Acadian Asset Management LLC Cuts Stock Position in First Business Financial Services, Inc. $FBIZ

Key Points

• Acadian Asset Management LLC reduced its stake in First Business Financial Services by 18.8%, owning approximately 0.59% of the company post-sale, valued at about $2.32 million.
• Director Ralph R. Kauten increased his ownership by 50.62% after purchasing 10,000 shares at an average price of $47.80, while another director, Jason R. Graham, raised his position by 45.05% with a separate purchase.
• Piper Sandler upgraded First Business Financial Services' stock rating to "overweight" with a target price increase from $55.00 to $58.00, indicating a consensus buy rating among analysts.

Acadian Asset Management LLC lowered its position in First Business Financial Services, Inc. (NASDAQ:FBIZ - Free Report) by 18.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 49,214 shares of the financial services provider's stock after selling 11,428 shares during the quarter. Acadian Asset Management LLC owned about 0.59% of First Business Financial Services worth $2,320,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of First Business Financial Services by 5.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,711 shares of the financial services provider's stock valued at $222,000 after buying an additional 234 shares during the period. AQR Capital Management LLC grew its holdings in shares of First Business Financial Services by 104.5% in the first quarter. AQR Capital Management LLC now owns 9,635 shares of the financial services provider's stock worth $454,000 after purchasing an additional 4,924 shares during the last quarter. Cubist Systematic Strategies LLC bought a new position in shares of First Business Financial Services in the first quarter worth about $258,000. Royal Bank of Canada grew its holdings in shares of First Business Financial Services by 3.3% in the first quarter. Royal Bank of Canada now owns 13,677 shares of the financial services provider's stock worth $645,000 after purchasing an additional 431 shares during the last quarter. Finally, Jump Financial LLC bought a new position in shares of First Business Financial Services in the first quarter worth about $203,000. Hedge funds and other institutional investors own 60.07% of the company's stock.

First Business Financial Services Stock Performance

Shares of NASDAQ:FBIZ traded down $0.39 during trading on Friday, hitting $52.30. 109,167 shares of the stock traded hands, compared to its average volume of 23,245. The company has a fifty day moving average price of $50.77 and a two-hundred day moving average price of $49.25. First Business Financial Services, Inc. has a 52-week low of $41.47 and a 52-week high of $56.46. The company has a market cap of $435.14 million, a price-to-earnings ratio of 9.31 and a beta of 0.72. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.83.

First Business Financial Services (NASDAQ:FBIZ - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.35. First Business Financial Services had a net margin of 17.59% and a return on equity of 14.22%. The firm had revenue of $41.04 million for the quarter, compared to analysts' expectations of $41.55 million. As a group, equities analysts predict that First Business Financial Services, Inc. will post 5.43 EPS for the current year.

First Business Financial Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 11th were paid a $0.29 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.16 dividend on an annualized basis and a yield of 2.2%. First Business Financial Services's dividend payout ratio (DPR) is currently 20.64%.

Analyst Upgrades and Downgrades

Separately, Piper Sandler upped their price target on shares of First Business Financial Services from $55.00 to $58.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Three analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $59.67.

Insider Buying and Selling at First Business Financial Services

In other First Business Financial Services news, Director Jason R. Graham bought 1,000 shares of the stock in a transaction on Wednesday, July 30th. The shares were bought at an average price of $47.87 per share, with a total value of $47,870.00. Following the purchase, the director directly owned 3,220 shares in the company, valued at $154,141.40. This trade represents a 45.05% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Ralph R. Kauten bought 10,000 shares of the stock in a transaction on Wednesday, July 30th. The shares were acquired at an average cost of $47.80 per share, for a total transaction of $478,000.00. Following the purchase, the director owned 29,756 shares in the company, valued at $1,422,336.80. The trade was a 50.62% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 5.10% of the company's stock.

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 in Wisconsin, Kansas, and Missouri.