Connor Clark & Lunn Investment Management Ltd. Acquires 9,474 Shares of First Business Financial Services, Inc. (NASDAQ:FBIZ)

Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of First Business Financial Services, Inc. (NASDAQ:FBIZ - Free Report) by 136.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,398 shares of the financial services provider's stock after buying an additional 9,474 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.20% of First Business Financial Services worth $759,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. R Squared Ltd bought a new position in shares of First Business Financial Services during the fourth quarter valued at $49,000. SG Americas Securities LLC lifted its holdings in First Business Financial Services by 24.8% during the 4th quarter. SG Americas Securities LLC now owns 3,412 shares of the financial services provider's stock worth $158,000 after buying an additional 679 shares during the period. Fourthstone LLC bought a new stake in shares of First Business Financial Services in the 3rd quarter valued at about $389,000. US Bancorp DE grew its position in shares of First Business Financial Services by 371.7% in the 4th quarter. US Bancorp DE now owns 17,925 shares of the financial services provider's stock valued at $830,000 after buying an additional 14,125 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of First Business Financial Services by 307.1% in the third quarter. JPMorgan Chase & Co. now owns 24,468 shares of the financial services provider's stock valued at $1,115,000 after buying an additional 18,458 shares during the period. 60.07% of the stock is owned by institutional investors.

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Insider Activity at First Business Financial Services

In other First Business Financial Services news, insider Daniel Ovokaitys sold 4,828 shares of the stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $54.55, for a total value of $263,367.40. Following the completion of the sale, the insider now owns 7,718 shares in the company, valued at approximately $421,016.90. This trade represents a 38.48 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 5.10% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

FBIZ has been the topic of a number of recent analyst reports. StockNews.com upgraded First Business Financial Services from a "hold" rating to a "buy" rating in a report on Monday, February 3rd. Piper Sandler increased their price objective on shares of First Business Financial Services from $58.00 to $63.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 4th. Keefe, Bruyette & Woods boosted their target price on shares of First Business Financial Services from $58.00 to $60.00 and gave the company an "outperform" rating in a report on Monday, February 3rd. Finally, Raymond James upped their price target on shares of First Business Financial Services from $52.00 to $62.00 and gave the company an "outperform" rating in a research report on Monday, February 3rd. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $58.75.

First Business Financial Services Stock Down 1.5 %

FBIZ traded down $0.74 during midday trading on Tuesday, reaching $48.32. 21,007 shares of the company were exchanged, compared to its average volume of 21,433. First Business Financial Services, Inc. has a one year low of $32.56 and a one year high of $56.46. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.08 and a current ratio of 1.09. The company's fifty day moving average price is $50.19 and its 200 day moving average price is $47.57. The company has a market cap of $401.10 million, a price-to-earnings ratio of 9.26 and a beta of 0.88.

First Business Financial Services (NASDAQ:FBIZ - Get Free Report) last announced its quarterly earnings results on Thursday, January 30th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.16. First Business Financial Services had a return on equity of 14.33% and a net margin of 16.86%. As a group, analysts expect that First Business Financial Services, Inc. will post 5.43 EPS for the current year.

First Business Financial Services Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were issued a $0.29 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.16 annualized dividend and a dividend yield of 2.40%. This is an increase from First Business Financial Services's previous quarterly dividend of $0.25. First Business Financial Services's dividend payout ratio is currently 22.22%.

First Business Financial Services Profile

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.