First Business Financial Services (NASDAQ:FBIZ) Given New $58.00 Price Target at Piper Sandler

Key Points

• Piper Sandler has raised the price target for First Business Financial Services (NASDAQ:FBIZ) from $55.00 to $58.00, indicating a potential upside of 18.85% from its current price.
• First Business Financial Services reported $1.35 earnings per share for the last quarter, meeting analysts' expectations, although revenue fell slightly short of estimates.
• Consensus among analysts gives First Business Financial Services a "Buy" rating, with an average price target of $57.25.

First Business Financial Services (NASDAQ:FBIZ - Get Free Report) had its target price increased by investment analysts at Piper Sandler from $55.00 to $58.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the financial services provider's stock. Piper Sandler's price objective would indicate a potential upside of 23.69% from the stock's previous close.

A number of other research analysts have also issued reports on the company. Wall Street Zen raised First Business Financial Services from a "hold" rating to a "buy" rating in a report on Wednesday, May 7th. Keefe, Bruyette & Woods dropped their target price on First Business Financial Services from $60.00 to $59.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. Five analysts have rated the stock with a buy rating, According to MarketBeat, First Business Financial Services presently has a consensus rating of "Buy" and an average price target of $57.25.

First Business Financial Services Stock Performance

FBIZ traded down $0.73 during trading on Tuesday, hitting $46.89. 87,879 shares of the stock were exchanged, compared to its average volume of 42,987. The firm has a market capitalization of $390.12 million, a P/E ratio of 8.34 and a beta of 0.70. First Business Financial Services has a 1-year low of $39.65 and a 1-year high of $56.46. The stock has a fifty day moving average price of $50.19 and a two-hundred day moving average price of $49.40. The company has a quick ratio of 1.05, a current ratio of 1.04 and a debt-to-equity ratio of 0.83.

First Business Financial Services (NASDAQ:FBIZ - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.35 EPS for the quarter, hitting the consensus estimate of $1.35. The company had revenue of $41.04 million for the quarter, compared to analyst estimates of $41.55 million. First Business Financial Services had a return on equity of 14.22% and a net margin of 17.59%. As a group, sell-side analysts predict that First Business Financial Services will post 5.43 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Jason R. Graham bought 1,000 shares of the firm's stock in a transaction on Wednesday, July 30th. The shares were bought at an average cost of $47.87 per share, for a total transaction of $47,870.00. Following the completion of the transaction, the director 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ralph R. Kauten acquired 10,000 shares of First Business Financial Services 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 completion of the transaction, the director directly owned 29,756 shares of the company's stock, valued at approximately $1,422,336.80. This 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.

Institutional Trading of First Business Financial Services

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Atlatl Advisers LLC purchased a new stake in shares of First Business Financial Services in the second quarter valued at $208,000. R Squared Ltd purchased a new position in First Business Financial Services during the second quarter worth about $275,000. CWM LLC lifted its position in First Business Financial Services by 72.9% during the second quarter. CWM LLC now owns 1,579 shares of the financial services provider's stock worth $80,000 after buying an additional 666 shares during the period. Harbor Capital Advisors Inc. lifted its position in First Business Financial Services by 11.1% during the second quarter. Harbor Capital Advisors Inc. now owns 2,883 shares of the financial services provider's stock worth $146,000 after buying an additional 288 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in First Business Financial Services by 5.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,711 shares of the financial services provider's stock worth $222,000 after buying an additional 234 shares during the period. 60.07% of the stock is currently owned by hedge funds and other institutional investors.

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.