First Business Financial Services (NASDAQ:FBIZ) Stock Rated Outperform in New Coverage at Raymond James Financial

Raymond James Financial initiated coverage on shares of First Business Financial Services (NASDAQ:FBIZ) in a research report report published on Thursday, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $75.00 price objective on the financial services provider’s stock.

FBIZ has been the subject of several other reports. Weiss Ratings restated a “buy (a-)” rating on shares of First Business Financial Services in a research report on Friday, September 11th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $74.00 price target (up from $68.00) on shares of First Business Financial Services in a report on Monday, August 3rd. Piper Sandler reiterated an “overweight” rating and set a $84.00 price target (up from $70.00) on shares of First Business Financial Services in a research report on Monday, August 3rd. Finally, DA Davidson set a $80.00 price objective on First Business Financial Services and gave the stock a “buy” rating in a 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 MarketBeat.com, First Business Financial Services has an average rating of “Buy” and a consensus target price of $78.25.

First Business Financial Services Stock Performance

NASDAQ FBIZ opened at $70.93 on Thursday. The company’s 50 day simple moving average is $70.63 and its two-hundred day simple moving average is $62.79. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.06 and a quick ratio of 1.06. First Business Financial Services has a 1 year low of $46.07 and a 1 year high of $73.74. The stock has a market capitalization of $593.68 million, a PE ratio of 10.81 and a beta of 0.67.

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

First Business Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 12th were paid a $0.34 dividend. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.9%. First Business Financial Services’s dividend payout ratio is 20.73%.

Insider Activity at First Business Financial Services

In related news, insider Jodi Chandler sold 675 shares of First Business Financial Services stock in a transaction on 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 owned 22,550 shares in the company, valued at $1,582,784.50. This trade represents a 2.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 5.00% of the company’s stock.

Institutional Trading of First Business Financial Services

Institutional investors have recently added to or reduced their stakes in the business. Vista Investment Management bought a new position in shares of First Business Financial Services during the second quarter valued at about $3,307,000. De Lisle Partners LLP bought a new stake in shares of First Business Financial Services in the 2nd quarter valued at about $6,258,000. The Manufacturers Life Insurance Company purchased a new stake in First Business Financial Services during the 2nd quarter valued at about $15,351,000. Empowered Funds LLC purchased a new stake in First Business Financial Services during the 2nd quarter valued at about $2,853,000. Finally, Bank of New York Mellon Corp bought a new position in First Business Financial Services during the 2nd quarter worth approximately $2,061,000. 60.07% of the stock is currently owned by hedge funds and other institutional investors.

About First Business Financial Services

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.