Hillsdale Investment Management Inc. Buys 49,628 Shares of First Business Financial Services, Inc. (NASDAQ:FBIZ)

Hillsdale Investment Management Inc. boosted its stake in First Business Financial Services, Inc. (NASDAQ:FBIZ) by 1,646.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 52,642 shares of the financial services provider’s stock after purchasing an additional 49,628 shares during the period. Hillsdale Investment Management Inc.’s holdings in First Business Financial Services were worth $2,437,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its stake in shares of First Business Financial Services by 307.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 24,468 shares of the financial services provider’s stock worth $1,115,000 after buying an additional 18,458 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in First Business Financial Services by 136.8% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 16,398 shares of the financial services provider’s stock worth $759,000 after purchasing an additional 9,474 shares during the last quarter. De Lisle Partners LLP grew its stake in shares of First Business Financial Services by 43.3% during the 3rd quarter. De Lisle Partners LLP now owns 66,774 shares of the financial services provider’s stock valued at $3,040,000 after purchasing an additional 20,183 shares during the period. Barclays PLC increased its position in shares of First Business Financial Services by 43.8% during the 3rd quarter. Barclays PLC now owns 27,909 shares of the financial services provider’s stock valued at $1,273,000 after purchasing an additional 8,497 shares during the last quarter. Finally, Segall Bryant & Hamill LLC bought a new position in shares of First Business Financial Services in the 3rd quarter worth approximately $1,657,000. 60.07% of the stock is currently owned by hedge funds and other institutional investors.

First Business Financial Services Stock Down 2.2 %

Shares of FBIZ stock opened at $47.49 on Friday. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.09 and a quick ratio of 1.08. First Business Financial Services, Inc. has a one year low of $32.56 and a one year high of $56.46. The company’s fifty day moving average price is $50.08 and its 200-day moving average price is $47.50. The company has a market capitalization of $394.21 million, a price-to-earnings ratio of 9.10 and a beta of 0.88.

First Business Financial Services (NASDAQ:FBIZ) last posted its quarterly earnings results on Thursday, January 30th. The financial services provider reported $1.43 EPS 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%. Sell-side analysts expect that First Business Financial Services, Inc. will post 5.43 EPS for the current fiscal year.

First Business Financial Services Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 2.44%. This is an increase from First Business Financial Services’s previous quarterly dividend of $0.25. The ex-dividend date was Friday, February 14th. First Business Financial Services’s dividend payout ratio is presently 22.22%.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other First Business Financial Services news, insider Daniel Ovokaitys sold 4,828 shares of the business’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $54.55, for a total value of $263,367.40. Following the sale, the insider now owns 7,718 shares in the company, valued at $421,016.90. The trade was a 38.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.10% of the stock is currently owned by corporate insiders.

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.