First Business Financial Services (NASDAQ:FBIZ) Sees Strong Trading Volume - Here's What Happened

Key Points

• FBIZ shares declined 1.5% to $70.025 on trading volume of approximately 45,062 shares, while the company’s market capitalization stood at $582.22 million.
• Analysts remain bullish, with one Strong Buy and four Buy ratings. The stock has a consensus rating of Buy and an average price target of $78.25, including recent target increases from Piper Sandler and Keefe, Bruyette & Woods.
• First Business Financial Services exceeded quarterly expectations, reporting $1.84 in EPS versus a $1.56 estimate and $46.71 million in revenue. It also maintains a quarterly dividend of $0.34, equivalent to a 2.0% yield.

First Business Financial Services, Inc. (NASDAQ:FBIZ - Get Free Report) saw an uptick in trading volume on Friday. Approximately 45,062 shares were traded during trading, a decline of 3% from the previous session's volume of 46,594 shares. The stock last traded at $70.0250 and had previously closed at $70.61.

Analysts Set New Price Targets

FBIZ has been the topic of a number of analyst reports. Weiss Ratings restated a "buy (a-)" rating on shares of First Business Financial Services in a research note on Friday, September 11th. Piper Sandler reiterated an "overweight" rating and set a $84.00 target price (up from $70.00) on shares of First Business Financial Services in a research note on Monday, August 3rd. Raymond James Financial assumed coverage on shares of First Business Financial Services in a research report 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 shares of First Business Financial Services and gave the company a "buy" rating in a research report on Monday, August 3rd. Finally, Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $74.00 target price (up from $68.00) on shares of First Business Financial Services in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $78.25.

First Business Financial Services Stock Down 1.5%

The company has a market capitalization of $582.22 million, a P/E ratio of 10.60 and a beta of 0.67. The firm has a fifty day simple moving average of $70.86 and a 200-day simple moving average of $63.39. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.90.

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 (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.28. The business had revenue of $46.71 million during the quarter, compared to the consensus estimate of $45.42 million. First Business Financial Services had a return on equity of 14.92% and a net margin of 19.28%. On average, equities research analysts expect that First Business Financial Services, Inc. will post 6.59 EPS for the current fiscal year.

First Business Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 26th. Shareholders of record on Wednesday, August 12th were paid a $0.34 dividend. The ex-dividend date was Wednesday, August 12th. This represents a $1.36 annualized dividend and a yield of 2.0%. First Business Financial Services's dividend payout ratio (DPR) is 20.73%.

Insider Buying and Selling

In other First Business Financial Services news, insider Jodi Chandler sold 675 shares of the business's stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $70.19, for a total value of $47,378.25. Following the transaction, the insider directly owned 22,550 shares in the company, valued at $1,582,784.50. The trade was a 2.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 5.00% of the company's stock.

Institutional Investors Weigh In On First Business Financial Services

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

First Business Financial Services Company Profile

First Business Financial Services, Inc is a bank holding company headquartered in Madison, Wisconsin. Through its principal subsidiary, First Business Bank, the company provides commercial banking services primarily to small and middle-market businesses, business owners, professionals and individuals.

First Business Bank offers business checking and savings accounts, treasury management, commercial real estate lending, business loans, lines of credit, equipment financing and other lending solutions.

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