Connor Clark & Lunn Investment Management Ltd. Cuts Stake in FirstService Co. (NASDAQ:FSV)

Connor Clark & Lunn Investment Management Ltd. lowered its position in FirstService Co. (NASDAQ:FSV - Free Report) TSE: FSV by 3.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 466,731 shares of the financial services provider's stock after selling 17,309 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 1.03% of FirstService worth $85,267,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Blue Trust Inc. lifted its position in FirstService by 8,066.7% in the 2nd quarter. Blue Trust Inc. now owns 245 shares of the financial services provider's stock valued at $41,000 after acquiring an additional 242 shares in the last quarter. Benjamin Edwards Inc. boosted its holdings in FirstService by 35.0% in the 2nd quarter. Benjamin Edwards Inc. now owns 351 shares of the financial services provider's stock worth $53,000 after buying an additional 91 shares during the period. Venturi Wealth Management LLC purchased a new position in shares of FirstService in the 3rd quarter worth about $66,000. Benjamin F. Edwards & Company Inc. raised its holdings in shares of FirstService by 49.6% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 416 shares of the financial services provider's stock valued at $63,000 after acquiring an additional 138 shares in the last quarter. Finally, First Horizon Advisors Inc. raised its stake in FirstService by 40.6% during the second quarter. First Horizon Advisors Inc. now owns 488 shares of the financial services provider's stock valued at $74,000 after buying an additional 141 shares during the last quarter. Institutional investors and hedge funds own 69.35% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FSV. Royal Bank of Canada boosted their target price on shares of FirstService from $187.00 to $192.00 and gave the company an "outperform" rating in a research note on Friday, July 26th. Stifel Nicolaus boosted their target price on shares of FirstService from $200.00 to $215.00 and gave the stock a "buy" rating in a research report on Monday, October 21st. TD Securities raised their target price on FirstService from $179.00 to $182.00 and gave the company a "hold" rating in a report on Thursday, October 17th. Scotiabank lifted their target price on FirstService from $190.00 to $200.00 and gave the company a "sector perform" rating in a research note on Tuesday, October 15th. Finally, StockNews.com raised shares of FirstService from a "hold" rating to a "buy" rating in a research report on Friday, October 25th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, FirstService presently has an average rating of "Moderate Buy" and an average target price of $198.33.

FirstService Price Performance

FSV stock traded up $2.36 during midday trading on Wednesday, reaching $188.44. 190,283 shares of the company's stock traded hands, compared to its average volume of 84,279. FirstService Co. has a 1-year low of $141.26 and a 1-year high of $192.71. The company has a 50-day simple moving average of $184.20 and a two-hundred day simple moving average of $168.92. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 1.13. The company has a market cap of $8.50 billion, a price-to-earnings ratio of 77.53 and a beta of 1.05.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.42 by $0.21. The company had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.32 billion. FirstService had a net margin of 2.19% and a return on equity of 16.68%. FirstService's revenue for the quarter was up 25.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.18 EPS. On average, analysts anticipate that FirstService Co. will post 4.58 earnings per share for the current year.

FirstService Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, October 7th. Investors of record on Monday, September 30th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.53%. The ex-dividend date was Monday, September 30th. FirstService's dividend payout ratio (DPR) is presently 41.67%.

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.