Bank of New York Mellon Corp Boosts Stock Holdings in First Business Financial Services, Inc. (NASDAQ:FBIZ)

Bank of New York Mellon Corp lifted its position in shares of First Business Financial Services, Inc. (NASDAQ:FBIZ) by 5.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 37,891 shares of the financial services provider’s stock after acquiring an additional 1,998 shares during the quarter. Bank of New York Mellon Corp owned 0.46% of First Business Financial Services worth $1,402,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Lazard Asset Management LLC acquired a new position in First Business Financial Services in the 1st quarter worth about $60,000. BNP Paribas Financial Markets grew its stake in First Business Financial Services by 73.1% in the 1st quarter. BNP Paribas Financial Markets now owns 3,930 shares of the financial services provider’s stock valued at $147,000 after acquiring an additional 1,659 shares during the period. Quadrature Capital Ltd purchased a new stake in First Business Financial Services in the 1st quarter worth $247,000. Price T Rowe Associates Inc. MD raised its position in shares of First Business Financial Services by 2.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,946 shares of the financial services provider’s stock worth $711,000 after purchasing an additional 524 shares during the last quarter. Finally, Empowered Funds LLC lifted its stake in First Business Financial Services by 7.8% in the 1st quarter. Empowered Funds LLC now owns 41,101 shares of the financial services provider’s stock valued at $1,541,000 after buying an additional 2,975 shares in the last quarter. 60.07% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. DA Davidson upgraded First Business Financial Services from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $36.00 to $50.00 in a research note on Monday, August 5th. StockNews.com upgraded shares of First Business Financial Services from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $51.00 price objective (up previously from $48.00) on shares of First Business Financial Services in a report on Monday, July 29th. Finally, Piper Sandler upped their price target on First Business Financial Services from $44.00 to $56.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $50.75.

First Business Financial Services Stock Up 1.1 %

FBIZ stock opened at $46.04 on Friday. First Business Financial Services, Inc. has a one year low of $28.35 and a one year high of $47.23. The firm has a market cap of $381.63 million, a PE ratio of 10.61 and a beta of 0.82. The firm’s 50 day moving average price is $42.95 and its 200-day moving average price is $37.54. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.07 and a current ratio of 1.08.

First Business Financial Services (NASDAQ:FBIZ) last posted its earnings results on Thursday, July 25th. The financial services provider reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. First Business Financial Services had a net margin of 15.66% and a return on equity of 13.87%. The company had revenue of $65.34 million for the quarter, compared to analysts’ expectations of $36.73 million. On average, equities research analysts anticipate that First Business Financial Services, Inc. will post 4.71 EPS for the current year.

First Business Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 21st. Investors of record on Thursday, August 8th were given a dividend of $0.25 per share. The ex-dividend date was Thursday, August 8th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.17%. First Business Financial Services’s payout ratio is currently 23.04%.

First Business Financial Services 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.