Portside Wealth Group LLC Makes New $231,000 Investment in FirstService Corporation $FSV

Portside Wealth Group LLC bought a new stake in FirstService Corporation (NASDAQ:FSV) (TSE:FSV) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 1,324 shares of the financial services provider’s stock, valued at approximately $231,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in FSV. Intech Investment Management LLC acquired a new position in FirstService in the second quarter valued at approximately $577,000. Cetera Investment Advisers raised its position in FirstService by 55.3% in the second 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 period. Creative Planning raised its position in FirstService by 26.7% in the second quarter. Creative Planning now owns 11,019 shares of the financial services provider’s stock valued at $1,924,000 after purchasing an additional 2,322 shares during the period. Advisors Capital Management LLC lifted its stake in shares of FirstService by 12.0% in the 2nd quarter. Advisors Capital Management LLC now owns 25,350 shares of the financial services provider’s stock valued at $4,427,000 after purchasing an additional 2,706 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of FirstService by 12.0% during the 2nd quarter. Geode Capital Management LLC now owns 433,759 shares of the financial services provider’s stock worth $79,231,000 after purchasing an additional 46,333 shares during the period. Institutional investors and hedge funds own 69.35% of the company’s stock.

FirstService Price Performance

Shares of FSV opened at $151.88 on Friday. The company has a market cap of $6.94 billion, a P/E ratio of 50.29 and a beta of 0.99. FirstService Corporation has a fifty-two week low of $149.13 and a fifty-two week high of $209.66. The company has a quick ratio of 1.76, a current ratio of 1.73 and a debt-to-equity ratio of 0.90. The firm’s 50 day moving average price is $176.15 and its 200 day moving average price is $181.91.

FirstService (NASDAQ:FSV) (TSE:FSV) last posted its quarterly earnings results on Thursday, October 23rd. The financial services provider reported $1.76 EPS for the quarter, hitting the consensus estimate of $1.76. The business had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.47 billion. FirstService had a net margin of 2.53% and a return on equity of 17.98%. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.63 earnings per share. On average, research analysts forecast that FirstService Corporation will post 5.27 earnings per share for the current fiscal year.

FirstService Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 7th. Shareholders of record on Tuesday, September 30th were issued a dividend of $0.275 per share. The ex-dividend date was Tuesday, September 30th. This represents a $1.10 annualized dividend and a yield of 0.7%. FirstService’s dividend payout ratio is 36.42%.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Zacks Research lowered shares of FirstService from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 23rd. Stifel Nicolaus reduced their price target on shares of FirstService from $230.00 to $215.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. BMO Capital Markets set a $209.00 price objective on shares of FirstService and gave the stock an “outperform” rating in a research report on Friday, October 24th. CIBC dropped their target price on shares of FirstService from $225.00 to $216.00 and set an “outperform” rating for the company in a report on Friday, October 24th. Finally, TD Securities decreased their price target on FirstService from $213.00 to $211.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $211.83.

FirstService Company Profile

FirstService Corporation, together with its subsidiaries, provides residential property management and other essential property services to residential and commercial customers in the United States and Canada. It operates through two segments: FirstService Residential and FirstService Brands. The FirstService Residential segment offers services for private residential communities, such as condominiums, co-operatives, homeowner associations, master-planned communities, active adult and lifestyle communities, and various other residential developments.