First Bank (NASDAQ:FRBA) Cut to Hold at StockNews.com

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

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

First Bank Trading Down 0.9 %

NASDAQ:FRBA traded down $0.13 during trading hours on Friday, hitting $14.71. The company had a trading volume of 30,680 shares, compared to its average volume of 48,609. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.08 and a quick ratio of 1.08. First Bank has a 52 week low of $11.20 and a 52 week high of $15.87. The company has a market capitalization of $287.87 million, a PE ratio of 9.25 and a beta of 0.94. The stock has a 50-day moving average price of $14.87 and a 200 day moving average price of $13.83.

First Bank (NASDAQ:FRBA) last announced its quarterly earnings results 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 company had revenue of $58.64 million for the quarter, compared to analysts’ expectations of $32.96 million. During the same quarter in the prior year, the firm earned $0.42 EPS. On average, equities research analysts predict that First Bank will post 1.65 EPS for the current fiscal year.

First Bank Announces Dividend

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. IAM Advisory LLC increased its position in First Bank by 0.4% during the 3rd quarter. IAM Advisory LLC now owns 187,430 shares of the bank’s stock valued at $2,849,000 after purchasing an additional 748 shares during the period. Segall Bryant & Hamill LLC raised its stake in shares of First Bank by 2.1% in the third quarter. Segall Bryant & Hamill LLC now owns 72,764 shares of the bank’s stock worth $1,106,000 after purchasing an additional 1,515 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in First Bank by 3.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 60,582 shares of the bank’s stock worth $921,000 after buying an additional 2,103 shares during the last quarter. Empowered Funds LLC lifted its position in First Bank by 5.3% during the third quarter. Empowered Funds LLC now owns 84,509 shares of the bank’s stock valued at $1,285,000 after purchasing an additional 4,288 shares during the period. Finally, BNP Paribas Financial Markets lifted its holdings in shares of First Bank by 88.0% in the 1st quarter. BNP Paribas Financial Markets now owns 10,013 shares of the bank’s stock valued at $138,000 after buying an additional 4,688 shares during the period. 64.86% of the stock is owned by institutional investors.

About First Bank

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.