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

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

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

First Bank Stock Up 0.1 %

Shares of NASDAQ FRBA opened at $14.02 on Friday. The stock has a market capitalization of $274.36 million, a P/E ratio of 8.82 and a beta of 0.94. The stock’s fifty day moving average is $14.70 and its 200 day moving average is $14.33. First Bank has a 52 week low of $11.20 and a 52 week high of $15.87. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.08 and a current ratio of 1.08.

First Bank (NASDAQ:FRBA) last issued its earnings results on Wednesday, October 23rd. The bank reported $0.34 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 during the quarter, compared to analyst estimates of $32.96 million. During the same quarter in the previous year, the firm posted $0.42 earnings per share. Sell-side analysts forecast that First Bank will post 1.65 earnings per share for the current fiscal year.

First Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Friday, November 8th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date was Friday, November 8th. First Bank’s payout ratio is 15.09%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC bought a new position in First Bank during the second quarter worth about $71,000. SG Americas Securities LLC purchased a new position in First Bank during the third quarter worth about $113,000. Hsbc Holdings PLC bought a new stake in shares of First Bank during the 2nd quarter valued at about $162,000. Fourthstone LLC purchased a new position in shares of First Bank during the third quarter worth about $199,000. Finally, Bryn Mawr Capital Management LLC raised its stake 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 purchasing an additional 20,450 shares in the last quarter. 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.