Investment firm DA Davidson has reaffirmed its “buy” rating for First Business Financial Services (NASDAQ:FBIZ) in a research report released on January 22, 2024. The firm has set a target price of $68.00 for the financial services provider, indicating a potential upside of 15.36% from the stock’s prior closing value.
Analysts Show Confidence in First Business Financial Services
In addition to DA Davidson’s report, several other equities research analysts have also provided positive evaluations of the company. Weiss Ratings reaffirmed a “buy (b)” rating for First Business Financial Services on the same day. Additionally, Piper Sandler raised its price target from $58.00 to $61.00, while maintaining an “overweight” rating on November 4, 2023. Keefe, Bruyette & Woods also increased its price target from $59.00 to $63.00 and categorized the stock as “outperform” in a report released earlier that month.
Currently, five equities research analysts have assigned a “buy” rating to First Business Financial Services. According to MarketBeat, the company holds an average rating of “buy” and an average target price of $63.50.
Recent Financial Performance and Investor Activity
First Business Financial Services recently reported its quarterly earnings on January 29, 2024. The company posted earnings per share of $1.58, exceeding analysts’ expectations of $1.38 by $0.20. The firm achieved a return on equity of 15.05% and a net margin of 18.02%. Revenue for the quarter came in at $42.22 million, slightly below analysts’ forecasts of $43.10 million.
Looking ahead, analysts project that First Business Financial Services will report earnings per share of $5.43 for the current fiscal year.
Institutional trading activity around First Business Financial Services has seen notable shifts. American Century Companies Inc. increased its stake in the company by 17.3% in the second quarter, acquiring an additional 25,260 shares, bringing its total to 171,490 shares, valued at approximately $8.69 million.
Another significant investor, Los Angeles Capital Management LLC, expanded its position by 133.1%, now holding 13,957 shares worth about $707,000. Meanwhile, De Lisle Partners LLP raised its stake by 18.8%, acquiring an additional 14,000 shares for a total of 88,640 shares, valued at $4.49 million.
Overall, institutional investors and hedge funds currently own 60.07% of First Business Financial Services shares, indicating strong institutional interest in the firm.
About First Business Financial Services
First Business Financial Services, Inc., headquartered in Madison, Wisconsin, operates as a bank holding company. Through its wholly owned subsidiary, First Business Bank, it offers a range of commercial banking and financial services. The company focuses on relationship-driven lending, deposit solutions, and treasury management for small to mid-sized businesses, nonprofit organizations, and high-net-worth individuals. Key offerings include commercial real estate financing, equipment leasing, and cash management services, along with investment advisory and wealth management through dedicated teams.
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