First Business Financial Services (NASDAQ:FBIZ) Sees Large Volume Increase Following Strong Earnings

First Business Financial Services, Inc. (NASDAQ:FBIZ) saw unusually-high trading volume on Friday following a stronger than expected earnings report. Approximately 50,706 shares traded hands during mid-day trading, an increase of 6% from the average daily volume of 47,974 shares. The stock last traded at $74.6540 and had previously closed at $73.76.

The financial services provider reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.67 by $0.28. The business had revenue of $47.51 million during the quarter, compared to the consensus estimate of $46.88 million. First Business Financial Services had a net margin of 19.28% and a return on equity of 14.92%.

Analyst Upgrades and Downgrades

FBIZ has been the topic of a number of analyst reports. Weiss Ratings raised First Business Financial Services from a “buy (a-)” rating to a “buy (a+)” rating in a research report on Thursday, October 8th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $74.00 target price (up from $68.00) on shares of First Business Financial Services in a research report on Monday, August 3rd. Raymond James Financial began coverage on First Business Financial Services in a research note on Thursday, October 1st. They set an “outperform” rating and a $75.00 price objective for the company. DA Davidson set a $80.00 price objective on shares of First Business Financial Services and gave the company a “buy” rating in a report on Monday, August 3rd. Finally, Piper Sandler reiterated an “overweight” rating and issued a $84.00 target price (up from $70.00) on shares of First Business Financial Services in a research note on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company’s stock. According to MarketBeat, First Business Financial Services presently has an average rating of “Buy” and an average price target of $78.25.

Insider Buying and Selling at First Business Financial Services

In other First Business Financial Services news, insider Jodi Chandler sold 675 shares of the business’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $70.19, for a total transaction of $47,378.25. Following the transaction, the insider owned 22,550 shares in the company, valued at approximately $1,582,784.50. The trade was a 2.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 5.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First Business Financial Services

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Inspire Investing LLC purchased a new stake in First Business Financial Services during the 3rd quarter worth approximately $644,000. Sequoia Financial Advisors LLC acquired a new position in First Business Financial Services during the 2nd quarter valued at approximately $255,000. Integrated Wealth Concepts LLC acquired a new stake in shares of First Business Financial Services in the 2nd quarter worth about $43,000. Squarepoint Ops LLC boosted its position in First Business Financial Services by 95.1% during the 2nd quarter. Squarepoint Ops LLC now owns 28,061 shares of the financial services provider’s stock worth $1,773,000 after acquiring an additional 13,681 shares during the period. Finally, Empowered Funds LLC acquired a new position in shares of First Business Financial Services during the second quarter valued at approximately $2,853,000. Institutional investors and hedge funds own 60.07% of the company’s stock.

First Business Financial Services Price Performance

The company has a market cap of $624.85 million, a price-to-earnings ratio of 11.33 and a beta of 0.67. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.06 and a current ratio of 1.06. The company’s 50 day moving average price is $70.86 and its 200-day moving average price is $62.24.

About First Business Financial Services

First Business Financial Services, Inc is the bank holding company for First Business Bank, a commercial bank focused on serving small and middle-market businesses, business owners and professionals. The company provides relationship-based banking services through a specialized commercial banking model.

Its products and services include commercial and industrial loans, commercial real estate financing, equipment financing, Small Business Administration lending, business deposit accounts, treasury management and cash-management services.