FirstService Co. (NASDAQ:FSV) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp lifted its position in shares of FirstService Co. (NASDAQ:FSV) (TSE:FSV) by 2.5% in the second quarter, HoldingsChannel reports. The institutional investor owned 38,594 shares of the financial services provider’s stock after purchasing an additional 953 shares during the period. Bank of New York Mellon Corp’s holdings in FirstService were worth $5,881,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in FSV. Amica Mutual Insurance Co. raised its holdings in FirstService by 99.9% in the second quarter. Amica Mutual Insurance Co. now owns 9,908 shares of the financial services provider’s stock valued at $1,510,000 after buying an additional 4,952 shares during the period. Argent Capital Management LLC raised its stake in shares of FirstService by 9.6% in the 2nd quarter. Argent Capital Management LLC now owns 26,751 shares of the financial services provider’s stock valued at $4,076,000 after acquiring an additional 2,339 shares during the period. Baskin Financial Services Inc. lifted its holdings in shares of FirstService by 0.8% during the 2nd quarter. Baskin Financial Services Inc. now owns 249,855 shares of the financial services provider’s stock valued at $38,011,000 after acquiring an additional 1,927 shares in the last quarter. &PARTNERS purchased a new stake in FirstService during the 2nd quarter worth $378,000. Finally, Fifth Third Bancorp increased its holdings in FirstService by 20.5% in the 2nd quarter. Fifth Third Bancorp now owns 634 shares of the financial services provider’s stock valued at $97,000 after purchasing an additional 108 shares in the last quarter. 69.35% of the stock is owned by hedge funds and other institutional investors.

FirstService Stock Performance

Shares of FSV opened at $180.31 on Friday. The firm has a market cap of $8.11 billion, a price-to-earnings ratio of 89.26 and a beta of 1.05. 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 business’s 50 day moving average is $170.90 and its two-hundred day moving average is $160.65. FirstService Co. has a 52-week low of $134.77 and a 52-week high of $181.23.

FirstService (NASDAQ:FSV) (TSE:FSV) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $1.36 EPS for the quarter, beating analysts’ consensus estimates of $1.26 by $0.10. The firm had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.28 billion. FirstService had a net margin of 1.73% and a return on equity of 15.60%. The firm’s revenue was up 15.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.37 EPS. Analysts forecast that FirstService Co. will post 4.31 EPS for the current fiscal year.

FirstService Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Investors 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 Monday, September 30th. FirstService’s dividend payout ratio is currently 49.50%.

Wall Street Analysts Forecast Growth

FSV has been the topic of a number of recent research reports. Scotiabank boosted 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. BMO Capital Markets upped their price target on FirstService from $193.00 to $196.00 and gave the stock an “outperform” rating in a report on Friday, June 7th. Royal Bank of Canada lifted their price objective 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. Finally, TD Securities boosted their target price on shares of FirstService from $178.00 to $179.00 and gave the stock a “buy” rating in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $189.50.

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.