Neuberger Berman Group LLC increased its position in shares of FirstService Corporation (NASDAQ:FSV) (TSE:FSV) by 33.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,036,806 shares of the financial services provider’s stock after acquiring an additional 262,481 shares during the period. Neuberger Berman Group LLC owned approximately 2.89% of FirstService worth $68,139,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in FirstService by 17.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,202 shares of the financial services provider’s stock worth $141,000 after purchasing an additional 324 shares in the last quarter. Highstreet Asset Management Inc. increased its stake in FirstService by 611.1% in the 3rd quarter. Highstreet Asset Management Inc. now owns 2,553 shares of the financial services provider’s stock worth $168,000 after purchasing an additional 2,194 shares in the last quarter. Orgel Wealth Management LLC purchased a new position in FirstService in the 2nd quarter worth about $211,000. Legal & General Group Plc increased its stake in FirstService by 6.0% in the 2nd quarter. Legal & General Group Plc now owns 3,487 shares of the financial services provider’s stock worth $223,000 after purchasing an additional 198 shares in the last quarter. Finally, Marshall Wace North America L.P. purchased a new position in FirstService in the 2nd quarter worth about $308,000. 61.17% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts recently weighed in on the company. BidaskClub raised FirstService from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, September 6th. Zacks Investment Research raised FirstService from a “hold” rating to a “strong-buy” rating and set a $80.00 price target on the stock in a research note on Tuesday, October 31st. William Blair cut FirstService from an “outperform” rating to a “market perform” rating in a research note on Wednesday, September 13th. Scotiabank cut FirstService from an “outperform” rating to a “sector perform” rating in a research note on Thursday, October 26th. Finally, Royal Bank of Canada cut FirstService from an “outperform” rating to a “sector perform” rating and lifted their target price for the company from $71.00 to $75.00 in a research note on Thursday, October 26th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a strong buy rating to the company’s stock. FirstService currently has a consensus rating of “Hold” and an average target price of $69.20.
FirstService (NASDAQ:FSV) (TSE:FSV) last released its earnings results on Wednesday, October 25th. The financial services provider reported $0.74 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.24. FirstService had a return on equity of 24.16% and a net margin of 2.74%. The company had revenue of $456.50 million for the quarter, compared to analysts’ expectations of $449.26 million. During the same quarter in the previous year, the business posted $0.62 EPS. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. equities research analysts forecast that FirstService Corporation will post 1.93 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 5th. Shareholders of record on Friday, December 29th will be paid a dividend of $0.1225 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $0.49 annualized dividend and a yield of 0.72%. FirstService’s dividend payout ratio (DPR) is presently 39.52%.
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FirstService Company Profile
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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