243,005 Shares in First Business Financial Services, Inc. $FBIZ Bought by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company acquired 243,005 shares of First Business Financial Services, valued at approximately $15.35 million, giving it a 2.9% stake. Institutional investors collectively own 60.07% of the company.
• Analysts maintain a positive outlook, with an average rating of “Buy” and an average price target of $75.50; recent targets range from $74 to $84.
• First Business Financial Services exceeded quarterly earnings expectations, reporting $1.84 in EPS versus the $1.56 consensus and $46.71 million in revenue. The company also pays a quarterly dividend of $0.34, equivalent to a 1.9% annual yield.

The Manufacturers Life Insurance Company purchased a new stake in First Business Financial Services, Inc. (NASDAQ:FBIZ - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 243,005 shares of the financial services provider's stock, valued at approximately $15,351,000. The Manufacturers Life Insurance Company owned approximately 2.90% of First Business Financial Services at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in FBIZ. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in First Business Financial Services by 5.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,711 shares of the financial services provider's stock worth $222,000 after acquiring an additional 234 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of First Business Financial Services by 1.1% in the 3rd quarter. Franklin Resources Inc. now owns 22,213 shares of the financial services provider's stock valued at $1,139,000 after purchasing an additional 239 shares in the last quarter. Stifel Financial Corp lifted its position in shares of First Business Financial Services by 1.2% during the fourth quarter. Stifel Financial Corp now owns 23,035 shares of the financial services provider's stock worth $1,251,000 after purchasing an additional 272 shares during the last quarter. First Trust Advisors LP lifted its position in shares of First Business Financial Services by 6.6% during the second quarter. First Trust Advisors LP now owns 5,309 shares of the financial services provider's stock worth $269,000 after purchasing an additional 327 shares during the last quarter. Finally, Invesco Ltd. grew its stake in First Business Financial Services by 0.7% in the second quarter. Invesco Ltd. now owns 58,169 shares of the financial services provider's stock worth $2,947,000 after purchasing an additional 400 shares in the last quarter. 60.07% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on FBIZ. DA Davidson set a $80.00 price objective on First Business Financial Services and gave the company a "buy" rating in a report on Monday, August 3rd. Keefe, Bruyette & Woods reiterated 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. 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. Finally, Weiss Ratings raised First Business Financial Services from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to data from MarketBeat.com, First Business Financial Services currently has an average rating of "Buy" and an average target price of $75.50.

Insiders Place Their Bets

In other First Business Financial Services news, insider Jodi A. Chandler sold 675 shares of the firm's stock in a transaction 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 directly owned 22,550 shares in the company, valued at approximately $1,582,784.50. This trade represents a 2.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 5.00% of the stock is owned by corporate insiders.

First Business Financial Services Stock Performance

Shares of FBIZ stock opened at $70.85 on Friday. The company has a market cap of $593.01 million, a P/E ratio of 10.80 and a beta of 0.66. The business has a 50 day moving average of $67.13 and a two-hundred day moving average of $60.13. First Business Financial Services, Inc. has a 52 week low of $46.07 and a 52 week high of $73.48. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.90.

First Business Financial Services (NASDAQ:FBIZ - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.84 earnings per share for the quarter, topping analysts' consensus estimates of $1.56 by $0.28. The business 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%. As a group, analysts anticipate that First Business Financial Services, Inc. will post 6.56 EPS for the current year.

First Business Financial Services Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 26th. Shareholders of record on Wednesday, August 12th were given a $0.34 dividend. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $1.36 annualized dividend and a yield of 1.9%. First Business Financial Services's dividend payout ratio (DPR) is currently 20.73%.

First Business Financial Services Profile

First Business Financial Services, Inc NASDAQ: FBIZ is a bank holding company headquartered in Madison, Wisconsin, offering a suite of commercial banking and financial services. Through its wholly owned subsidiary, First Business Bank, the company provides relationship-driven lending, deposit and treasury management solutions to small and mid-sized businesses, nonprofit organizations and high-net-worth individuals. Its core products include commercial real estate financing, equipment leasing, SBA-guaranteed lending, and cash management services.

In addition to lending and depository services, First Business Bank delivers investment advisory and wealth management through dedicated trust and private banking teams.

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