First Business Financial Services (NASDAQ:FBIZ) Issues Quarterly Earnings Results, Hits Estimates

Key Points

• First Business Financial Services reported quarterly earnings of $1.35 per share, matching analyst expectations, with revenue totaling $41.04 million, slightly below the consensus estimate.
• The company announced a quarterly dividend of $0.29, resulting in an annual yield of 2.39%, with a payout ratio of 21.09%.
• Analyst sentiment is generally positive, with a consensus "Buy" rating and a target price of $57.25, although some analysts have adjusted their price targets slightly downward.

First Business Financial Services (NASDAQ:FBIZ - Get Free Report) issued its quarterly earnings results on Thursday. The financial services provider reported $1.35 earnings per share for the quarter, hitting the consensus estimate of $1.35, Zacks reports. The company had revenue of $41.04 million during the quarter, compared to analysts' expectations of $41.55 million. First Business Financial Services had a net margin of 17.59% and a return on equity of 14.22%.

First Business Financial Services Price Performance

Shares of FBIZ traded down $0.09 during trading hours on Wednesday, reaching $47.68. 61,874 shares of the company's stock traded hands, compared to its average volume of 45,409. The firm's 50 day simple moving average is $50.21 and its 200-day simple moving average is $49.37. First Business Financial Services has a 12 month low of $39.65 and a 12 month high of $56.46. The company has a current ratio of 1.04, a quick ratio of 1.05 and a debt-to-equity ratio of 0.83. The stock has a market cap of $396.70 million, a PE ratio of 8.48 and a beta of 0.66.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on FBIZ shares. Wall Street Zen raised First Business Financial Services from a "hold" rating to a "buy" rating in a research note on Wednesday, May 7th. Keefe, Bruyette & Woods cut their target price on 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, Piper Sandler upped their price target on First Business Financial Services from $55.00 to $58.00 and gave the stock an "overweight" rating in a research note on Tuesday. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $57.25.

Hedge Funds Weigh In On First Business Financial Services

A number of large investors have recently added to or reduced their stakes in FBIZ. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in First Business Financial Services by 5.2% during the 1st 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 last quarter. Royal Bank of Canada lifted its holdings in First Business Financial Services by 3.3% in the 1st quarter. Royal Bank of Canada now owns 13,677 shares of the financial services provider's stock worth $645,000 after buying an additional 431 shares during the period. Finally, AQR Capital Management LLC grew its position in shares of First Business Financial Services by 104.5% in the 1st quarter. AQR Capital Management LLC now owns 9,635 shares of the financial services provider's stock worth $454,000 after buying an additional 4,924 shares during the last quarter. Hedge funds and other institutional investors own 60.07% 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.