Martingale Asset Management L P Cuts Stock Holdings in First Business Financial Services, Inc. $FBIZ

Key Points

• Martingale Asset Management L P reduced its holdings in First Business Financial Services by 38.5%, selling 4,953 shares and now holding 7,901 shares worth $373,000.
• Director Jason R. Graham increased his ownership by 45.05% after purchasing 1,000 shares, while Director Ralph R. Kauten bought 10,000 shares, increasing his stake by 50.62%.
• Analysts have mixed views on FBIZ, with Piper Sandler raising the price target to $58.00, while Keefe, Bruyette & Woods lowered theirs to $59.00, but the overall rating for the stock remains a consensus of "Buy".

Martingale Asset Management L P decreased its position in shares of First Business Financial Services, Inc. (NASDAQ:FBIZ - Free Report) by 38.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,901 shares of the financial services provider's stock after selling 4,953 shares during the quarter. Martingale Asset Management L P owned 0.09% of First Business Financial Services worth $373,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. CWM LLC grew its holdings in shares of First Business Financial Services by 48.7% during the first quarter. CWM LLC now owns 913 shares of the financial services provider's stock valued at $43,000 after buying an additional 299 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of First Business Financial Services during the fourth quarter valued at approximately $81,000. Virtus Investment Advisers Inc. purchased a new stake in shares of First Business Financial Services during the fourth quarter valued at approximately $95,000. BNP Paribas Financial Markets grew its holdings in shares of First Business Financial Services by 28.9% during the fourth quarter. BNP Paribas Financial Markets now owns 2,183 shares of the financial services provider's stock valued at $101,000 after buying an additional 490 shares during the last quarter. Finally, Harbor Capital Advisors Inc. purchased a new stake in shares of First Business Financial Services during the first quarter valued at approximately $122,000. Hedge funds and other institutional investors own 60.07% of the company's stock.

Insiders Place Their Bets

In related news, Director Jason R. Graham bought 1,000 shares of the company's stock in a transaction dated Wednesday, July 30th. The shares were acquired at an average price of $47.87 per share, for a total transaction of $47,870.00. Following the completion of the transaction, the director directly owned 3,220 shares in the company, valued at $154,141.40. This trade represents a 45.05% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Ralph R. Kauten bought 10,000 shares of the company's stock in a transaction dated Wednesday, July 30th. The stock was bought at an average price of $47.80 per share, for a total transaction of $478,000.00. Following the transaction, the director owned 29,756 shares of the company's stock, valued at approximately $1,422,336.80. This trade represents a 50.62% increase in their ownership of the stock. The disclosure for this purchase can be found here. 5.10% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

FBIZ has been the topic of several analyst reports. Piper Sandler lifted 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 research note on Tuesday, July 29th. Keefe, Bruyette & Woods decreased their price objective on shares of First Business Financial Services from $60.00 to $59.00 and set an "outperform" rating on the stock in a research report on Monday, April 28th. Finally, Wall Street Zen upgraded shares of First Business Financial Services from a "hold" rating to a "buy" rating in a report on Wednesday, May 7th. Three research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $59.67.

First Business Financial Services Trading Down 1.1%

NASDAQ:FBIZ opened at $51.51 on Tuesday. First Business Financial Services, Inc. has a 52 week low of $41.31 and a 52 week high of $56.46. The firm has a 50 day moving average of $50.42 and a 200 day moving average of $49.33. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.83. The stock has a market capitalization of $428.56 million, a price-to-earnings ratio of 9.17 and a beta of 0.70.

First Business Financial Services (NASDAQ:FBIZ - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, hitting 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 business had revenue of $41.04 million during the quarter, compared to analysts' expectations of $41.55 million. As a group, sell-side analysts anticipate that First Business Financial Services, Inc. will post 5.43 earnings per share for the current fiscal year.

First Business Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were issued 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 2.3%. First Business Financial Services's payout ratio is presently 20.64%.

First Business Financial Services Company Profile

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.

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