Canada Pension Plan Investment Board lifted its position in FirstService Corporation (NASDAQ:FSV) (TSE:FSV) by 191.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 106,092 shares of the financial services provider’s stock after purchasing an additional 69,664 shares during the quarter. Canada Pension Plan Investment Board owned about 0.30% of FirstService Corporation worth $6,955,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of FSV. Fiera Capital Corp increased its stake in FirstService Corporation by 43.6% during the second quarter. Fiera Capital Corp now owns 1,176,304 shares of the financial services provider’s stock worth $75,345,000 after acquiring an additional 357,370 shares during the last quarter. AJO LP bought a new stake in FirstService Corporation during the second quarter worth approximately $8,115,000. JPMorgan Chase & Co. increased its stake in FirstService Corporation by 1,515.7% during the second quarter. JPMorgan Chase & Co. now owns 78,523 shares of the financial services provider’s stock worth $3,612,000 after acquiring an additional 73,663 shares during the last quarter. William Blair Investment Management LLC increased its stake in FirstService Corporation by 4.5% during the second quarter. William Blair Investment Management LLC now owns 1,498,197 shares of the financial services provider’s stock worth $95,855,000 after acquiring an additional 64,340 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new stake in FirstService Corporation during the second quarter worth approximately $3,737,000. 59.24% of the stock is currently owned by hedge funds and other institutional investors.
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FirstService Corporation (NASDAQ:FSV) opened at $67.44 on Monday. The company has a market capitalization of $2,421.16, a P/E ratio of 54.39 and a beta of 0.86. FirstService Corporation has a 52 week low of $40.15 and a 52 week high of $74.49. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.95 and a current ratio of 0.95.
FirstService Corporation (NASDAQ:FSV) (TSE:FSV) last released its earnings results on Wednesday, October 25th. The financial services provider reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.24. The firm had revenue of $456.50 million for the quarter, compared to analysts’ expectations of $449.26 million. FirstService Corporation had a return on equity of 24.16% and a net margin of 2.74%. The company’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.62 earnings per share. sell-side analysts forecast that FirstService Corporation will post 1.93 EPS for the current year.
FirstService Corporation declared that its board has approved a share repurchase plan on Thursday, August 17th that allows the company to buyback 3,100,000 outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.
FSV has been the topic of several analyst reports. BidaskClub raised FirstService Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, September 28th. Zacks Investment Research cut FirstService Corporation from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 26th. Royal Bank Of Canada reissued a “buy” rating and set a $71.00 price objective on shares of FirstService Corporation in a research note on Wednesday, September 27th. Scotiabank cut FirstService Corporation from an “outperform” rating to a “sector perform” rating in a research note on Thursday, October 26th. Finally, TheStreet raised FirstService Corporation from a “c” rating to a “b-” rating in a research note on Wednesday, July 26th. Six investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $69.20.
About FirstService Corporation
Firstservice Corporation is a provider of residential property management and other essential property services to residential and commercial customers. The Company operates through two segments: FirstService Residential and FirstService Brands. FirstService Residential is a property manager and provides ancillary services in the areas of on-site staffing, including building engineering and maintenance, full-service amenity management, security, concierge and front desk personnel, and landscaping; banking and insurance products, and energy conservation and management solutions.
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