928,380 Shares in First Business Financial Services, Inc. $FBIZ Bought by BlackRock Inc.

BlackRock Inc. purchased a new stake in First Business Financial Services, Inc. (NASDAQ:FBIZ - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 928,380 shares of the financial services provider's stock, valued at approximately $58,646,000. BlackRock Inc. owned about 11.09% of First Business Financial Services as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of FBIZ. Northwestern Mutual Wealth Management Co. purchased a new position in First Business Financial Services during the 3rd quarter worth $33,000. EverSource Wealth Advisors LLC raised its stake in shares of First Business Financial Services by 32,175.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,291 shares of the financial services provider's stock worth $65,000 after buying an additional 1,287 shares in the last quarter. Tower Research Capital LLC TRC raised its position in First Business Financial Services by 356.5% in the second quarter. Tower Research Capital LLC TRC now owns 1,890 shares of the financial services provider's stock worth $96,000 after acquiring an additional 1,476 shares in the last quarter. Virtus Advisers LLC acquired a new stake in shares of First Business Financial Services in the third quarter valued at about $109,000. Finally, Eurizon Capital SGR S.p.A. acquired a new position in First Business Financial Services during the fourth quarter worth about $156,000. 60.07% of the stock is currently owned by hedge funds and other institutional investors.

First Business Financial Services Stock Down 1.4%

Shares of NASDAQ:FBIZ opened at $69.87 on Tuesday. 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 company has a market capitalization of $584.81 million, a P/E ratio of 10.65 and a beta of 0.65. First Business Financial Services, Inc. has a 52-week low of $46.07 and a 52-week high of $73.48. The stock's fifty day simple moving average is $67.31 and its 200-day simple moving average is $60.21.

First Business Financial Services (NASDAQ:FBIZ - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The financial services provider reported $1.84 EPS for the quarter, topping analysts' consensus estimates of $1.56 by $0.28. The firm had revenue of $46.71 million during 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, equities research analysts forecast that First Business Financial Services, Inc. will post 6.56 earnings per share for the current fiscal year.

First Business Financial Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 12th were issued a dividend of $0.34 per share. The ex-dividend date was Wednesday, August 12th. This represents a $1.36 annualized dividend and a dividend yield of 1.9%. First Business Financial Services's dividend payout ratio (DPR) is 20.73%.

Insider Transactions at First Business Financial Services

In other First Business Financial Services news, insider Jodi A. Chandler sold 675 shares of First Business Financial Services stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $70.19, for a total value of $47,378.25. Following the completion of the sale, the insider owned 22,550 shares in the company, valued at $1,582,784.50. The trade was a 2.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 5.00% of the company's stock.

Wall Street Analyst Weigh In

FBIZ has been the subject of several research reports. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $74.00 price objective (up from $68.00) on shares of First Business Financial Services in a report on Monday, August 3rd. DA Davidson set a $80.00 target price on First Business Financial Services and gave the company a "buy" rating in a report on Monday, August 3rd. Weiss Ratings upgraded First Business Financial Services from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Monday, June 15th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $84.00 price target (up from $70.00) on shares of First Business Financial Services in a research note on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. Based on data from MarketBeat.com, First Business Financial Services currently has a consensus rating of "Buy" and an average target price of $75.50.

First Business Financial Services Company 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.

Want to see what other hedge funds are holding FBIZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Business Financial Services, Inc. (NASDAQ:FBIZ - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source