Fred Alger Management LLC Sells 224,112 Shares of FirstService Co. (NASDAQ:FSV)

Fred Alger Management LLC trimmed its holdings in FirstService Co. (NASDAQ:FSV - Free Report) TSE: FSV by 22.9% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 754,762 shares of the financial services provider's stock after selling 224,112 shares during the period. Fred Alger Management LLC owned 1.68% of FirstService worth $115,003,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of FSV. BNP Paribas Financial Markets increased its holdings in shares of FirstService by 240.9% during the 4th quarter. BNP Paribas Financial Markets now owns 7,773 shares of the financial services provider's stock valued at $1,260,000 after acquiring an additional 5,493 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in FirstService by 1.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 158,577 shares of the financial services provider's stock valued at $25,704,000 after purchasing an additional 2,106 shares during the last quarter. Wells Fargo & Company MN grew its holdings in FirstService by 11.5% during the fourth quarter. Wells Fargo & Company MN now owns 77,743 shares of the financial services provider's stock valued at $12,606,000 after purchasing an additional 8,030 shares during the last quarter. Orion Portfolio Solutions LLC raised its position in shares of FirstService by 18.3% in the fourth quarter. Orion Portfolio Solutions LLC now owns 15,142 shares of the financial services provider's stock valued at $2,439,000 after purchasing an additional 2,342 shares during the period. Finally, Hsbc Holdings PLC lifted its stake in shares of FirstService by 138.4% in the fourth quarter. Hsbc Holdings PLC now owns 12,334 shares of the financial services provider's stock worth $2,002,000 after buying an additional 7,160 shares during the last quarter. Institutional investors and hedge funds own 69.35% of the company's stock.

FirstService Stock Performance

Shares of NASDAQ FSV traded down $1.68 during mid-day trading on Wednesday, hitting $181.45. The company had a trading volume of 47,146 shares, compared to its average volume of 83,519. FirstService Co. has a 12 month low of $134.77 and a 12 month high of $183.46. The firm has a market cap of $8.17 billion, a P/E ratio of 90.66 and a beta of 1.05. The business's 50-day simple moving average is $174.54 and its 200-day simple moving average is $161.49. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.84 and a quick ratio of 1.84.

FirstService (NASDAQ:FSV - Get Free Report) TSE: FSV last announced its quarterly earnings data 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. The company had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.28 billion. FirstService had a return on equity of 15.60% and a net margin of 1.73%. The company's quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter last year, the company earned $1.37 EPS. As a group, analysts predict that FirstService Co. will post 4.35 earnings per share for the current fiscal year.

FirstService Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 30th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.55%. The ex-dividend date is Friday, September 27th. FirstService's dividend payout ratio (DPR) is presently 49.51%.

Analysts Set New Price Targets

A number of research firms recently issued reports on FSV. Royal Bank of Canada raised 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. Scotiabank lifted their price objective on FirstService from $175.00 to $190.00 and gave the stock a "sector perform" rating in a research note on Monday, July 29th. TD Securities increased their target price on FirstService from $178.00 to $179.00 and gave the company a "buy" rating in a research note on Wednesday, September 11th. Finally, BMO Capital Markets raised their target price on FirstService from $193.00 to $196.00 and gave the company an "outperform" rating in a report on Friday, June 7th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $189.50.

FirstService 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.