Bank of New York Mellon Corp Sells 3,475 Shares of FirstService Corporation $FSV

Bank of New York Mellon Corp trimmed its holdings in FirstService Corporation (NASDAQ:FSV) (TSE:FSV) by 8.8% in the 2nd quarter, Holdings Channel reports. The fund owned 36,058 shares of the financial services provider’s stock after selling 3,475 shares during the quarter. Bank of New York Mellon Corp’s holdings in FirstService were worth $6,296,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Fiera Capital Corp lifted its position in shares of FirstService by 3.9% in the 1st quarter. Fiera Capital Corp now owns 268,935 shares of the financial services provider’s stock worth $44,639,000 after acquiring an additional 10,087 shares during the period. TD Asset Management Inc raised its stake in shares of FirstService by 61.6% in the first quarter. TD Asset Management Inc now owns 335,542 shares of the financial services provider’s stock valued at $55,637,000 after purchasing an additional 127,846 shares in the last quarter. Summit Creek Advisors LLC lifted its position in FirstService by 8.4% in the first quarter. Summit Creek Advisors LLC now owns 115,245 shares of the financial services provider’s stock worth $19,125,000 after purchasing an additional 8,961 shares during the period. Northern Trust Corp lifted its position in FirstService by 14.0% in the first quarter. Northern Trust Corp now owns 73,509 shares of the financial services provider’s stock worth $12,199,000 after purchasing an additional 9,013 shares during the period. Finally, Orbis Allan Gray Ltd boosted its stake in FirstService by 18.8% during 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 buying an additional 224,125 shares in the last quarter. Institutional investors and hedge funds own 69.35% of the company’s stock.

FirstService Stock Up 2.0%

Shares of FSV opened at $154.88 on Friday. The company has a market capitalization of $7.08 billion, a P/E ratio of 51.28 and a beta of 0.99. FirstService Corporation has a one year low of $149.13 and a one year high of $209.66. The business’s 50 day simple moving average is $175.16 and its 200-day simple moving average is $181.78. 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 (NASDAQ:FSV) (TSE:FSV) last released its quarterly earnings results on Thursday, October 23rd. The financial services provider reported $1.76 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.76. The firm had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.47 billion. FirstService had a return on equity of 17.98% and a net margin of 2.53%.The business’s revenue was up 3.7% on a year-over-year basis. During the same period last year, the firm posted $1.63 EPS. As a group, sell-side analysts predict that FirstService Corporation will post 5.27 EPS for the current fiscal year.

FirstService Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Wall Street Zen cut shares of FirstService from a “buy” rating to a “hold” rating in a research note on Saturday, October 25th. Raymond James Financial dropped their price target on shares of FirstService from $225.00 to $215.00 and set an “outperform” rating for the company in a research report on Monday, October 27th. CIBC decreased their price objective on FirstService from $225.00 to $216.00 and set an “outperform” rating on the stock in a report on Friday, October 24th. BMO Capital Markets set a $209.00 price objective on FirstService and gave the company an “outperform” rating in a research note on Friday, October 24th. Finally, TD Securities cut their target price on FirstService from $213.00 to $211.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, FirstService currently has a consensus rating of “Moderate Buy” and a consensus price target of $211.83.

FirstService Company 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.