StockNews.com Upgrades First Bank (NASDAQ:FRBA) to Buy

First Bank (NASDAQ:FRBA) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Monday.

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

First Bank Stock Performance

Shares of FRBA stock traded up $0.11 during trading hours on Monday, reaching $14.91. 32,851 shares of the company’s stock were exchanged, compared to its average volume of 48,152. The company has a market cap of $291.79 million, a P/E ratio of 9.38 and a beta of 0.94. The company’s 50 day moving average is $14.84 and its two-hundred day moving average is $13.96. First Bank has a 1 year low of $11.20 and a 1 year high of $15.87. 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 (NASDAQ:FRBA) last issued its earnings results 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). The business had revenue of $58.64 million for the quarter, compared to analysts’ expectations of $32.96 million. First Bank had a return on equity of 11.80% and a net margin of 18.19%. During the same period last year, the company posted $0.42 earnings per share. Equities research analysts anticipate that First Bank will post 1.65 EPS for the current fiscal year.

Hedge Funds Weigh In On First Bank

Several hedge funds have recently bought and sold shares of the company. Wilmington Savings Fund Society FSB purchased a new position in First Bank in the 3rd quarter valued at approximately $3,872,000. Barclays PLC grew its holdings in First Bank by 64.7% during the 3rd quarter. Barclays PLC now owns 52,462 shares of the bank’s stock valued at $797,000 after buying an additional 20,602 shares during the last quarter. Geode Capital Management LLC grew its holdings in First Bank by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 469,214 shares of the bank’s stock valued at $7,133,000 after buying an additional 5,105 shares during the last quarter. Wellington Management Group LLP grew its holdings in First Bank by 24.0% during the 3rd quarter. Wellington Management Group LLP now owns 835,748 shares of the bank’s stock valued at $12,703,000 after buying an additional 161,761 shares during the last quarter. Finally, State Street Corp grew its holdings in First Bank by 6.2% during the 3rd quarter. State Street Corp now owns 384,047 shares of the bank’s stock valued at $5,838,000 after buying an additional 22,452 shares during the last quarter. 64.86% of the stock is owned by hedge funds and other 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.