First Business Financial Services Gains Confidence with Increased Investment and Director Acquisition

August 18, 2023 – Financial services provider First Business Financial Services, Inc. (NASDAQ:FBIZ) has recently seen a boost in its position by asset management firm Federated Hermes Inc. According to the most recent disclosure with the Securities and Exchange Commission, Federated Hermes increased its stake in First Business Financial Services by 41.4% during the first quarter of this year. The fund now owns 64,918 shares of the company’s stock, after acquiring an additional 18,994 shares.

With this increased investment, Federated Hermes now holds approximately 0.78% of First Business Financial Services’ total outstanding shares. The value of their position is estimated at $1,981,000 as of the most recent filing with the Securities and Exchange Commission. This move indicates a strong confidence in the financial services provider’s performance potential.

In other news related to First Business Financial Services, Director Gerald L. Kilcoyne recently acquired an additional 6,000 shares of the company’s stock on June 15th. These shares were purchased at an average cost of $30.55 per share, amounting to a total transaction value of $183,300. Following this acquisition, Director Kilcoyne now directly holds 64,706 shares in the company valued at $1,976,768.30.

This acquisition was disclosed in a filing with the Securities & Exchange Commission and can be accessed through a provided hyperlink. It is worth noting that corporate insiders currently own around 6.30% of First Business Financial Services’ stock.

Furthermore, on Thursday, August 17th, First Business Financial Services announced a quarterly dividend payment. Investors who held shares on record as of Monday, August 7th were issued a dividend payment of $0.2275 per share for the quarter. This marks a positive change compared to the company’s previous quarterly dividend of $0.22 per share. The annualized dividend of $0.91 represents a 2.82% yield. The ex-dividend date for this payment was Friday, August 4th. Currently, First Business Financial Services’ payout ratio stands at 20.40%.

These recent developments highlight the positive outlook for First Business Financial Services and its growing appeal among investors. With Federated Hermes’ increased stake and Director Kilcoyne’s acquisition, it signals confidence in the company’s financial performance and potential for future growth.

In conclusion, First Business Financial Services has secured a vote of confidence from asset management firm Federated Hermes Inc., which boosted its position in the company during the first quarter of this year. Additionally, Director Gerald L. Kilcoyne recently acquired more shares, further demonstrating an optimistic outlook on the company’s future prospects. This news is bolstered by an increase in quarterly dividends paid out to investors, reflecting continued success and stability within First Business Financial Services.

First Business Financial Services, Inc.

FBIZ

Strong Buy

Updated on: 23/08/2023

Price Target

Current $32.20

Concensus $40.00


Low $40.00

Median $40.00

High $40.00

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Social Sentiments

8:00 PM (UTC)

Date:23 August, 2023

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Analyst Ratings

Analyst / firm Rating
Raymond James Buy

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Hedge Funds Increase Positions in First Business Financial Services: A Look at Recent Developments and Analyst Opinions


On August 18, 2023, it was reported that multiple hedge funds had made changes to their positions in First Business Financial Services. Two Sigma Investments LP increased its stake in the company by 1.4% during the fourth quarter, owning 21,215 shares valued at $775,000. Allspring Global Investments Holdings LLC also raised its position in the first quarter, acquiring an additional 458 shares and now holding 3,222 shares worth $98,000. Moreover, Bank of New York Mellon Corp increased its stake by 3.5% in the first quarter, now owning 16,671 shares valued at $547,000. JPMorgan Chase & Co. raised its position by 9% during the second quarter, adding an additional 600 shares to their portfolio worth $227,000. Lastly, Martingale Asset Management L P purchased an additional 703 shares during the fourth quarter and currently holds a total of 7,524 shares worth $275,000. It is worth noting that hedge funds and institutional investors own about 64.37% of First Business Financial Services’ stock.

First Business Financial Services’ stock opened at $32.31 on NASDAQ on Friday with a market cap of $268.69 million. Over the past year, the company’s stock has reached a low of $24.57 and a high of $39.88. With a price-to-earnings ratio of 7.24 and a beta of 0.76, First Business Financial Services operates with a debt-to-equity ratio of 1.42 and maintains quick and current ratios both standing at 1.11. The stock’s performance indicates that it has been following a consistent trend.

In other news related to First Business Financial Services from June 15th this year, Director Gerald L. Kilcoyne acquired an impressive amount of stocks – totaling up to 6,000 shares. Kilcoyne purchased these shares at an average cost of $30.55 per share, representing a total value of $183,300. Following this acquisition, the director currently holds 64,706 shares in the company with an estimated value of $1,976,768.30. This information was disclosed in a filing with the Securities & Exchange Commission and can be accessed through a provided hyperlink. Corporate insiders hold approximately 6.30% of First Business Financial Services’ stocks.

Several research firms have also released their assessments regarding First Business Financial Services (FBIZ). Raymond James increased its price target from $36.00 to $40.00 and gave the company an “outperform” rating in a research report published on July 31st. StockNews.com initiated coverage on First Business Financial Services and provided a “hold” rating on the stock. DA Davidson dropped their target price from $33.00 to $31.00 in a research report issued on May 2nd. Lastly, Piper Sandler initiated coverage on First Business Financial Services with an “overweight” rating and set a target price of $37.00 for the stock.

Overall, given recent developments and opinions from research firms, it is important for investors and market observers to stay updated on the latest trends and news surrounding First Business Financial Services (FBIZ).


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