Banc Funds Co. LLC Lowers Holdings in First Business Financial Services, Inc. (NASDAQ:FBIZ)

Banc Funds Co. LLC lowered its holdings in shares of First Business Financial Services, Inc. (NASDAQ:FBIZ) by 8.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 401,626 shares of the financial services provider’s stock after selling 37,904 shares during the quarter. First Business Financial Services makes up 2.0% of Banc Funds Co. LLC’s portfolio, making the stock its 11th biggest holding. Banc Funds Co. LLC owned approximately 4.84% of First Business Financial Services worth $18,310,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Lazard Asset Management LLC bought a new stake in First Business Financial Services in the 1st quarter valued at $60,000. SG Americas Securities LLC purchased a new position in shares of First Business Financial Services during the third quarter valued at about $125,000. ERn Financial LLC bought a new stake in shares of First Business Financial Services in the third quarter worth about $210,000. Creative Planning purchased a new stake in shares of First Business Financial Services in the third quarter worth about $216,000. Finally, Beese Fulmer Investment Management Inc. bought a new position in First Business Financial Services during the third quarter valued at approximately $217,000. Hedge funds and other institutional investors own 60.07% of the company’s stock.

First Business Financial Services Price Performance

NASDAQ:FBIZ opened at $50.12 on Monday. The firm has a market capitalization of $416.00 million, a price-to-earnings ratio of 10.76 and a beta of 0.83. 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 business has a 50 day simple moving average of $46.11 and a 200-day simple moving average of $41.69. First Business Financial Services, Inc. has a 1 year low of $32.56 and a 1 year high of $52.22.

First Business Financial Services (NASDAQ:FBIZ) last released its quarterly earnings results on Thursday, October 24th. The financial services provider reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. The company had revenue of $66.39 million for the quarter, compared to analyst estimates of $38.80 million. First Business Financial Services had a return on equity of 13.70% and a net margin of 15.46%. During the same quarter in the prior year, the firm posted $1.17 EPS. Equities analysts forecast that First Business Financial Services, Inc. will post 4.78 EPS for the current year.

First Business Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 20th. Stockholders of record on Thursday, November 7th were issued a $0.25 dividend. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $1.00 annualized dividend and a dividend yield of 2.00%. First Business Financial Services’s dividend payout ratio (DPR) is presently 21.46%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on FBIZ. DA Davidson raised First Business Financial Services from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $36.00 to $50.00 in a research note on Monday, August 5th. Piper Sandler reduced their price target on shares of First Business Financial Services from $56.00 to $53.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 29th. Finally, StockNews.com raised shares of First Business Financial Services from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, First Business Financial Services currently has an average rating of “Buy” and a consensus target price of $50.00.

Insider Buying and Selling

In related news, Director William Kent Lorenz sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $49.00, for a total transaction of $49,000.00. Following the completion of the sale, the director now directly owns 8,341 shares of the company’s stock, valued at approximately $408,709. This trade represents a 10.71 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Corey A. Chambas sold 40,000 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $48.81, for a total value of $1,952,400.00. Following the transaction, the chief executive officer now owns 112,750 shares of the company’s stock, valued at approximately $5,503,327.50. The trade was a 26.19 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 47,344 shares of company stock valued at $2,275,144. Company insiders own 6.30% of the company’s stock.

About First Business Financial Services

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.