Fred Alger Management LLC Has $82.23 Million Stock Position in FirstService Corporation $FSV

Fred Alger Management LLC lowered its stake in shares of FirstService Corporation (NASDAQ:FSV) (TSE:FSV) by 10.6% during the third quarter, HoldingsChannel reports. The firm owned 431,659 shares of the financial services provider’s stock after selling 51,052 shares during the quarter. Fred Alger Management LLC’s holdings in FirstService were worth $82,227,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Mackenzie Financial Corp grew its stake in shares of FirstService by 100.8% in the second quarter. Mackenzie Financial Corp now owns 1,475,463 shares of the financial services provider’s stock valued at $257,634,000 after buying an additional 740,583 shares in the last quarter. Norges Bank acquired a new stake in FirstService in the second quarter valued at $93,904,000. Picton Mahoney Asset Management acquired a new stake in FirstService in the second quarter valued at $56,029,000. Durable Capital Partners LP grew its position in shares of FirstService by 12.9% in the 3rd quarter. Durable Capital Partners LP now owns 2,216,720 shares of the financial services provider’s stock valued at $422,263,000 after acquiring an additional 253,155 shares during the period. Finally, Goldman Sachs Group Inc. grew its position in shares of FirstService by 79.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 318,648 shares of the financial services provider’s stock valued at $52,880,000 after acquiring an additional 141,152 shares during the period. Institutional investors and hedge funds own 69.35% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of FirstService in a report on Monday, December 22nd. TD Securities reiterated a “buy” rating and set a $217.00 price target on shares of FirstService in a report on Thursday, February 5th. Wall Street Zen raised FirstService from a “hold” rating to a “buy” rating in a research report on Saturday, March 7th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $202.00 price objective on shares of FirstService in a research note on Thursday, February 5th. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $211.67.

FirstService Trading Down 0.5%

FSV stock opened at $141.24 on Monday. FirstService Corporation has a one year low of $139.60 and a one year high of $209.66. The stock has a market cap of $6.46 billion, a price-to-earnings ratio of 44.70, a price-to-earnings-growth ratio of 3.79 and a beta of 1.05. The company has a fifty day moving average price of $155.93 and a two-hundred day moving average price of $166.32. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.73 and a quick ratio of 1.73.

FirstService (NASDAQ:FSV) (TSE:FSV) last issued its quarterly earnings data on Wednesday, February 4th. The financial services provider reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.05. The company had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.36 billion. FirstService had a net margin of 2.64% and a return on equity of 18.69%. The company’s revenue was up 1.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.34 earnings per share. Equities analysts anticipate that FirstService Corporation will post 5.27 EPS for the current year.

FirstService Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 7th. Shareholders of record on Tuesday, March 31st will be issued a $0.305 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $1.22 annualized dividend and a yield of 0.9%. This is an increase from FirstService’s previous quarterly dividend of $0.28. FirstService’s payout ratio is currently 34.81%.

FirstService Company Profile

FirstService Corporation, founded in 1989 and headquartered in Toronto, Ontario, is a leading provider of property services in North America. The company operates through two principal segments—FirstService Residential and FirstService Brands—offering a broad range of services to residential, commercial and homeowner association clients.

FirstService Residential delivers community management, financial oversight and consulting services to thousands of residential communities across the United States and Canada.