FirstService Co. (NASDAQ:FSV) Shares Purchased by King Luther Capital Management Corp

King Luther Capital Management Corp boosted its position in FirstService Co. (NASDAQ:FSV) (TSE:FSV) by 22.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 30,449 shares of the financial services provider’s stock after acquiring an additional 5,579 shares during the quarter. King Luther Capital Management Corp owned 0.07% of FirstService worth $4,640,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in FirstService in the fourth quarter valued at about $82,488,000. Goldman Sachs Group Inc. raised its position in FirstService by 245.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 338,104 shares of the financial services provider’s stock valued at $54,803,000 after purchasing an additional 240,303 shares during the period. LM Advisors LLC purchased a new position in FirstService in the fourth quarter valued at about $15,557,000. Vanguard Group Inc. raised its position in FirstService by 4.8% in the first quarter. Vanguard Group Inc. now owns 1,654,783 shares of the financial services provider’s stock valued at $274,363,000 after purchasing an additional 76,503 shares during the period. Finally, Summit Creek Advisors LLC purchased a new position in FirstService in the first quarter valued at about $11,710,000. Institutional investors and hedge funds own 69.35% of the company’s stock.

FirstService Stock Up 0.3 %

NASDAQ:FSV opened at $181.01 on Friday. The company has a market capitalization of $8.14 billion, a price-to-earnings ratio of 89.61 and a beta of 1.05. FirstService Co. has a one year low of $134.77 and a one year high of $182.88. The stock has a 50-day simple moving average of $173.80 and a 200 day simple moving average of $161.28. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.84 and a current ratio of 1.84.

FirstService (NASDAQ:FSV) (TSE:FSV) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $1.36 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.10. FirstService had a return on equity of 15.60% and a net margin of 1.73%. The business had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same period last year, the firm earned $1.37 earnings per share. The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. Sell-side analysts predict that FirstService Co. will post 4.32 EPS for the current fiscal year.

FirstService Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 30th will be paid a $0.25 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 0.55%. FirstService’s payout ratio is currently 49.50%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Scotiabank raised their price objective on FirstService from $175.00 to $190.00 and gave the company a “sector perform” rating in a research report on Monday, July 29th. TD Securities lifted their target price on FirstService from $178.00 to $179.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. BMO Capital Markets lifted their target price on FirstService from $193.00 to $196.00 and gave the stock an “outperform” rating in a research report on Friday, June 7th. Finally, Royal Bank of Canada lifted their target price on FirstService from $187.00 to $192.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $189.50.

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.