Truist Financial Corp Cuts Stake in FirstService Co. (NASDAQ:FSV)

Truist Financial Corp cut its position in shares of FirstService Co. (NASDAQ:FSV - Free Report) TSE: FSV by 33.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 14,099 shares of the financial services provider's stock after selling 6,990 shares during the quarter. Truist Financial Corp's holdings in FirstService were worth $2,552,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. CIBC Asset Management Inc boosted its holdings in FirstService by 57.4% during the fourth quarter. CIBC Asset Management Inc now owns 457,735 shares of the financial services provider's stock worth $83,138,000 after purchasing an additional 166,996 shares during the last quarter. State of New Jersey Common Pension Fund D raised its position in shares of FirstService by 20.8% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 10,122 shares of the financial services provider's stock valued at $1,832,000 after purchasing an additional 1,742 shares during the period. Vista Finance LLC bought a new stake in shares of FirstService in the fourth quarter valued at approximately $338,000. Congress Asset Management Co. bought a new stake in shares of FirstService in the fourth quarter valued at approximately $232,000. Finally, Fiera Capital Corp raised its position in shares of FirstService by 24.1% in the fourth quarter. Fiera Capital Corp now owns 258,848 shares of the financial services provider's stock valued at $46,839,000 after purchasing an additional 50,265 shares during the period. 69.35% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Raymond James boosted their price target on shares of FirstService from $215.00 to $225.00 and gave the company an "outperform" rating in a research report on Thursday, January 30th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $201.67.

FirstService Price Performance

FirstService stock traded up $0.23 during midday trading on Friday, reaching $176.43. 222,511 shares of the stock were exchanged, compared to its average volume of 127,846. The company's fifty day moving average is $179.27 and its 200-day moving average is $182.23. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.79 and a current ratio of 1.75. The firm has a market cap of $7.99 billion, a PE ratio of 59.40 and a beta of 1.06. FirstService Co. has a 52 week low of $141.26 and a 52 week high of $197.84.

FirstService Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 7th. Stockholders of record on Monday, March 31st will be issued a $0.275 dividend. This is a positive change from FirstService's previous quarterly dividend of $0.25. The ex-dividend date is Monday, March 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 0.62%. FirstService's dividend payout ratio is presently 37.04%.

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.