Fred Alger Management LLC Sells 40,857 Shares of FirstService Corporation $FSV

Fred Alger Management LLC reduced its holdings in FirstService Corporation (NASDAQ:FSV) (TSE:FSV) by 6.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 574,500 shares of the financial services provider’s stock after selling 40,857 shares during the period. FirstService makes up 0.5% of Fred Alger Management LLC’s portfolio, making the stock its 29th largest holding. Fred Alger Management LLC owned approximately 1.26% of FirstService worth $95,490,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. TCTC Holdings LLC lifted its holdings in shares of FirstService by 155.2% in the 1st quarter. TCTC Holdings LLC now owns 171 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 104 shares during the last quarter. Spire Wealth Management boosted its stake in shares of FirstService by 52.1% during the 1st quarter. Spire Wealth Management now owns 543 shares of the financial services provider’s stock worth $90,000 after purchasing an additional 186 shares during the period. SVB Wealth LLC bought a new position in FirstService in the 1st quarter valued at $90,000. State of Wyoming bought a new stake in shares of FirstService during the fourth quarter valued at approximately $101,000. Finally, Fifth Third Bancorp lifted its stake in FirstService by 23.0% in the first quarter. Fifth Third Bancorp now owns 769 shares of the financial services provider’s stock worth $128,000 after acquiring an additional 144 shares during the period. 69.35% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FSV. TD Securities reaffirmed a “hold” rating on shares of FirstService in a research report on Thursday. Wall Street Zen raised FirstService from a “hold” rating to a “buy” rating in a research note on Sunday. Finally, Scotiabank lifted their price target on shares of FirstService from $210.00 to $220.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 30th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $217.75.

FirstService Price Performance

Shares of FSV opened at $201.58 on Monday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.76 and a current ratio of 1.76. The company has a market capitalization of $9.18 billion, a price-to-earnings ratio of 64.61 and a beta of 0.96. The firm has a 50-day simple moving average of $190.97 and a 200-day simple moving average of $178.84. FirstService Corporation has a fifty-two week low of $153.13 and a fifty-two week high of $203.80.

FirstService (NASDAQ:FSV) (TSE:FSV) last announced its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.26. The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.40 billion. FirstService had a net margin of 2.61% and a return on equity of 18.24%. The firm’s revenue was up 9.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.36 earnings per share. On average, equities research analysts anticipate that FirstService Corporation will post 5.27 earnings per share for the current year.

About FirstService

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.