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

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

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

First Bank Stock Performance

NASDAQ:FRBA opened at $14.00 on Friday. The stock has a market cap of $273.97 million, a P/E ratio of 8.81 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. The business’s 50-day moving average price is $14.72 and its two-hundred day moving average price is $14.29. First Bank has a twelve month low of $11.20 and a twelve month high of $15.87.

First Bank (NASDAQ:FRBA) last announced its earnings results on Wednesday, October 23rd. The bank reported $0.34 earnings per share 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 company had revenue of $58.64 million during the quarter, compared to analysts’ expectations of $32.96 million. During the same period in the prior year, the business earned $0.42 earnings per share. As a group, equities analysts predict that First Bank will post 1.65 EPS for the current fiscal year.

First Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Friday, November 8th were given a dividend of $0.06 per share. 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 currently 15.09%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in FRBA. Wilmington Savings Fund Society FSB bought a new position in shares of First Bank during the 3rd quarter valued at $3,872,000. Barclays PLC boosted its position in First Bank by 64.7% during the third 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 period. Geode Capital Management LLC grew its stake in shares of First Bank by 1.1% during the third 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 increased its holdings in shares of First Bank by 24.0% in the third quarter. Wellington Management Group LLP now owns 835,748 shares of the bank’s stock worth $12,703,000 after buying an additional 161,761 shares during the period. Finally, State Street Corp lifted its stake in shares of First Bank by 6.2% in the 3rd quarter. State Street Corp now owns 384,047 shares of the bank’s stock valued at $5,838,000 after acquiring 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.