Vanguard Group Inc. Sells 9,732 Shares of First Business Financial Services, Inc. (NASDAQ:FBIZ)

Vanguard Group Inc. decreased its holdings in First Business Financial Services, Inc. (NASDAQ:FBIZ - Free Report) by 2.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 400,026 shares of the financial services provider's stock after selling 9,732 shares during the period. Vanguard Group Inc. owned 4.82% of First Business Financial Services worth $18,517,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Hillsdale Investment Management Inc. lifted its position in shares of First Business Financial Services by 1,646.6% during the fourth quarter. Hillsdale Investment Management Inc. now owns 52,642 shares of the financial services provider's stock worth $2,437,000 after acquiring an additional 49,628 shares in the last quarter. American Century Companies Inc. lifted its holdings in First Business Financial Services by 43.5% during the 4th quarter. American Century Companies Inc. now owns 111,980 shares of the financial services provider's stock worth $5,184,000 after purchasing an additional 33,957 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in First Business Financial Services by 307.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 24,468 shares of the financial services provider's stock worth $1,115,000 after purchasing an additional 18,458 shares during the period. US Bancorp DE boosted its stake in First Business Financial Services by 371.7% in the 4th quarter. US Bancorp DE now owns 17,925 shares of the financial services provider's stock worth $830,000 after purchasing an additional 14,125 shares during the period. Finally, First Business Financial Services Inc. grew its holdings in First Business Financial Services by 2.8% during the 4th quarter. First Business Financial Services Inc. now owns 376,088 shares of the financial services provider's stock valued at $17,409,000 after buying an additional 10,176 shares in the last quarter. Institutional investors own 60.07% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on FBIZ. Piper Sandler boosted their price objective on shares of First Business Financial Services from $58.00 to $63.00 and gave the company an "overweight" rating in a research note on Tuesday, February 4th. StockNews.com upgraded First Business Financial Services from a "hold" rating to a "buy" rating in a research report on Monday, February 3rd. Raymond James boosted their target price on First Business Financial Services from $52.00 to $62.00 and gave the stock an "outperform" rating in a research report on Monday, February 3rd. Finally, Keefe, Bruyette & Woods upped their target price on First Business Financial Services from $58.00 to $60.00 and gave the stock an "outperform" rating in a research note on Monday, February 3rd. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $58.75.

Insiders Place Their Bets

In other news, insider Daniel Ovokaitys sold 4,828 shares of the firm's stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $54.55, for a total transaction of $263,367.40. Following the transaction, the insider now directly owns 7,718 shares of the company's stock, valued at approximately $421,016.90. This trade represents a 38.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.10% of the company's stock.

First Business Financial Services Price Performance

Shares of NASDAQ FBIZ traded up $2.08 during mid-day trading on Tuesday, reaching $48.65. 36,325 shares of the company were exchanged, compared to its average volume of 23,265. First Business Financial Services, Inc. has a 52 week low of $33.00 and a 52 week high of $56.46. The company's 50 day moving average price is $48.53 and its 200 day moving average price is $47.95. The stock has a market capitalization of $403.84 million, a PE ratio of 9.32 and a beta of 0.67. The company has a quick ratio of 1.08, a current ratio of 1.09 and a debt-to-equity ratio of 1.16.

First Business Financial Services (NASDAQ:FBIZ - Get Free Report) last posted its quarterly earnings data on Thursday, January 30th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.27 by $0.16. First Business Financial Services had a return on equity of 14.33% and a net margin of 16.86%. Sell-side analysts forecast that First Business Financial Services, Inc. will post 5.43 earnings per share for the current fiscal year.

First Business Financial Services Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were given a dividend of $0.29 per share. This is a boost from First Business Financial Services's previous quarterly dividend of $0.25. This represents a $1.16 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date of this dividend was Friday, February 14th. First Business Financial Services's dividend payout ratio (DPR) is presently 22.22%.

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.