PNC Financial Services Group Inc. Cuts Holdings in FirstService Co. (NASDAQ:FSV)

PNC Financial Services Group Inc. cut its holdings in FirstService Co. (NASDAQ:FSV) (TSE:FSV) by 0.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,629 shares of the financial services provider’s stock after selling 66 shares during the quarter. PNC Financial Services Group Inc.’s holdings in FirstService were worth $1,743,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of FSV. Franklin Resources Inc. increased its holdings in shares of FirstService by 486.3% in the 3rd quarter. Franklin Resources Inc. now owns 469,141 shares of the financial services provider’s stock valued at $87,308,000 after purchasing an additional 389,129 shares in the last quarter. Raymond James Financial Inc. purchased a new position in FirstService in the fourth quarter valued at about $48,541,000. CIBC Asset Management Inc lifted its position in shares of FirstService by 57.4% during the 4th quarter. CIBC Asset Management Inc now owns 457,735 shares of the financial services provider’s stock valued at $83,138,000 after acquiring an additional 166,996 shares during the period. Bank of Montreal Can boosted its stake in shares of FirstService by 19.7% during the 3rd quarter. Bank of Montreal Can now owns 388,430 shares of the financial services provider’s stock worth $69,992,000 after acquiring an additional 63,807 shares in the last quarter. Finally, Fiera Capital Corp grew its holdings in shares of FirstService by 24.1% in the 4th quarter. Fiera Capital Corp now owns 258,848 shares of the financial services provider’s stock worth $46,839,000 after acquiring an additional 50,265 shares during the period. Hedge funds and other institutional investors own 69.35% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on FSV shares. StockNews.com cut shares of FirstService from a “buy” rating to a “hold” rating in a research note on Friday, March 7th. Raymond James lifted their price objective on FirstService from $215.00 to $225.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $201.67.

FirstService Stock Performance

Shares of FSV opened at $165.45 on Friday. FirstService Co. has a 1 year low of $141.26 and a 1 year high of $197.84. The company’s 50 day simple moving average is $176.48 and its 200 day simple moving average is $182.01. The company has a market capitalization of $7.52 billion, a price-to-earnings ratio of 55.71 and a beta of 1.12. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.79 and a current ratio of 1.75.

FirstService Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Monday, March 31st will be given a $0.275 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 0.66%. This is an increase from FirstService’s previous quarterly dividend of $0.25. FirstService’s payout ratio is currently 37.04%.

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.