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

Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of First Business Financial Services, Inc. (NASDAQ:FBIZ) by 136.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,398 shares of the financial services provider’s stock after acquiring an additional 9,474 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.20% of First Business Financial Services worth $759,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in FBIZ. Segall Bryant & Hamill LLC acquired a new stake in shares of First Business Financial Services in the 3rd quarter worth $1,657,000. De Lisle Partners LLP boosted its position in shares of First Business Financial Services by 43.3% in the 3rd quarter. De Lisle Partners LLP now owns 66,774 shares of the financial services provider’s stock worth $3,040,000 after purchasing an additional 20,183 shares in the last quarter. Fourthstone LLC acquired a new stake in shares of First Business Financial Services in the 3rd quarter worth $389,000. State Street Corp boosted its position in shares of First Business Financial Services by 1.9% in the 3rd quarter. State Street Corp now owns 136,690 shares of the financial services provider’s stock worth $6,232,000 after purchasing an additional 2,607 shares in the last quarter. Finally, Barclays PLC boosted its position in shares of First Business Financial Services by 43.8% in the 3rd quarter. Barclays PLC now owns 27,909 shares of the financial services provider’s stock worth $1,273,000 after purchasing an additional 8,497 shares in the last quarter. Institutional investors and hedge funds own 60.07% of the company’s stock.

Insider Buying and Selling at First Business Financial Services

In other news, insider Daniel Ovokaitys sold 4,828 shares of the firm’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $54.55, for a total transaction of $263,367.40. Following the sale, the insider now directly owns 7,718 shares in the company, valued at $421,016.90. This trade represents a 38.48 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 5.10% of the company’s stock.

First Business Financial Services Stock Performance

NASDAQ FBIZ opened at $47.49 on Friday. The stock has a 50-day simple moving average of $50.08 and a two-hundred day simple moving average of $47.48. The firm has a market capitalization of $394.21 million, a P/E ratio of 9.10 and a beta of 0.88. First Business Financial Services, Inc. has a fifty-two week low of $32.56 and a fifty-two week 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.

First Business Financial Services (NASDAQ:FBIZ) last released its quarterly earnings data on Thursday, January 30th. The financial services provider reported $1.43 earnings per share for the quarter, beating analysts’ consensus estimates 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%. On average, equities analysts forecast that First Business Financial Services, Inc. will post 5.43 earnings per share for the current year.

First Business Financial Services Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were paid a dividend of $0.29 per share. The ex-dividend date was Friday, February 14th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 2.44%. This is a positive change from First Business Financial Services’s previous quarterly dividend of $0.25. First Business Financial Services’s dividend payout ratio (DPR) is presently 22.22%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on FBIZ shares. Raymond James raised their price objective on First Business Financial Services from $52.00 to $62.00 and gave the stock an “outperform” rating in a research report on Monday, February 3rd. StockNews.com upgraded First Business Financial Services from a “hold” rating to a “buy” rating in a research note on Monday, February 3rd. Keefe, Bruyette & Woods raised their target price on First Business Financial Services from $58.00 to $60.00 and gave the stock an “outperform” rating in a research note on Monday, February 3rd. Finally, Piper Sandler raised their target price on First Business Financial Services from $58.00 to $63.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 4th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $58.75.

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.