Norges Bank Invests $85.60 Million in FirstService Corporation $FSV

Norges Bank acquired a new position in shares of FirstService Corporation (NASDAQ:FSV) (TSE:FSV) in the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 550,405 shares of the financial services provider’s stock, valued at approximately $85,597,000.

A number of other hedge funds have also recently bought and sold shares of the company. Goldman Sachs Group Inc. boosted its holdings 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 purchasing an additional 141,152 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of FirstService by 40.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 59,389 shares of the financial services provider’s stock valued at $9,856,000 after purchasing an additional 17,072 shares during the last quarter. Strs Ohio acquired a new position in shares of FirstService in the 1st quarter valued at $38,000. Cetera Investment Advisers boosted its holdings in shares of FirstService by 55.3% in the 2nd quarter. Cetera Investment Advisers now owns 2,599 shares of the financial services provider’s stock valued at $454,000 after purchasing an additional 925 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of FirstService by 400.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 365 shares of the financial services provider’s stock valued at $64,000 after purchasing an additional 292 shares during the last quarter. Institutional investors and hedge funds own 69.35% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on FSV. Stifel Nicolaus decreased their price target on shares of FirstService from $215.00 to $200.00 and set a “buy” rating on the stock in a report on Monday, April 27th. TD Securities set a $204.00 price target on shares of FirstService in a report on Friday, April 24th. Scotiabank decreased their price target on shares of FirstService from $205.00 to $190.00 and set a “sector outperform” rating on the stock in a report on Friday, April 24th. Loop Capital began coverage on shares of FirstService in a report on Monday, May 4th. They issued a “hold” rating and a $140.00 price target on the stock. Finally, TD Cowen reiterated a “buy” rating and issued a $204.00 price target on shares of FirstService in a report on Wednesday. Eight equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, FirstService presently has a consensus rating of “Moderate Buy” and a consensus target price of $197.22.

FirstService Stock Up 0.8%

Shares of FirstService stock opened at $140.68 on Friday. The business has a 50-day moving average of $138.59 and a 200-day moving average of $148.44. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.66 and a quick ratio of 1.66. The company has a market capitalization of $6.47 billion, a PE ratio of 39.74, a P/E/G ratio of 4.24 and a beta of 0.95. FirstService Corporation has a 1-year low of $119.41 and a 1-year high of $209.66.

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

FirstService Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 7th. Stockholders 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 dividend yield of 0.9%. The ex-dividend date is Tuesday, June 30th. FirstService’s dividend payout ratio is 34.46%.

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.