Turtle Creek Asset Management Inc. Makes New Investment in FirstService Corporation $FSV

Turtle Creek Asset Management Inc. purchased a new position in FirstService Corporation (NASDAQ:FSV) (TSE:FSV) in the first quarter, Holdings Channel reports. The institutional investor purchased 12,400 shares of the financial services provider’s stock, valued at approximately $1,723,000.

Several other hedge funds also recently made changes to their positions in the stock. JPL Wealth Management LLC bought a new stake in shares of FirstService during the 3rd quarter valued at $26,000. Caitong International Asset Management Co. Ltd boosted its stake in FirstService by 88.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 173 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 81 shares during the period. Kestra Advisory Services LLC bought a new position in FirstService in the 4th quarter worth about $34,000. Geneos Wealth Management Inc. grew its holdings in FirstService by 63.7% during the 2nd quarter. Geneos Wealth Management Inc. now owns 203 shares of the financial services provider’s stock valued at $35,000 after buying an additional 79 shares in the last quarter. Finally, Strs Ohio bought a new stake in shares of FirstService during the first quarter valued at about $38,000. 69.35% of the stock is currently owned by hedge funds and other institutional investors.

FirstService Price Performance

FSV stock opened at $142.41 on Thursday. The firm has a 50 day simple moving average of $140.19 and a two-hundred day simple moving average of $145.06. The stock has a market cap of $6.55 billion, a PE ratio of 40.34, a P/E/G ratio of 3.16 and a beta of 0.94. FirstService Corporation has a one year low of $119.41 and a one year high of $209.66. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.58 and a quick ratio of 1.66.

FirstService (NASDAQ:FSV) (TSE:FSV) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.71 by $0.04. FirstService had a net margin of 2.88% and a return on equity of 18.07%. The firm had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter last year, the company posted $1.71 EPS. The business’s quarterly revenue was up 2.4% on a year-over-year basis. On average, analysts predict that FirstService Corporation will post 5.62 EPS for the current fiscal year.

FirstService Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Investors of record on Tuesday, June 30th were 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 of this dividend was Tuesday, June 30th. FirstService’s dividend payout ratio is currently 34.56%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on FSV shares. Scotiabank set a $170.00 price target on shares of FirstService in a report on Friday, July 24th. TD Cowen reaffirmed a “buy” rating and set a $204.00 price objective on shares of FirstService in a research note on Wednesday, June 3rd. TD Securities reaffirmed a “buy” rating and set a $195.00 target price on shares of FirstService in a report on Friday, July 24th. TD increased their target price on shares of FirstService from $204.00 to $207.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Finally, Wall Street Zen raised shares of FirstService from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $184.20.

About FirstService

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.