Wetherby Asset Management Inc. Invests $209,000 in FirstService Corporation (FSV)

Wetherby Asset Management Inc. bought a new stake in FirstService Corporation (NASDAQ:FSV) (TSE:FSV) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 3,262 shares of the financial services provider’s stock, valued at approximately $209,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Legal & General Group Plc raised its position in shares of FirstService Corporation by 37.7% in the first quarter. Legal & General Group Plc now owns 3,289 shares of the financial services provider’s stock valued at $198,000 after buying an additional 900 shares during the last quarter. UBS Group AG raised its position in shares of FirstService Corporation by 21.2% in the first quarter. UBS Group AG now owns 3,427 shares of the financial services provider’s stock valued at $206,000 after buying an additional 600 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of FirstService Corporation by 4.2% in the first quarter. JPMorgan Chase & Co. now owns 4,860 shares of the financial services provider’s stock valued at $224,000 after buying an additional 195 shares during the last quarter. Citadel Advisors LLC bought a new position in shares of FirstService Corporation during the first quarter valued at $282,000. Finally, Parametric Portfolio Associates LLC raised its position in shares of FirstService Corporation by 10.3% in the first quarter. Parametric Portfolio Associates LLC now owns 7,853 shares of the financial services provider’s stock valued at $474,000 after buying an additional 733 shares during the last quarter. Institutional investors own 60.86% of the company’s stock.

Shares of FirstService Corporation (NASDAQ:FSV) opened at 63.55 on Friday. FirstService Corporation has a 52-week low of $39.05 and a 52-week high of $67.41. The firm has a market capitalization of $2.28 billion, a price-to-earnings ratio of 50.84 and a beta of 0.91. The stock has a 50 day moving average of $64.00 and a 200 day moving average of $60.63.

FirstService Corporation (NASDAQ:FSV) (TSE:FSV) last announced its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.11. The company had revenue of $434.90 million for the quarter, compared to analysts’ expectations of $421.35 million. FirstService Corporation had a net margin of 2.84% and a return on equity of 24.64%. The business’s revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.52 EPS. On average, analysts predict that FirstService Corporation will post $1.96 EPS for the current fiscal year.

FirstService Corporation declared that its Board of Directors has initiated a stock buyback program on Thursday, August 17th that allows the company to repurchase 3,100,000 outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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FSV has been the topic of several recent analyst reports. TheStreet upgraded shares of FirstService Corporation from a “c” rating to a “b-” rating in a research report on Wednesday, July 26th. BidaskClub upgraded shares of FirstService Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. BMO Capital Markets restated a “hold” rating and set a $65.00 target price on shares of FirstService Corporation in a research report on Thursday, April 27th. Zacks Investment Research lowered shares of FirstService Corporation from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 27th. Finally, Raymond James Financial, Inc. upped their target price on shares of FirstService Corporation from $63.00 to $65.00 and gave the stock a “market perform” rating in a research report on Thursday, July 27th. Four equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $67.00.

FirstService Corporation Company Profile

Firstservice Corporation is a provider of residential property management and other essential property services to residential and commercial customers. The Company operates through two segments: FirstService Residential and FirstService Brands. FirstService Residential is a property manager and provides ancillary services in the areas of on-site staffing, including building engineering and maintenance, full-service amenity management, security, concierge and front desk personnel, and landscaping; banking and insurance products, and energy conservation and management solutions.