Summit Global Investments Buys Shares of 1,478 FirstService Corporation $FSV

Summit Global Investments bought a new position in shares of FirstService Corporation (NASDAQ:FSV) (TSE:FSV) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 1,478 shares of the financial services provider’s stock, valued at approximately $258,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Franklin Resources Inc. lifted its position in shares of FirstService by 8.8% during the 2nd quarter. Franklin Resources Inc. now owns 586,891 shares of the financial services provider’s stock valued at $102,482,000 after acquiring an additional 47,696 shares during the period. Legal & General Group Plc boosted its holdings in FirstService by 11.5% during the second quarter. Legal & General Group Plc now owns 183,986 shares of the financial services provider’s stock worth $32,043,000 after purchasing an additional 18,989 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of FirstService by 2.0% during the second quarter. JPMorgan Chase & Co. now owns 275,849 shares of the financial services provider’s stock valued at $48,169,000 after acquiring an additional 5,339 shares during the last quarter. Swiss National Bank grew its position in FirstService by 7.5% during the second quarter. Swiss National Bank now owns 124,300 shares of the financial services provider’s stock valued at $21,607,000 after buying an additional 8,700 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new position in FirstService in the second quarter valued at approximately $911,000. Institutional investors own 69.35% of the company’s stock.

FirstService Stock Up 0.5%

Shares of FSV opened at $153.73 on Thursday. The company has a current ratio of 1.73, a quick ratio of 1.76 and a debt-to-equity ratio of 0.90. The company has a market capitalization of $7.03 billion, a PE ratio of 50.90 and a beta of 0.99. The business’s 50 day moving average is $172.12 and its 200 day moving average is $181.39. FirstService Corporation has a 12-month low of $149.13 and a 12-month high of $209.66.

FirstService (NASDAQ:FSV) (TSE:FSV) last announced its quarterly earnings results on Thursday, October 23rd. The financial services provider reported $1.76 EPS for the quarter, hitting the consensus estimate of $1.76. The business had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.47 billion. FirstService had a net margin of 2.53% and a return on equity of 17.98%. The business’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.63 EPS. Research analysts expect that FirstService Corporation will post 5.27 earnings per share for the current fiscal year.

FirstService Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 7th. Shareholders of record on Tuesday, September 30th were given a dividend of $0.275 per share. The ex-dividend date was Tuesday, September 30th. This represents a $1.10 annualized dividend and a yield of 0.7%. FirstService’s dividend payout ratio (DPR) is 36.42%.

Wall Street Analyst Weigh In

FSV has been the subject of a number of recent analyst reports. Zacks Research lowered FirstService from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 23rd. Scotiabank raised FirstService from a “sector perform” rating to a “sector outperform” rating and dropped their price objective for the company from $220.00 to $205.00 in a research note on Friday, October 24th. Raymond James Financial cut their price objective on FirstService from $225.00 to $215.00 and set an “outperform” rating on the stock in a research report on Monday, October 27th. Weiss Ratings reissued a “hold (c+)” rating on shares of FirstService in a research report on Tuesday. Finally, Stifel Nicolaus lowered their target price on shares of FirstService from $230.00 to $215.00 and set a “buy” rating for the company in a report on Monday, October 27th. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $211.83.

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.