Acadian Asset Management LLC lowered its holdings in shares of First Business Financial Services, Inc. (NASDAQ:FBIZ – Free Report) by 21.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 55,398 shares of the financial services provider’s stock after selling 14,808 shares during the period. Acadian Asset Management LLC owned about 0.67% of First Business Financial Services worth $1,689,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FBIZ. SG Americas Securities LLC acquired a new position in shares of First Business Financial Services in the first quarter valued at approximately $102,000. American International Group Inc. acquired a new position in shares of First Business Financial Services in the second quarter valued at approximately $117,000. Russell Investments Group Ltd. acquired a new position in shares of First Business Financial Services in the first quarter valued at approximately $106,000. BNP Paribas Arbitrage SA raised its position in shares of First Business Financial Services by 2,496.3% in the second quarter. BNP Paribas Arbitrage SA now owns 2,129 shares of the financial services provider’s stock valued at $66,000 after buying an additional 2,047 shares during the last quarter. Finally, UBS Group AG acquired a new position in shares of First Business Financial Services in the first quarter valued at approximately $37,000. Institutional investors and hedge funds own 63.63% of the company’s stock.
Analysts Set New Price Targets
FBIZ has been the subject of a number of analyst reports. StockNews.com initiated coverage on shares of First Business Financial Services in a research report on Thursday, August 17th. They issued a “hold” rating for the company. Piper Sandler started coverage on shares of First Business Financial Services in a research report on Thursday, August 17th. They set an “overweight” rating and a $37.00 price target for the company. Finally, Raymond James upped their price target on shares of First Business Financial Services from $36.00 to $40.00 and gave the stock an “outperform” rating in a research report on Monday, July 31st.
First Business Financial Services Stock Performance
Shares of FBIZ stock opened at $32.68 on Friday. The company has a debt-to-equity ratio of 1.42, a quick ratio of 1.11 and a current ratio of 1.11. First Business Financial Services, Inc. has a one year low of $24.57 and a one year high of $39.88. The company has a 50 day moving average price of $31.79 and a 200 day moving average price of $30.69. The firm has a market capitalization of $271.77 million, a price-to-earnings ratio of 7.33 and a beta of 0.76.
First Business Financial Services (NASDAQ:FBIZ – Get Free Report) last released its quarterly earnings data on Thursday, July 27th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.00 by ($0.02). First Business Financial Services had a return on equity of 15.24% and a net margin of 20.13%. The business had revenue of $35.12 million for the quarter, compared to analysts’ expectations of $34.35 million. Sell-side analysts anticipate that First Business Financial Services, Inc. will post 4.29 EPS for the current year.
First Business Financial Services Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 17th. Shareholders of record on Monday, August 7th were paid a dividend of $0.2275 per share. This is an increase from First Business Financial Services’s previous quarterly dividend of $0.22. This represents a $0.91 annualized dividend and a yield of 2.78%. The ex-dividend date was Friday, August 4th. First Business Financial Services’s payout ratio is currently 20.40%.
Insiders Place Their Bets
In other news, insider Jodi A. Chandler sold 6,604 shares of the company’s stock in a transaction on Tuesday, August 29th. The shares were sold at an average price of $31.83, for a total value of $210,205.32. Following the completion of the transaction, the insider now directly owns 19,450 shares in the company, valued at $619,093.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Gerald L. Kilcoyne bought 6,000 shares of the firm’s stock in a transaction dated Thursday, June 15th. The stock was acquired at an average cost of $30.55 per share, for a total transaction of $183,300.00. Following the completion of the purchase, the director now owns 64,706 shares of the company’s stock, valued at $1,976,768.30. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jodi A. Chandler sold 6,604 shares of the company’s stock in a transaction on Tuesday, August 29th. The shares were sold at an average price of $31.83, for a total transaction of $210,205.32. Following the completion of the transaction, the insider now owns 19,450 shares of the company’s stock, valued at $619,093.50. The disclosure for this sale can be found here. 6.30% of the stock is owned by insiders.
About First Business Financial Services
First Business Financial Services, Inc operates as the bank holding company for First Business Bank that provides commercial banking products and services for small and medium-sized businesses, business owners, executives, professionals, and high net worth individuals. It offers deposit products, such as non-interest-bearing transaction accounts, interest-bearing transaction accounts, money market accounts, time deposits, and certificates of deposit.
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