Russell Investments Group Ltd. Reduces Holdings in First Business Financial Services, Inc. $FBIZ

Russell Investments Group Ltd. trimmed its holdings in shares of First Business Financial Services, Inc. (NASDAQ:FBIZ) by 20.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,363 shares of the financial services provider’s stock after selling 1,338 shares during the period. Russell Investments Group Ltd. owned about 0.06% of First Business Financial Services worth $253,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Informed Momentum Co LLC purchased a new position in shares of First Business Financial Services during the 1st quarter worth approximately $831,000. Nuveen LLC acquired a new stake in First Business Financial Services during the first quarter worth approximately $1,085,000. Charles Schwab Investment Management Inc. boosted its position in First Business Financial Services by 3.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 22,166 shares of the financial services provider’s stock worth $1,045,000 after acquiring an additional 642 shares during the last quarter. Vanguard Group Inc. boosted its position in First Business Financial Services by 12.3% during the first quarter. Vanguard Group Inc. now owns 449,280 shares of the financial services provider’s stock worth $21,184,000 after acquiring an additional 49,254 shares during the last quarter. Finally, De Lisle Partners LLP boosted its position in First Business Financial Services by 5.3% during the first quarter. De Lisle Partners LLP now owns 74,640 shares of the financial services provider’s stock worth $3,517,000 after acquiring an additional 3,774 shares during the last quarter. 60.07% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other First Business Financial Services news, Director Jason R. Graham bought 1,000 shares of the business’s stock in a transaction dated Wednesday, July 30th. The shares were acquired at an average price of $47.87 per share, with a total value of $47,870.00. Following the purchase, the director owned 3,220 shares in the company, valued at approximately $154,141.40. The trade was a 45.05% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ralph R. Kauten bought 10,000 shares of the business’s stock in a transaction dated Wednesday, July 30th. The stock was acquired at an average cost of $47.80 per share, for a total transaction of $478,000.00. Following the purchase, the director owned 29,756 shares in the company, valued at approximately $1,422,336.80. This trade represents a 50.62% increase in their position. The disclosure for this purchase can be found here. Company insiders own 5.10% of the company’s stock.

First Business Financial Services Stock Down 0.1%

Shares of FBIZ opened at $52.32 on Tuesday. The firm has a market cap of $435.30 million, a PE ratio of 9.31 and a beta of 0.72. The company’s fifty day moving average is $50.90 and its two-hundred day moving average is $49.26. First Business Financial Services, Inc. has a fifty-two week low of $41.31 and a fifty-two week high of $56.46. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.83.

First Business Financial Services (NASDAQ:FBIZ) last announced its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.35 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.35. The company had revenue of $41.04 million for the quarter, compared to analyst estimates of $41.55 million. First Business Financial Services had a net margin of 17.59% and a return on equity of 14.22%. Analysts forecast that First Business Financial Services, Inc. will post 5.43 earnings per share for the current year.

First Business Financial Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Monday, August 11th. First Business Financial Services’s dividend payout ratio (DPR) is 20.64%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on FBIZ shares. Wall Street Zen upgraded shares of First Business Financial Services from a “hold” rating to a “buy” rating in a research report on Wednesday, May 7th. Piper Sandler raised their target price on shares of First Business Financial Services from $55.00 to $58.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 29th. Three investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, First Business Financial Services has an average rating of “Buy” and a consensus target price of $59.67.

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.