In a recent filing with the Securities and Exchange Commission, Carol P. Sanders, a director at First Business Financial (NASDAQ:FBIZ) Services, Inc. (NASDAQ:FBIZ), disclosed the sale of company stock valued at approximately $433,642. The transactions took place on December 13, 2024, amid the company's impressive 44% surge over the past six months. According to InvestingPro data, FBIZ has maintained a strong dividend track record, currently yielding 2.04%.
Sanders sold a total of 8,211 shares of common stock at an average price of $48.83 per share, totaling $400,906. Additionally, she sold another batch of 670 shares at $48.86 per share, amounting to $32,736. Following these transactions, Sanders holds 2,925 shares directly.
The filing also notes that the company will recoup $945.73 from Sanders, representing the aggregate short-swing profit from her recent sales of shares acquired earlier in the year.
In other recent news, First Business Financial Services reported strong earnings, with earnings per share (EPS) of $1.23, surpassing expectations due to robust pre-provision net revenue, a lower provision for credit losses, and a reduced tax rate. This positive financial performance led investment firms DA Davidson and Keefe, Bruyette & Woods to upgrade the stock and increase the price target to $50 and $51, respectively. Additionally, Piper Sandler adjusted its outlook on FBIZ shares, raising the price target to $53.00 and maintaining an Overweight rating based on a solid quarter with a 2% positive operating leverage.
In a strategic move, First Business Financial Services issued $20 million in subordinated debentures with a 7.5% fixed interest rate, set to mature in 2034. The proceeds will be used to repay outstanding debt and support future loan growth. This aligns with the company's strategy to manage its capital requirements and growth objectives.
The company also experienced a 10% increase in loan growth, primarily driven by growth in commercial and industrial loans. Alongside this, the firm's net interest margin rose by 7 basis points quarter over quarter, which, coupled with a lower provision for credit losses and stable expenses, is expected to continue supporting a positive outlook for the company's net interest income. Lastly, First Business Financial maintained its quarterly cash dividend at $0.25 per common share, indicating a stable return for its investors.
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