Intact Investment Management Inc., a financial services provider, recently announced an increase in its position in FirstService Co. According to the company’s filing with the Securities & Exchange Commission, Intact Investment Management Inc. now owns approximately 40,988 shares of FirstService stock, representing a 22.7% increase from the previous quarter.
The additional 7,580 shares acquired by Intact Investment Management Inc. amounted to a value of $5,775,000 as of its most recent SEC filing. This increase in ownership suggests that Intact Investment Management Inc. has confidence in the performance and potential of FirstService.
On July 27th, FirstService released its quarterly earnings data, revealing positive results. The company reported earnings per share (EPS) of $1.37 for the quarter, surpassing the consensus estimate by $0.13. This strong performance demonstrates FirstService’s ability to generate profits for its shareholders.
Additionally, FirstService exhibited a return on equity of 20.86% and a net margin of 3.25%. The company achieved revenue of $1.12 billion during the quarter, surpassing analyst estimates of $1.09 billion. These figures indicate that FirstService is operating efficiently and effectively within its industry.
FirstService Corporation operates in two segments: FirstService Residential and FirstService Brands. The former offers property management services to residential communities such as condominiums, co-operatives, homeowner associations, master-planned communities, active adult and lifestyle communities, and various other residential developments.
This focus on residential property management positions FirstService as an essential player in meeting the needs of homeowners across the United States and Canada. By providing services tailored to private residential communities, FirstService addresses the unique challenges faced by these types of properties.
The Second segment – FirstService Brands – further expands upon this commitment by offering essential property services to both residential and commercial customers in North America.
With this diverse range of services, FirstService is able to cater to the needs of a wide customer base, positioning itself as a comprehensive property solution provider.
Looking ahead, sell-side analysts anticipate that FirstService Co. will post earnings per share of 4.51 for the current year. This forecast suggests optimism in the company’s future performance and potential growth prospects.
In conclusion, Intact Investment Management Inc.’s increase in its ownership stake in FirstService Co., coupled with FirstService’s positive quarterly earnings report, highlights the strength and potential of the financial services provider. With its focus on residential property management and other essential property services, FirstService is well-positioned to meet the demands of customers in both Canada and the United States.
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Ownership Changes and Market Performance of FirstService Corporation (FSV)
FirstService Corporation (FSV) has seen notable changes in its ownership and investment landscape, with various institutional investors and hedge funds making adjustments to their positions in the company. One such investor is Mackenzie Financial Corp, which raised its stake in FirstService by a staggering 71.4% during the fourth quarter. This move resulted in Mackenzie Financial now owning 1,864,158 shares of the financial services provider’s stock, valued at $227,913,000.
Similarly, Norges Bank entered the picture during the fourth quarter by purchasing a new position in FirstService valued at $56,942,000. Morgan Stanley also significantly increased its stake in FirstService by 412.2% during the fourth quarter, now owning 357,702 shares of the stock valued at $43,836,000.
Another noteworthy investor is FIL Ltd, which acquired a new position in FirstService during the first quarter worth $34,151,000. Finally, Durable Capital Partners LP raised its stake by 7.6% during the same period and now owns 3,391,256 shares of the financial services provider’s stock valued at $491,325,000.
Collectively, hedge funds and other institutional investors own an impressive 69.49% of FirstService’s stock.
Moving on to the market performance of FSV itself on September 10th, 2023; shares opened at $150.30 on that day. The company maintains a debt-to-equity ratio of 0.83 and boasts strong liquidity ratios with its current ratio and quick ratio both standing at 1.90.
Over the past year leading up to September 10th of this year had seen FSV hit a one-year low of $112.44 but managed to climb up to a one-year high of $163.95—an upward trajectory for the firm.
With a market capitalization totaling $6.71 billion, a P/E ratio of 50.10, and a beta of 1.07, FirstService Co. stands as a significant player in the financial services industry.
In terms of analyst reports, FSV has recently garnered attention from various experts. Royal Bank of Canada increased its price target on FirstService from $165.00 to $173.00 and provided it with an “outperform” rating in a research note released on July 28th.
On the other hand, StockNews.com downgraded FirstService from a “buy” rating to a “hold” rating in a research note on September 3rd. Conversely, TheStreet upgraded their rating for FirstService from a “c+” to a “b-” in another research note issued on July 27th.
Finally, BMO Capital Markets also improving its assessment by upgrading FirstService’s rating from “market perform” to “outperform,” while raising their price target for the stock from $166.00 to $176.00 in yet another research note published on June 30th.
It is worth noting that Bloomberg data reveals an average rating of “Moderate Buy” for the stock and suggests that analysts have set a consensus price target of $165.80 for FirstService Corporation (FSV).
For more in-depth analysis on FSV and its current status within the market, be sure to read our latest report on the company.
