Empowered Funds LLC Buys Shares of 45,157 First Business Financial Services, Inc. $FBIZ

Key Points

• Empowered Funds LLC initiated a position in First Business Financial Services by purchasing 45,157 shares worth approximately $2.85 million, representing 0.54% of the company. Institutional investors and hedge funds collectively own 60.07% of FBIZ.
• First Business Financial Services reported quarterly EPS of $1.84, beating estimates of $1.56, while revenue of $46.71 million also exceeded expectations. The company maintains a quarterly dividend of $0.34 per share, equal to a 1.9% annualized yield.
• Analysts maintain a favorable outlook, with the stock carrying a consensus “Buy” rating and an average price target of $75.50. FBIZ shares opened at $71.85, near their 12-month high of $73.48.

Empowered Funds LLC purchased a new position in shares of First Business Financial Services, Inc. (NASDAQ:FBIZ - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 45,157 shares of the financial services provider's stock, valued at approximately $2,853,000. Empowered Funds LLC owned 0.54% of First Business Financial Services as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of First Business Financial Services in the 3rd quarter valued at $33,000. Legal & General Group Plc acquired a new position in First Business Financial Services during the 2nd quarter worth about $51,000. EverSource Wealth Advisors LLC boosted its holdings in 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 valued at $65,000 after acquiring an additional 1,287 shares during the period. Tower Research Capital LLC TRC boosted its holdings in First Business Financial Services by 356.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,890 shares of the financial services provider's stock valued at $96,000 after acquiring an additional 1,476 shares during the period. Finally, Virtus Advisers LLC acquired a new position in First Business Financial Services in the 3rd quarter valued at about $109,000. 60.07% of the stock is owned by institutional investors and hedge funds.

Insider Activity at First Business Financial Services

In related news, insider Jodi A. Chandler sold 675 shares of the company's stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $70.19, for a total transaction 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 represents a 2.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 5.00% of the company's stock.

First Business Financial Services Stock Up 2.9%

Shares of NASDAQ FBIZ opened at $71.85 on Thursday. The stock has a market cap of $601.38 million, a P/E ratio of 10.95 and a beta of 0.65. The business's fifty day simple moving average is $67.66 and its 200-day simple moving average is $60.38. First Business Financial Services, Inc. has a 12-month low of $46.07 and a 12-month high of $73.48. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.90.

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, topping the consensus estimate 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 firm had revenue of $46.71 million during the quarter, compared to analysts' expectations of $45.42 million. As a group, equities analysts predict that First Business Financial Services, Inc. will post 6.56 EPS for the current fiscal year.

First Business Financial Services Dividend Announcement

The business also recently disclosed 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. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.9%. First Business Financial Services's payout ratio is currently 20.73%.

Analyst Ratings Changes

A number of analysts have issued reports on FBIZ shares. Piper Sandler reiterated 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. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $74.00 price objective (up from $68.00) on shares of First Business Financial Services in a research note on Monday, August 3rd. DA Davidson set a $80.00 price objective on shares of First Business Financial Services and gave the company a "buy" rating in a report on Monday, August 3rd. Finally, Weiss Ratings raised shares of First Business Financial Services from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Monday, June 15th. One investment 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, the stock presently has an average rating of "Buy" and a consensus price target 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.

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