First Business Financial Services, Inc. (NASDAQ:FBIZ) Increases Dividend to $0.29 Per Share

First Business Financial Services, Inc. (NASDAQ:FBIZ) announced a quarterly dividend on Friday, January 31st,RTT News reports. Shareholders of record on Friday, February 14th will be paid a dividend of 0.29 per share by the financial services provider on Friday, February 28th. This represents a $1.16 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date of this dividend is Friday, February 14th. This is a boost from First Business Financial Services’s previous quarterly dividend of $0.25.

First Business Financial Services has raised its dividend payment by an average of 11.6% annually over the last three years and has raised its dividend annually for the last 13 consecutive years. First Business Financial Services has a dividend payout ratio of 18.9% meaning its dividend is sufficiently covered by earnings. Analysts expect First Business Financial Services to earn $6.14 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 18.9%.

First Business Financial Services Stock Performance

First Business Financial Services stock opened at $55.45 on Wednesday. The company has a current ratio of 1.09, a quick ratio of 1.08 and a debt-to-equity ratio of 1.16. The firm has a market cap of $460.24 million, a P/E ratio of 10.62 and a beta of 0.88. First Business Financial Services has a 1-year low of $32.56 and a 1-year high of $56.46. The firm has a 50-day moving average of $47.96 and a 200-day moving average of $46.01.

First Business Financial Services (NASDAQ:FBIZ) last announced its quarterly earnings results on Thursday, January 30th. The financial services provider reported $1.43 EPS for the quarter, topping 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 will post 5.38 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on FBIZ. Raymond James boosted 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. StockNews.com upgraded First Business Financial Services from a “hold” rating to a “buy” rating in a research note on Monday, February 3rd. Piper Sandler upped their price target 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. Finally, Keefe, Bruyette & Woods increased their price objective on First Business Financial Services from $58.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, February 3rd. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $58.75.

Insider Buying and Selling

In related news, insider Daniel Ovokaitys sold 4,828 shares of the company’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $54.55, for a total value of $263,367.40. Following the transaction, the insider now directly owns 7,718 shares of the company’s stock, valued at approximately $421,016.90. This represents a 38.48 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director William Kent Lorenz sold 1,000 shares of First Business Financial Services stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $49.00, for a total value of $49,000.00. Following the completion of the sale, the director now directly owns 8,341 shares of the company’s stock, valued at approximately $408,709. The trade was a 10.71 % decrease in their position. The disclosure for this sale can be found here. 6.30% of the stock is currently owned by company insiders.

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.