Wellington Management Group LLP Has $10.44 Million Stake in FirstService Co. (NASDAQ:FSV)

Wellington Management Group LLP cut its holdings in shares of FirstService Co. (NASDAQ:FSV) (TSE:FSV) by 7.9% during the 4th quarter, HoldingsChannel.com reports. The fund owned 57,671 shares of the financial services provider’s stock after selling 4,942 shares during the period. Wellington Management Group LLP’s holdings in FirstService were worth $10,440,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in FirstService by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 1,794,676 shares of the financial services provider’s stock valued at $325,100,000 after buying an additional 23,103 shares during the last quarter. Norges Bank acquired a new position in shares of FirstService during the 4th quarter worth about $98,615,000. American Century Companies Inc. grew its holdings in shares of FirstService by 36.2% in the 4th quarter. American Century Companies Inc. now owns 543,163 shares of the financial services provider’s stock valued at $98,380,000 after acquiring an additional 144,234 shares in the last quarter. Franklin Resources Inc. increased its position in shares of FirstService by 486.3% in the third quarter. Franklin Resources Inc. now owns 469,141 shares of the financial services provider’s stock valued at $87,308,000 after acquiring an additional 389,129 shares during the last quarter. Finally, CIBC Asset Management Inc raised its holdings in FirstService by 57.4% during the fourth quarter. CIBC Asset Management Inc now owns 457,735 shares of the financial services provider’s stock worth $83,138,000 after acquiring an additional 166,996 shares in the last quarter. 69.35% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FSV. Raymond James raised their price target on FirstService from $215.00 to $225.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. StockNews.com cut shares of FirstService from a “buy” rating to a “hold” rating in a research note on Thursday, March 27th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $201.67.

FirstService Price Performance

NASDAQ:FSV opened at $168.14 on Thursday. FirstService Co. has a one year low of $141.26 and a one year high of $197.84. The firm’s fifty day moving average price is $170.98 and its two-hundred day moving average price is $180.32. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.75 and a quick ratio of 1.79. The company has a market cap of $7.64 billion, a P/E ratio of 56.61 and a beta of 1.04.

FirstService Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 0.65%. This is a positive change from FirstService’s previous quarterly dividend of $0.25. The ex-dividend date was Monday, March 31st. FirstService’s dividend payout ratio is currently 37.04%.

About FirstService

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.