

FirstService Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were given a $0.275 dividend. This is an increase from FirstService’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.10 dividend on an annualized basis and a yield of 0.64%. FirstService’s payout ratio is presently 37.04%.

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.