First Business Financial Services (NASDAQ:FBIZ) Reaches New 12-Month High - Here's What Happened

Key Points

• First Business Financial Services shares reached a new 52-week high of $74.20, closing trading near $73.42. The stock has risen above its 50-day and 200-day moving averages.
• Analysts maintain a positive outlook, with a consensus “Buy” rating and an average price target of $78.25; individual targets range from $74 to $84.
• The company exceeded quarterly expectations, reporting $1.84 in earnings per share versus a $1.56 estimate and revenue of $46.71 million. Institutional investors own approximately 60.07% of the stock.

First Business Financial Services, Inc. (NASDAQ:FBIZ - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Thursday. The company traded as high as $74.20 and last traded at $73.4190, with a volume of 2,543 shares trading hands. The stock had previously closed at $72.78.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Weiss Ratings upgraded First Business Financial Services from a "buy (a-)" rating to a "buy (a+)" rating in a report on Thursday, October 8th. Raymond James Financial initiated coverage on First Business Financial Services in a research note on Thursday, October 1st. They issued an "outperform" rating and a $75.00 price objective on the stock. DA Davidson set a $80.00 price objective on First Business Financial Services and gave the company a "buy" rating in a research report on Monday, August 3rd. Piper Sandler restated an "overweight" rating and issued a $84.00 target price (up from $70.00) on shares of First Business Financial Services in a research note on Monday, August 3rd. Finally, Keefe, Bruyette & Woods restated an "outperform" rating and set a $74.00 price objective (up from $68.00) on shares of First Business Financial Services in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $78.25.

First Business Financial Services Price Performance

The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.90. The company has a market capitalization of $619.42 million, a P/E ratio of 11.28 and a beta of 0.67. The business has a 50 day simple moving average of $70.75 and a 200-day simple moving average of $62.14.

First Business Financial Services (NASDAQ:FBIZ - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.84 earnings per share for the quarter, beating analysts' consensus estimates of $1.56 by $0.28. The company had revenue of $46.71 million for the quarter, compared to analysts' expectations of $45.42 million. First Business Financial Services had a return on equity of 14.92% and a net margin of 19.28%. Analysts predict that First Business Financial Services, Inc. will post 6.59 EPS for the current fiscal year.

Insider Activity

In other news, insider Jodi Chandler sold 675 shares of the stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $70.19, for a total transaction of $47,378.25. Following the completion of the sale, the insider owned 22,550 shares in the company, valued at approximately $1,582,784.50. This represents a 2.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Business Financial Services

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. bought a new position in First Business Financial Services in the 2nd quarter worth $58,646,000. The Manufacturers Life Insurance Company bought a new position in shares of First Business Financial Services in the second quarter worth about $15,351,000. De Lisle Partners LLP acquired a new stake in First Business Financial Services in the 2nd quarter valued at approximately $6,258,000. Vista Investment Management bought a new stake in shares of First Business Financial Services in the second quarter valued at approximately $3,307,000. Finally, Empowered Funds LLC acquired a new stake in shares of First Business Financial Services in the second quarter worth $2,853,000. 60.07% of the stock is owned by hedge funds and other institutional investors.

About First Business Financial Services

First Business Financial Services, Inc is the bank holding company for First Business Bank, a commercial bank focused on serving small and middle-market businesses, business owners and professionals. The company provides relationship-based banking services through a specialized commercial banking model.

Its products and services include commercial and industrial loans, commercial real estate financing, equipment financing, Small Business Administration lending, business deposit accounts, treasury management and cash-management services.

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