The Scotia Capital Inc. Acquires 1,034 Shares of FirstService Corporation (FSV)

The Scotia Capital Inc. Acquires 1,034 Shares of FirstService Corporation (FSV)

Scotia Capital Inc. boosted its holdings in shares of FirstService Corporation (NASDAQ:FSV) (TSE:FSV) by 9.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,819 shares of the financial services provider’s stock after buying an additional 1,034 shares during the quarter. Scotia Capital Inc.’s holdings in FirstService Corporation were worth $755,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. Blair William & Co. IL lifted its holdings in FirstService Corporation by 0.3% during the second quarter. Blair William & Co. IL now owns 19,379 shares of the financial services provider’s stock valued at $1,240,000 after purchasing an additional 49 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in FirstService Corporation by 4.2% during the first quarter. JPMorgan Chase & Co. now owns 4,860 shares of the financial services provider’s stock valued at $224,000 after purchasing an additional 195 shares in the last quarter. Legal & General Group Plc lifted its holdings in FirstService Corporation by 6.0% during the second quarter. Legal & General Group Plc now owns 3,487 shares of the financial services provider’s stock valued at $223,000 after purchasing an additional 198 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in FirstService Corporation by 17.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,202 shares of the financial services provider’s stock valued at $141,000 after purchasing an additional 324 shares in the last quarter. Finally, Renaissance Group LLC lifted its holdings in FirstService Corporation by 6.9% during the second quarter. Renaissance Group LLC now owns 7,697 shares of the financial services provider’s stock valued at $492,000 after purchasing an additional 498 shares in the last quarter. 58.96% of the stock is currently owned by institutional investors and hedge funds.

FirstService Corporation (NASDAQ FSV) opened at 71.12 on Friday. The stock has a 50 day moving average of $67.36 and a 200 day moving average of $65.47. FirstService Corporation has a 12-month low of $39.05 and a 12-month high of $71.80. The stock has a market cap of $2.56 billion, a P/E ratio of 56.90 and a beta of 0.85.

FirstService Corporation (NASDAQ:FSV) (TSE:FSV) last announced its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.11. The company had revenue of $434.90 million for the quarter, compared to analyst estimates of $421.35 million. FirstService Corporation had a return on equity of 24.64% and a net margin of 2.84%. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.52 EPS. On average, equities research analysts anticipate that FirstService Corporation will post $1.96 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 6th. Shareholders of record on Friday, September 29th were issued a $0.1225 dividend. The ex-dividend date was Thursday, September 28th. This represents a $0.49 dividend on an annualized basis and a yield of 0.69%. FirstService Corporation’s payout ratio is currently 39.20%.

FirstService Corporation declared that its Board of Directors has authorized a share repurchase plan on Thursday, August 17th that permits the company to repurchase 3,100,000 outstanding shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

FSV has been the topic of several research analyst reports. Royal Bank Of Canada reissued a “buy” rating and issued a $71.00 target price on shares of FirstService Corporation in a report on Wednesday, September 27th. Raymond James Financial, Inc. boosted their target price on shares of FirstService Corporation from $63.00 to $65.00 and gave the stock a “market perform” rating in a report on Thursday, July 27th. BidaskClub raised shares of FirstService Corporation from a “hold” rating to a “buy” rating in a report on Thursday, September 28th. Zacks Investment Research downgraded shares of FirstService Corporation from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 26th. Finally, TheStreet raised shares of FirstService Corporation from a “c” rating to a “b-” rating in a report on Wednesday, July 26th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $67.00.

About FirstService Corporation

Firstservice Corporation is a provider of residential property management and other essential property services to residential and commercial customers. The Company operates through two segments: FirstService Residential and FirstService Brands. FirstService Residential is a property manager and provides ancillary services in the areas of on-site staffing, including building engineering and maintenance, full-service amenity management, security, concierge and front desk personnel, and landscaping; banking and insurance products, and energy conservation and management solutions.

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