Bank of New York Mellon Corp Takes $2.06 Million Position in First Business Financial Services, Inc. $FBIZ

Key Points

• Bank of New York Mellon purchased 32,634 shares of First Business Financial Services, valued at approximately $2.06 million, while institutional investors collectively own 60.07% of the company.
• First Business Financial Services reported quarterly earnings of $1.84 per share, beating estimates of $1.56, with revenue of $46.71 million versus the $45.42 million consensus forecast.
• The company pays a $0.34 quarterly dividend, equal to a 1.9% yield, and analysts maintain a consensus “Buy” rating with an average price target of $75.50.

Bank of New York Mellon Corp purchased a new position in First Business Financial Services, Inc. (NASDAQ:FBIZ - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 32,634 shares of the financial services provider's stock, valued at approximately $2,061,000. Bank of New York Mellon Corp owned approximately 0.39% of First Business Financial Services as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of the business. GSA Capital Partners LLP purchased a new position in shares of First Business Financial Services during the 2nd quarter valued at approximately $1,211,000. NewEdge Advisors LLC acquired a new stake in First Business Financial Services in the first quarter valued at $231,000. Bank of America Corp DE boosted its stake in First Business Financial Services by 36.2% during the 1st quarter. Bank of America Corp DE now owns 24,024 shares of the financial services provider's stock valued at $1,296,000 after acquiring an additional 6,379 shares during the last quarter. Empowered Funds LLC boosted its stake in First Business Financial Services by 9.5% during the 1st quarter. Empowered Funds LLC now owns 41,982 shares of the financial services provider's stock valued at $2,264,000 after acquiring an additional 3,655 shares during the last quarter. Finally, Quantinno Capital Management LP grew its holdings in First Business Financial Services by 29.3% during the 1st quarter. Quantinno Capital Management LP now owns 13,359 shares of the financial services provider's stock worth $720,000 after acquiring an additional 3,030 shares in the last quarter. Institutional investors and hedge funds own 60.07% of the company's stock.

First Business Financial Services Stock Performance

NASDAQ:FBIZ opened at $72.83 on Tuesday. The firm has a market capitalization of $609.59 million, a P/E ratio of 11.10 and a beta of 0.65. The business has a 50 day simple moving average of $68.23 and a 200 day simple moving average of $60.68. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.06 and a quick ratio of 1.06. First Business Financial Services, Inc. has a 12-month low of $46.07 and a 12-month high of $73.48.

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

First Business Financial Services Announces Dividend

The company 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 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 is 20.73%.

Insider Activity at First Business Financial Services

In other news, insider Jodi Chandler sold 675 shares of First Business Financial Services 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 approximately $1,582,784.50. The trade was a 2.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 5.00% of the company's stock.

Analysts Set New Price Targets

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

About First Business Financial Services

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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