23,989 Shares in First Business Financial Services, Inc. $FBIZ Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 23,989 shares of First Business Financial Services during the second quarter, valued at approximately $1.5 million. Institutional investors collectively own 60.07% of FBIZ.
• FBIZ reported quarterly earnings of $1.84 per share, beating analysts’ $1.56 estimate, while revenue of $46.71 million also exceeded expectations. The company declared a $0.34 quarterly dividend, equivalent to a 2.0% yield.
• Analysts maintain a favorable outlook, with the stock carrying a consensus “Buy” rating and an average price target of $78.25, above its reported trading price of $69.49.

Bank of America Corp DE bought a new stake in First Business Financial Services, Inc. (NASDAQ:FBIZ - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 23,989 shares of the financial services provider's stock, valued at approximately $1,515,000. Bank of America Corp DE owned approximately 0.29% of First Business Financial Services as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in FBIZ. Man Group plc acquired a new position in shares of First Business Financial Services during the 2nd quarter worth about $544,000. Canada Pension Plan Investment Board purchased a new stake in shares of First Business Financial Services during the 2nd quarter worth approximately $404,000. Legal & General Group Plc purchased a new stake in shares of First Business Financial Services during the 2nd quarter worth approximately $51,000. The Manufacturers Life Insurance Company acquired a new position in shares of First Business Financial Services in the 2nd quarter valued at $15,351,000. Finally, Jones Financial Companies Lllp acquired a new position in shares of First Business Financial Services in the 2nd quarter valued at $234,000. Hedge funds and other institutional investors own 60.07% of the company's stock.

First Business Financial Services Trading Up 1.0%

NASDAQ FBIZ opened at $69.49 on Friday. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.90. The stock has a market capitalization of $581.63 million, a P/E ratio of 10.59 and a beta of 0.67. First Business Financial Services, Inc. has a 52-week low of $46.07 and a 52-week high of $73.74. The firm has a 50-day moving average price of $70.55 and a 200 day moving average price of $62.74.

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

First Business Financial Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 12th were given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Wednesday, August 12th. First Business Financial Services's dividend payout ratio (DPR) is presently 20.73%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on FBIZ. DA Davidson set a $80.00 price target on shares of First Business Financial Services and gave the stock a "buy" rating in a research note on Monday, August 3rd. Piper Sandler restated an "overweight" rating and issued a $84.00 price objective (up from $70.00) on shares of First Business Financial Services in a research note on Monday, August 3rd. Raymond James Financial started coverage on First Business Financial Services in a report on Thursday. They set an "outperform" rating and a $75.00 price objective on the stock. Keefe, Bruyette & Woods reiterated an "outperform" rating and set 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, Weiss Ratings reissued a "buy (a-)" rating on shares of First Business Financial Services in a report on Friday, September 11th. One analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $78.25.

Insider Activity at First Business Financial Services

In other news, insider Jodi Chandler sold 675 shares of the business'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 transaction of $47,378.25. Following the sale, the insider owned 22,550 shares of the company's stock, valued at $1,582,784.50. The trade was a 2.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.00% of the stock is owned by company insiders.

About First Business Financial Services

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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