Short Interest in FirstService Co. (NASDAQ:FSV) Expands By 6.9%

FirstService Co. (NASDAQ:FSV) (TSE:FSV) saw a significant growth in short interest during the month of September. As of September 15th, there was short interest totalling 293,900 shares, a growth of 6.9% from the August 31st total of 275,000 shares. Based on an average trading volume of 85,000 shares, the days-to-cover ratio is currently 3.5 days. Approximately 0.7% of the company’s stock are sold short.

FirstService Stock Performance

FSV stock traded down $0.15 during trading on Tuesday, hitting $182.31. The company had a trading volume of 55,071 shares, compared to its average volume of 83,960. The firm has a 50-day moving average price of $175.90 and a 200-day moving average price of $161.86. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 1.23. The firm has a market cap of $8.20 billion, a PE ratio of 90.25 and a beta of 1.05. FirstService has a 1-year low of $134.77 and a 1-year high of $183.86.

FirstService (NASDAQ:FSV) (TSE:FSV) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.10. The firm 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 revenue for the quarter was up 15.9% on a year-over-year basis. During the same period last year, the company earned $1.37 earnings per share. On average, analysts expect that FirstService will post 4.35 earnings per share for the current year.

FirstService Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date is Monday, September 30th. FirstService’s dividend payout ratio is presently 49.50%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FSV. BMO Capital Markets boosted their target price on shares of FirstService from $193.00 to $196.00 and gave the stock an “outperform” rating in a research note on Friday, June 7th. TD Securities increased their price objective on FirstService from $178.00 to $179.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Scotiabank raised their price objective on shares of FirstService from $175.00 to $190.00 and gave the stock a “sector perform” rating in a report on Monday, July 29th. Finally, Royal Bank of Canada increased their target price on shares of FirstService from $187.00 to $192.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. 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, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $189.50.

Hedge Funds Weigh In On FirstService

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cubist Systematic Strategies LLC boosted its stake in shares of FirstService by 33.4% in the second quarter. Cubist Systematic Strategies LLC now owns 17,253 shares of the financial services provider’s stock valued at $2,628,000 after buying an additional 4,318 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of FirstService during the 2nd quarter worth $216,000. Truist Financial Corp grew its stake in shares of FirstService by 1.0% during the 2nd quarter. Truist Financial Corp now owns 24,022 shares of the financial services provider’s stock worth $3,660,000 after purchasing an additional 230 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of FirstService by 6.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,733,694 shares of the financial services provider’s stock valued at $415,427,000 after purchasing an additional 174,970 shares in the last quarter. Finally, Millennium Management LLC lifted its stake in shares of FirstService by 2,136.1% in the second quarter. Millennium Management LLC now owns 209,297 shares of the financial services provider’s stock valued at $31,853,000 after purchasing an additional 199,937 shares during the period. Institutional investors and hedge funds own 69.35% of the company’s stock.

FirstService Company 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.