First Business Discloses Regular Quarterly Dividend

First Business Financial Services, Inc. FBIZ revealed that its board has declared a regular quarterly cash dividend of $0.12 per share on its common stock. According to the company, the dividend offered a yield of 1.90 percent based on Friday's market closing price of $25.31.

First Business Financial said the dividend worked out to $0.48 a share on an annualized basis. There was no change in the dividend rate compared to the previous quarter announced in January. The company also indicated the dividend payout ratio worked out to 23 percent based on its first quarter earnings of the current year.

The regular cash dividend would be payable on May 27 to its eligible shareholders. For that purpose, the company has fixed May 13 as the record date.

First Business Financials' President and CEO, Corey Chambas, said "Payment of a regular cash dividend supports our corporate initiative to generate a strong return for our shareholders while maintaining sufficient capital to meet strategic growth objectives. We are pleased with the recently announced record first quarter earnings which builds on the success of the Alterra Bank acquisition and continued execution of our strategic plan."

Shares of the company traded 2.7 percent down on Monday.