First Business Financial Services (NASDAQ:FBIZ) Upgraded to Buy by DA Davidson

DA Davidson upgraded shares of First Business Financial Services (NASDAQ:FBIZ) from a neutral rating to a buy rating in a research note published on Monday morning, Marketbeat reports. The brokerage currently has $50.00 target price on the financial services provider’s stock, up from their previous target price of $36.00.

A number of other analysts have also commented on the company. Keefe, Bruyette & Woods reiterated an outperform rating and issued a $51.00 price objective (up from $48.00) on shares of First Business Financial Services in a research report on Monday, July 29th. StockNews.com upgraded shares of First Business Financial Services from a hold rating to a buy rating in a report on Thursday, August 1st. Finally, Piper Sandler raised their price objective on shares of First Business Financial Services from $44.00 to $56.00 and gave the company an overweight rating in a research note on Monday, July 29th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, First Business Financial Services has an average rating of Buy and an average price target of $50.75.

First Business Financial Services Price Performance

Shares of NASDAQ FBIZ traded down $0.31 during trading on Monday, reaching $41.34. The company had a trading volume of 13,634 shares, compared to its average volume of 14,667. First Business Financial Services has a 52 week low of $28.35 and a 52 week high of $47.23. The business’s 50 day moving average price is $37.40 and its 200-day moving average price is $35.89. The stock has a market cap of $342.71 million, a PE ratio of 9.43 and a beta of 0.83. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.09 and a current ratio of 1.08.

First Business Financial Services (NASDAQ:FBIZ) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.14. The firm had revenue of $65.34 million for the quarter, compared to the consensus estimate of $36.73 million. First Business Financial Services had a return on equity of 13.87% and a net margin of 15.66%. Analysts expect that First Business Financial Services will post 4.61 earnings per share for the current year.

First Business Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 21st. Investors of record on Thursday, August 8th will be given a $0.25 dividend. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.42%. First Business Financial Services’s dividend payout ratio is 23.04%.

Insider Activity at First Business Financial Services

In other news, Director William Kent Lorenz sold 1,345 shares of the business’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $34.51, for a total value of $46,415.95. Following the completion of the transaction, the director now owns 9,836 shares of the company’s stock, valued at approximately $339,440.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 6.30% of the company’s stock.

Hedge Funds Weigh In On First Business Financial Services

Several institutional investors and hedge funds have recently modified their holdings of the business. Lazard Asset Management LLC acquired a new stake in First Business Financial Services during the 1st quarter worth approximately $60,000. BNP Paribas Financial Markets raised its holdings in shares of First Business Financial Services by 73.1% during the first quarter. BNP Paribas Financial Markets now owns 3,930 shares of the financial services provider’s stock worth $147,000 after acquiring an additional 1,659 shares during the period. New York State Common Retirement Fund lifted its position in First Business Financial Services by 70.7% in the 4th quarter. New York State Common Retirement Fund now owns 3,866 shares of the financial services provider’s stock valued at $155,000 after acquiring an additional 1,601 shares in the last quarter. SG Americas Securities LLC lifted its position in First Business Financial Services by 28.1% in the 4th quarter. SG Americas Securities LLC now owns 4,280 shares of the financial services provider’s stock valued at $172,000 after acquiring an additional 938 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new position in First Business Financial Services in the 1st quarter worth $247,000. 60.07% of the stock is currently owned by institutional investors and hedge funds.

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.