PL Capital Advisors LLC Increases Stake in First Bank (NASDAQ:FRBA)

PL Capital Advisors LLC grew its stake in shares of First Bank (NASDAQ:FRBA) by 1,307.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,737,940 shares of the bank’s stock after purchasing an additional 6,259,053 shares during the quarter. First Bank makes up approximately 1.1% of PL Capital Advisors LLC’s portfolio, making the stock its 14th biggest position. PL Capital Advisors LLC owned 34.43% of First Bank worth $94,803,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. FNY Investment Advisers LLC purchased a new stake in First Bank during the 4th quarter valued at $98,000. SG Americas Securities LLC raised its stake in shares of First Bank by 26.7% during the fourth quarter. SG Americas Securities LLC now owns 9,419 shares of the bank’s stock valued at $133,000 after acquiring an additional 1,982 shares during the last quarter. Fourthstone LLC purchased a new stake in shares of First Bank during the third quarter worth about $199,000. GSA Capital Partners LLP bought a new stake in shares of First Bank in the third quarter worth about $294,000. Finally, Rhumbline Advisers increased its holdings in First Bank by 2.4% during the 4th quarter. Rhumbline Advisers now owns 30,535 shares of the bank’s stock valued at $430,000 after purchasing an additional 730 shares during the period. Institutional investors own 64.86% of the company’s stock.

First Bank Trading Up 0.9 %

Shares of FRBA opened at $14.97 on Wednesday. First Bank has a 1-year low of $11.20 and a 1-year high of $15.87. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.66. The firm’s 50-day moving average price is $14.43 and its 200-day moving average price is $14.71. The firm has a market capitalization of $292.95 million, a price-to-earnings ratio of 8.96 and a beta of 0.95.

First Bank (NASDAQ:FRBA) last posted its quarterly earnings data on Thursday, January 23rd. The bank reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.03. First Bank had a return on equity of 11.06% and a net margin of 18.41%. Sell-side analysts anticipate that First Bank will post 1.78 EPS for the current year.

First Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 21st. Investors of record on Friday, February 7th were paid a $0.06 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $0.24 annualized dividend and a yield of 1.60%. First Bank’s payout ratio is 14.37%.

Analysts Set New Price Targets

Several research firms have weighed in on FRBA. StockNews.com cut First Bank from a “buy” rating to a “hold” rating in a report on Monday, January 27th. Piper Sandler reaffirmed an “overweight” rating and issued a $17.00 price target (down previously from $18.00) on shares of First Bank in a research note on Wednesday, October 30th.

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.