First Business Financial Services (NASDAQ:FBIZ) Stock Rating Raised to Moderate Buy at Raymond James Financial

Key Points

• Raymond James upgraded First Business Financial Services to “moderate buy.” The stock has a consensus “Buy” rating and an average analyst price target of $78.25, with individual targets ranging from $74 to $84.
• FBIZ shares rose 2.1% to open at $70.93, near their 52-week high of $73.74. The company recently reported quarterly EPS of $1.84, exceeding the $1.56 consensus estimate, while revenue also topped expectations.
• Institutional ownership stands at 60.07%. Several investors initiated or expanded positions during the second quarter, although insider Jodi Chandler sold 675 shares at an average price of $70.19.

First Business Financial Services (NASDAQ:FBIZ - Get Free Report) was upgraded by equities research analysts at Raymond James Financial to a "moderate buy" rating in a research note issued on Wednesday, Zacks reports.

Several other analysts have also recently weighed in on the stock. Piper Sandler reiterated an "overweight" rating and issued a $84.00 price target (up from $70.00) on shares of First Business Financial Services in a report on Monday, August 3rd. Weiss Ratings restated a "buy (a-)" rating on shares of First Business Financial Services in a report on Friday, September 11th. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $74.00 target price (up from $68.00) on shares of First Business Financial Services in a research report on Monday, August 3rd. Finally, DA Davidson set a $80.00 target price on shares of First Business Financial Services and gave the company a "buy" rating in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $78.25.

First Business Financial Services Trading Up 2.1%

NASDAQ FBIZ opened at $70.93 on Wednesday. The stock has a market cap of $593.68 million, a P/E ratio of 10.81 and a beta of 0.67. First Business Financial Services has a fifty-two week low of $46.07 and a fifty-two week high of $73.74. The stock has a 50 day simple moving average of $70.63 and a two-hundred day simple moving average of $62.79. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.06 and a current ratio of 1.06.

First Business Financial Services (NASDAQ:FBIZ - Get Free Report) last posted its earnings results on Thursday, July 30th. The financial services provider reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.28. The firm had revenue of $46.71 million for the quarter, compared to analysts' expectations of $45.42 million. First Business Financial Services had a return on equity of 14.92% and a net margin of 19.28%. On average, analysts forecast that First Business Financial Services will post 6.56 earnings per share for the current year.

Insider Activity at First Business Financial Services

In related news, insider Jodi Chandler sold 675 shares of the company's stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $70.19, for a total value of $47,378.25. Following the sale, the insider owned 22,550 shares in the company, valued at $1,582,784.50. This represents a 2.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 5.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FBIZ. Sequoia Financial Advisors LLC purchased a new position in shares of First Business Financial Services in the 2nd quarter worth about $255,000. Integrated Wealth Concepts LLC purchased a new stake in First Business Financial Services during the 2nd quarter valued at about $43,000. Squarepoint Ops LLC grew its position in First Business Financial Services by 95.1% during the 2nd quarter. Squarepoint Ops LLC now owns 28,061 shares of the financial services provider's stock valued at $1,773,000 after purchasing an additional 13,681 shares during the last quarter. Empowered Funds LLC bought a new stake in First Business Financial Services during the 2nd quarter valued at about $2,853,000. Finally, Bank of America Corp DE bought a new stake in First Business Financial Services during the 2nd quarter valued at about $1,515,000. Hedge funds and other institutional investors own 60.07% of the company's stock.

First Business Financial Services Company Profile

First Business Financial Services, Inc is the holding company for First Business Bank, a full-service financial institution focused on serving privately held businesses, business owners, professionals and high-net-worth individuals. Through its banking subsidiary, the company provides commercial banking, business lending and deposit services tailored to the needs of small and middle-market companies.

Its products and services include commercial real estate and working-capital loans, equipment financing, lines of credit, treasury management, checking and savings accounts, certificates of deposit, and other business deposit products.

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