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

Fred Alger Management LLC lowered its holdings in shares of FirstService Corporation (NASDAQ:FSV) (TSE:FSV) by 10.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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 owned 0.94% of FirstService worth $82,227,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Geneos Wealth Management Inc. grew its position in shares of FirstService by 63.7% in the 2nd quarter. Geneos Wealth Management Inc. now owns 203 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 79 shares during the period. Strs Ohio acquired a new stake in FirstService during the 1st quarter worth approximately $38,000. EverSource Wealth Advisors LLC lifted its stake in FirstService by 400.0% in the second quarter. EverSource Wealth Advisors LLC now owns 365 shares of the financial services provider’s stock valued at $64,000 after buying an additional 292 shares in the last quarter. Spire Wealth Management lifted its stake in FirstService by 300.0% in the third quarter. Spire Wealth Management now owns 400 shares of the financial services provider’s stock valued at $76,000 after buying an additional 300 shares in the last quarter. Finally, Sagard Holdings Management Inc. acquired a new position in shares of FirstService in the third quarter valued at approximately $79,000. Institutional investors own 69.35% of the company’s stock.

FirstService Trading Down 0.5%

NASDAQ:FSV opened at $141.24 on Monday. The company has a market cap of $6.46 billion, a P/E ratio of 44.70, a price-to-earnings-growth ratio of 3.79 and a beta of 1.05. FirstService Corporation has a twelve month low of $139.60 and a twelve month high of $209.66. The business has a 50 day moving average price of $155.93 and a two-hundred day moving average price of $166.32. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.79.

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

FirstService Increases Dividend

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

Analysts Set New Price Targets

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

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.