First Bank (NASDAQ:FRBA) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of First Bank (NASDAQ:FRBA) from a hold rating to a buy rating in a report released on Monday morning.

Separately, Piper Sandler reaffirmed an “overweight” rating and issued a $17.00 price objective (down previously from $18.00) on shares of First Bank in a research report on Wednesday, October 30th.

First Bank Price Performance

NASDAQ:FRBA opened at $14.72 on Monday. First Bank has a 12-month low of $11.20 and a 12-month high of $15.87. The firm has a market cap of $288.07 million, a price-to-earnings ratio of 9.26 and a beta of 0.94. The company’s 50-day moving average is $14.78 and its two-hundred day moving average is $14.01. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.55.

First Bank (NASDAQ:FRBA) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.06). First Bank had a net margin of 18.19% and a return on equity of 11.80%. The firm had revenue of $58.64 million for the quarter, compared to analysts’ expectations of $32.96 million. During the same period in the previous year, the company posted $0.42 EPS. Research analysts expect that First Bank will post 1.65 EPS for the current year.

First Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Friday, November 8th were issued a $0.06 dividend. The ex-dividend date was Friday, November 8th. This represents a $0.24 dividend on an annualized basis and a yield of 1.63%. First Bank’s payout ratio is 15.09%.

Hedge Funds Weigh In On First Bank

Large investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC purchased a new position in shares of First Bank in the 2nd quarter worth $71,000. SG Americas Securities LLC acquired a new stake in First Bank during the third quarter worth about $113,000. Hsbc Holdings PLC acquired a new position in shares of First Bank in the 2nd quarter valued at about $162,000. Fourthstone LLC purchased a new stake in shares of First Bank during the 3rd quarter worth about $199,000. Finally, Bryn Mawr Capital Management LLC grew its holdings in shares of First Bank by 1,377.1% during the 2nd quarter. Bryn Mawr Capital Management LLC now owns 21,935 shares of the bank’s stock worth $279,000 after purchasing an additional 20,450 shares during the period. Hedge funds and other institutional investors own 64.86% of the company’s stock.

First Bank Company Profile

First Bank provides various banking products and services to small to mid-sized businesses and individuals. The company accepts various deposits, including non-interest-bearing demand deposits, interest bearing demand accounts, money market accounts, savings accounts, and certificates of deposit, as well as commercial checking accounts.