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Banc Funds Co Increases Position in First Business Financial Services (FBIZ)

Banc Funds Co Increases Position in First Business Financial Services (FBIZ)

Fintel reports that Banc Funds Co
has filed a 13G/A form
with the SEC disclosing ownership of
shares of First Business Financial Services Inc (FBIZ).

This represents 3.3{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b} of the company.

In their previous filing dated February 7, 2022
they reported 0.44MM shares and 2.80{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b} of the company,
an increase in shares of 4.10{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b}
an increase in total ownership of
(calculated as current – previous percent ownership).

Analyst Price Forecast Suggests 15.65{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b} Upside

As of February 5, 2023,
the average one-year price target for First Business Financial Services is $42.08.
The forecasts range from a low of $39.39 to a high of $45.15.
The average price target represents an increase of 15.65{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b} from its latest reported closing price of $36.38.

The projected annual revenue for First Business Financial Services
is $144MM, an increase of 9.32{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b}.

The projected annual EPS
is $4.43, a decrease of 9.22{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b}.

What is the Fund Sentiment?

There are 242 funds or institutions reporting positions in First Business Financial Services.

This is an increase
owner(s) or 3.86{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b} in the last quarter.

Average portfolio weight of all funds dedicated to FBIZ is 0.14{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b},
an increase
of 12.66{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b}.

Total shares owned by institutions increased
in the last three months by 0.08{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b} to 6,502K shares.

The put/call ratio of FBIZ is 0.00, indicating a


What are large shareholders doing?

FBIZ / First Business Financial Services Inc Ownership

First Business Financial Services
holds 355K shares

representing 4.25{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b} ownership of the company.

In it’s prior filing, the firm reported owning 361K shares, representing
a decrease
of 1.54{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b}.

The firm


its portfolio allocation in FBIZ by 4.84{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b} over the last quarter.

Manufacturers Life Insurance Company, The
holds 328K shares

representing 3.93{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b} ownership of the company.

In it’s prior filing, the firm reported owning 344K shares, representing
a decrease
of 4.85{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b}.

The firm


its portfolio allocation in FBIZ by 0.87{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b} over the last quarter.

holds 309K shares

representing 3.70{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b} ownership of the company.

In it’s prior filing, the firm reported owning 291K shares, representing
an increase
of 5.91{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b}.

The firm


its portfolio allocation in FBIZ by 18.93{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b} over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares
holds 205K shares

representing 2.46{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b} ownership of the company.

No change in the last quarter.

Pacific Ridge Capital Partners
holds 198K shares

representing 2.37{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b} ownership of the company.

In it’s prior filing, the firm reported owning 205K shares, representing
a decrease
of 3.28{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b}.

The firm


its portfolio allocation in FBIZ by 10.19{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b} over the last quarter.

First Business Financial Services Declares $0.23 Dividend

On January 27, 2023 the company declared a regular
quarterly dividend
of $0.23 per share ($0.91 annualized).
Shareholders of record as of February 3, 2023
will receive the payment on February 16, 2023.
Previously, the company paid $0.20 per share.

At the current share price of $36.38 / share,
the stock’s dividend yield is 2.50{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b}.

Looking back five years and taking a sample every week, the average dividend yield has been
the lowest has been 2.00{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b},
and the highest has been 5.02{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b}.
The standard deviation of yields is 0.65 (n=236).

The current dividend yield is
0.42 standard deviations

the historical average.

Additionally, the company’s dividend payout ratio is 0.19.
The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0)
means 100{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b} of the company’s income is paid in a dividend.
A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a
healthy situation.
Companies with few growth prospects are expected to pay out most of their income in dividends, which typically
means a payout ratio between 0.5 and 1.0.
Companies with good growth prospects are expected to retain some earnings in order to invest
in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company’s 3-Year dividend growth rate is 0.38{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b},
demonstrating that it has increased its dividend over time.

First Business Financial Services Background Information
(This description is provided by the company.)

First Business Financial Services, Inc. is the parent company of First Business Bank. First Business Bank specializes in business banking, including commercial banking and specialty finance, private wealth, and bank consulting services, and through its refined focus delivers unmatched expertise, accessibility, and responsiveness. Specialty finance solutions are delivered through First Business Bank’s wholly owned subsidiary First Business Specialty Finance, LLC.

This story originally appeared on Fintel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.