FirstService Corporation $FSV Shares Acquired by Fred Alger Management LLC

Fred Alger Management LLC boosted its holdings in FirstService Corporation (NASDAQ:FSV) (TSE:FSV) by 3.0% in the fourth quarter, HoldingsChannel reports. The firm owned 444,706 shares of the financial services provider’s stock after purchasing an additional 13,047 shares during the period. Fred Alger Management LLC’s holdings in FirstService were worth $69,165,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the business. JPL Wealth Management LLC acquired a new position in shares of FirstService in the 3rd quarter valued at approximately $26,000. Caitong International Asset Management Co. Ltd grew its position in shares of FirstService by 88.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 173 shares of the financial services provider’s stock worth $27,000 after buying an additional 81 shares in the last quarter. Geneos Wealth Management Inc. grew its position in shares of FirstService by 63.7% during the second quarter. Geneos Wealth Management Inc. now owns 203 shares of the financial services provider’s stock worth $35,000 after buying an additional 79 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in shares of FirstService in the fourth quarter worth $34,000. Finally, Strs Ohio bought a new stake in shares of FirstService in the first quarter worth $38,000. Institutional investors and hedge funds own 69.35% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on FSV shares. Wall Street Zen upgraded shares of FirstService from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. TD Cowen reissued a “buy” rating and issued a $204.00 target price on shares of FirstService in a research report on Wednesday, June 3rd. TD Securities set a $204.00 target price on shares of FirstService in a research note on Friday, April 24th. TD increased their price target on shares of FirstService from $201.00 to $204.00 and gave the stock a “buy” rating in a research report on Friday, April 24th. Finally, Scotiabank decreased their price target on FirstService from $205.00 to $190.00 and set a “sector outperform” rating for the company in a research note on Friday, April 24th. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $197.22.

FirstService Stock Down 0.7%

Shares of NASDAQ:FSV opened at $142.69 on Wednesday. The company’s fifty day moving average is $139.20 and its two-hundred day moving average is $147.91. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.66 and a current ratio of 1.66. FirstService Corporation has a 1-year low of $119.41 and a 1-year high of $209.66. The stock has a market capitalization of $6.56 billion, a price-to-earnings ratio of 40.31, a price-to-earnings-growth ratio of 4.36 and a beta of 0.95.

FirstService (NASDAQ:FSV) (TSE:FSV) last posted its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.95 EPS for the quarter, beating the consensus estimate of $0.89 by $0.06. FirstService had a net margin of 2.92% and a return on equity of 17.91%. The business had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same period in the previous year, the business posted $0.92 EPS. The company’s quarterly revenue was up 5.3% on a year-over-year basis. Equities analysts anticipate that FirstService Corporation will post 5.54 EPS for the current year.

FirstService Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 7th. Shareholders of record on Tuesday, June 30th will be paid a $0.305 dividend. This represents a $1.22 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Tuesday, June 30th. FirstService’s payout ratio is presently 34.46%.

FirstService 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.