The Manufacturers Life Insurance Company Invests $15.35 Million in First Business Financial Services, Inc. $FBIZ

The Manufacturers Life Insurance Company bought a new stake in First Business Financial Services, Inc. (NASDAQ:FBIZ) during the 2nd quarter, HoldingsChannel reports. The fund bought 243,005 shares of the financial services provider’s stock, valued at approximately $15,351,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in shares of First Business Financial Services in the second quarter worth $58,646,000. Vanguard Group Inc. increased its holdings in shares of First Business Financial Services by 6.8% during the third quarter. Vanguard Group Inc. now owns 481,681 shares of the financial services provider’s stock valued at $24,691,000 after purchasing an additional 30,499 shares during the period. Geode Capital Management LLC raised its stake in shares of First Business Financial Services by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 235,050 shares of the financial services provider’s stock valued at $12,765,000 after purchasing an additional 6,347 shares in the last quarter. LSV Asset Management raised its stake in shares of First Business Financial Services by 7.8% during the fourth quarter. LSV Asset Management now owns 134,127 shares of the financial services provider’s stock valued at $7,283,000 after purchasing an additional 9,738 shares in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in First Business Financial Services by 26.7% in the fourth quarter. AQR Capital Management LLC now owns 105,951 shares of the financial services provider’s stock worth $5,753,000 after purchasing an additional 22,334 shares during the period. Institutional investors own 60.07% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. 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 report on Monday, August 3rd. DA Davidson set a $80.00 price target on shares of First Business Financial Services and gave the stock a “buy” rating in a research report on Monday, August 3rd. 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 research note on Monday, August 3rd. Finally, Weiss Ratings upgraded shares of First Business Financial Services from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company’s stock. According to MarketBeat, First Business Financial Services has an average rating of “Buy” and an average target price of $75.50.

Insider Buying and Selling at First Business Financial Services

In other news, insider Jodi A. Chandler sold 675 shares of the firm’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $70.19, for a total transaction of $47,378.25. Following the completion of the transaction, the insider owned 22,550 shares in the company, valued at approximately $1,582,784.50. This trade represents a 2.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 5.00% of the company’s stock.

First Business Financial Services Stock Up 0.0%

FBIZ opened at $70.85 on Friday. 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 has a market capitalization of $593.01 million, a PE ratio of 10.80 and a beta of 0.66. The stock’s fifty day moving average is $67.13 and its 200-day moving average is $60.13. First Business Financial Services, Inc. has a one year low of $46.07 and a one year high of $73.48.

First Business Financial Services (NASDAQ:FBIZ) last announced its earnings results on Thursday, July 30th. The financial services provider reported $1.84 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.28. The business had revenue of $46.71 million during the quarter, compared to analysts’ expectations of $45.42 million. First Business Financial Services had a return on equity of 14.92% and a net margin of 19.28%. On average, equities analysts predict that First Business Financial Services, Inc. will post 6.56 EPS for the current fiscal year.

First Business Financial Services Announces Dividend

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

First Business Financial Services Company Profile

First Business Financial Services, Inc (NASDAQ:FBIZ) is a bank holding company headquartered in Madison, Wisconsin, offering a suite of commercial banking and financial services. Through its wholly owned subsidiary, First Business Bank, the company provides relationship-driven lending, deposit and treasury management solutions to small and mid-sized businesses, nonprofit organizations and high-net-worth individuals. Its core products include commercial real estate financing, equipment leasing, SBA-guaranteed lending, and cash management services.

In addition to lending and depository services, First Business Bank delivers investment advisory and wealth management through dedicated trust and private banking teams.