Bank of New York Mellon Corp Has $1.53 Million Holdings in First Business Financial Services, Inc. (NASDAQ:FBIZ)

Bank of New York Mellon Corp increased its stake in First Business Financial Services, Inc. (NASDAQ:FBIZ) by 5.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 33,109 shares of the financial services provider’s stock after purchasing an additional 1,653 shares during the period. Bank of New York Mellon Corp owned approximately 0.40% of First Business Financial Services worth $1,533,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FBIZ. R Squared Ltd acquired a new position in First Business Financial Services in the 4th quarter worth $49,000. SG Americas Securities LLC boosted its stake in First Business Financial Services by 24.8% in the 4th quarter. SG Americas Securities LLC now owns 3,412 shares of the financial services provider’s stock worth $158,000 after purchasing an additional 679 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new position in First Business Financial Services in the 3rd quarter worth $316,000. Fourthstone LLC acquired a new position in First Business Financial Services in the 3rd quarter worth $389,000. Finally, JPMorgan Chase & Co. boosted its stake in First Business Financial Services by 307.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 24,468 shares of the financial services provider’s stock worth $1,115,000 after purchasing an additional 18,458 shares during the period. 60.07% of the stock is owned by institutional investors and hedge funds.

First Business Financial Services Trading Down 2.2 %

First Business Financial Services stock opened at $47.49 on Friday. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.09 and a quick ratio of 1.08. The firm has a 50-day moving average of $50.08 and a 200-day moving average of $47.50. The company has a market cap of $394.21 million, a price-to-earnings ratio of 9.10 and a beta of 0.88. First Business Financial Services, Inc. has a one year low of $32.56 and a one year high of $56.46.

First Business Financial Services (NASDAQ:FBIZ) last issued its earnings results on Thursday, January 30th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.16. First Business Financial Services had a net margin of 16.86% and a return on equity of 14.33%. On average, equities analysts expect that First Business Financial Services, Inc. will post 5.43 earnings per share for the current fiscal year.

First Business Financial Services Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 2.44%. This is a boost from First Business Financial Services’s previous quarterly dividend of $0.25. The ex-dividend date was Friday, February 14th. First Business Financial Services’s dividend payout ratio is presently 22.22%.

Analyst Ratings Changes

A number of brokerages recently weighed in on FBIZ. Raymond James upped their target price on shares of First Business Financial Services from $52.00 to $62.00 and gave the stock an “outperform” rating in a research note on Monday, February 3rd. Keefe, Bruyette & Woods increased their price objective on shares of First Business Financial Services from $58.00 to $60.00 and gave the stock an “outperform” rating in a research note on Monday, February 3rd. StockNews.com upgraded shares of First Business Financial Services from a “hold” rating to a “buy” rating in a research note on Monday, February 3rd. Finally, Piper Sandler increased their price objective on shares of First Business Financial Services from $58.00 to $63.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 4th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $58.75.

Insider Activity

In other news, insider Daniel Ovokaitys sold 4,828 shares of the company’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $54.55, for a total value of $263,367.40. Following the sale, the insider now directly owns 7,718 shares of the company’s stock, valued at approximately $421,016.90. This represents a 38.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.10% of the stock is owned by insiders.

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.