First Bank (NASDAQ:FRBA) Rating Increased to Buy at StockNews.com

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

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

First Bank Stock Down 1.3 %

NASDAQ FRBA opened at $14.62 on Friday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.55. The company has a market cap of $286.11 million, a price-to-earnings ratio of 9.19 and a beta of 0.94. The company has a 50 day moving average of $14.76 and a 200-day moving average of $14.20. First Bank has a 1-year low of $11.20 and a 1-year high of $15.87.

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

First Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Friday, November 8th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date was Friday, November 8th. First Bank’s dividend payout ratio is presently 15.09%.

Hedge Funds Weigh In On First Bank

Institutional investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC bought a new position in First Bank in the second quarter valued at about $71,000. SG Americas Securities LLC acquired a new position in First Bank during the 3rd quarter worth approximately $113,000. Hsbc Holdings PLC acquired a new position in First Bank during the 2nd quarter worth approximately $162,000. Fourthstone LLC bought a new position in First Bank in the 3rd quarter valued at approximately $199,000. Finally, Bryn Mawr Capital Management LLC boosted its position in First Bank by 1,377.1% in the second quarter. Bryn Mawr Capital Management LLC now owns 21,935 shares of the bank’s stock valued at $279,000 after buying an additional 20,450 shares in the last quarter. Institutional investors and hedge funds 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.