First Bank (NASDAQ:FRBA) Downgraded to Hold Rating by StockNews.com

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

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

First Bank Stock Down 0.9 %

Shares of First Bank stock traded down $0.13 during midday trading on Friday, hitting $14.71. The company’s stock had a trading volume of 30,680 shares, compared to its average volume of 48,609. The stock has a 50-day simple moving average of $14.87 and a 200-day simple moving average of $13.83. The firm has a market capitalization of $287.87 million, a P/E ratio of 9.25 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 has a 1-year low of $11.20 and a 1-year high of $15.87.

First Bank (NASDAQ:FRBA) last released 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). First Bank had a net margin of 18.19% and a return on equity of 11.80%. The business had revenue of $58.64 million during the quarter, compared to analyst estimates of $32.96 million. During the same period last year, the business earned $0.42 EPS. As a group, sell-side analysts expect that First Bank will post 1.65 earnings per share for the current year.

Hedge Funds Weigh In On First Bank

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of First Bank by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 1,208,998 shares of the bank’s stock valued at $16,612,000 after purchasing an additional 7,413 shares during the last quarter. Wellington Management Group LLP lifted 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 during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of First Bank by 4.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 834,690 shares of the bank’s stock valued at $10,633,000 after acquiring an additional 38,256 shares in the last quarter. State Street Corp grew its position in First Bank by 6.2% during the 3rd quarter. State Street Corp now owns 384,047 shares of the bank’s stock worth $5,838,000 after acquiring an additional 22,452 shares during the last quarter. Finally, Capital Market Strategies LLC raised its position in First Bank by 4.7% in the second quarter. Capital Market Strategies LLC now owns 347,313 shares of the bank’s stock valued at $4,425,000 after purchasing an additional 15,513 shares during the last quarter. 64.86% of the stock is owned by institutional investors and hedge funds.

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.