First Bank (NASDAQ:FRBA) Raised to “Buy” at StockNews.com

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

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

First Bank Stock Down 1.3 %

Shares of NASDAQ:FRBA opened at $14.62 on Friday. The business has a fifty day simple moving average of $14.76 and a 200 day simple moving average of $14.20. 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 $286.11 million, a P/E ratio of 9.19 and a beta of 0.94. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.55.

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

First Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Friday, November 8th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.64%. The ex-dividend date of this dividend was Friday, November 8th. First Bank’s dividend payout ratio (DPR) is presently 15.09%.

Institutional Investors Weigh In On First Bank

Institutional investors and hedge funds have recently made changes to their positions in the business. Wilmington Savings Fund Society FSB bought a new stake in First Bank in the third quarter worth approximately $3,872,000. Wellington Management Group LLP increased its stake in shares of First Bank by 24.0% in the 3rd quarter. Wellington Management Group LLP now owns 835,748 shares of the bank’s stock valued at $12,703,000 after acquiring an additional 161,761 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of First Bank during the 3rd quarter valued at $1,159,000. Inspire Investing LLC bought a new position in First Bank during the third quarter worth $827,000. Finally, Dimensional Fund Advisors LP grew its holdings in First Bank by 4.8% in the second quarter. Dimensional Fund Advisors LP now owns 834,690 shares of the bank’s stock worth $10,633,000 after purchasing an additional 38,256 shares during the period. 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.