Connor Clark & Lunn Investment Management Ltd. Sells 393,276 Shares of FirstService Corporation $FSV

Connor Clark & Lunn Investment Management Ltd. lessened its stake in FirstService Corporation (NASDAQ:FSV) (TSE:FSV) by 73.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 140,109 shares of the financial services provider’s stock after selling 393,276 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.31% of FirstService worth $24,444,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of FSV. Vanguard Group Inc. raised its holdings in FirstService by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 1,815,548 shares of the financial services provider’s stock worth $301,051,000 after acquiring an additional 20,872 shares during the last quarter. Orbis Allan Gray Ltd raised its stake in shares of FirstService by 18.8% in the first quarter. Orbis Allan Gray Ltd now owns 1,417,190 shares of the financial services provider’s stock worth $235,183,000 after purchasing an additional 224,125 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of FirstService by 2.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 671,431 shares of the financial services provider’s stock valued at $111,424,000 after purchasing an additional 15,334 shares in the last quarter. William Blair Investment Management LLC lifted its holdings in shares of FirstService by 1.1% during the second quarter. William Blair Investment Management LLC now owns 511,487 shares of the financial services provider’s stock valued at $89,316,000 after purchasing an additional 5,542 shares in the last quarter. Finally, Geneva Capital Management LLC boosted its position in shares of FirstService by 6.2% during the second quarter. Geneva Capital Management LLC now owns 384,665 shares of the financial services provider’s stock valued at $67,170,000 after buying an additional 22,372 shares during the last quarter. 69.35% of the stock is owned by hedge funds and other institutional investors.

FirstService Trading Down 1.6%

FSV stock opened at $151.41 on Monday. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.73 and a quick ratio of 1.76. FirstService Corporation has a 1-year low of $151.33 and a 1-year high of $209.66. The business has a 50 day simple moving average of $185.01 and a two-hundred day simple moving average of $183.28. The company has a market capitalization of $6.92 billion, a price-to-earnings ratio of 50.14 and a beta of 0.99.

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

FirstService Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 7th. Stockholders of record on Tuesday, September 30th were paid a $0.275 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $1.10 annualized dividend and a dividend yield of 0.7%. FirstService’s dividend payout ratio is currently 36.42%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on FSV shares. Stifel Nicolaus lowered 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. TD Securities lowered their price target on FirstService from $213.00 to $211.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Raymond James Financial dropped their price target on FirstService from $225.00 to $215.00 and set an “outperform” rating on the stock in a research note on Monday, October 27th. CIBC reduced their price objective on FirstService from $225.00 to $216.00 and set an “outperform” rating for the company in a research report on Friday, October 24th. Finally, Wall Street Zen cut FirstService from a “buy” rating to a “hold” rating in a research report on Saturday, October 25th. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $211.83.

FirstService Profile

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.