Piper Sandler Forecasts Strong Price Appreciation for First Bank (NASDAQ:FRBA) Stock

First Bank (NASDAQ:FRBA) had its target price hoisted by research analysts at Piper Sandler from $18.00 to $19.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Piper Sandler’s target price indicates a potential upside of 10.18% from the company’s current price.

A number of other research analysts have also recently weighed in on FRBA. DA Davidson reaffirmed a “neutral” rating and issued a $17.00 price objective on shares of First Bank in a report on Tuesday, April 28th. Zacks Research cut First Bank from a “hold” rating to a “strong sell” rating in a research report on Friday, May 1st. Finally, Weiss Ratings upgraded First Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $18.00.

First Bank Stock Performance

Shares of NASDAQ:FRBA traded up $0.15 during trading on Friday, hitting $17.25. 10,092 shares of the stock traded hands, compared to its average volume of 71,070. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.57. The company has a fifty day moving average price of $15.92 and a two-hundred day moving average price of $16.32. First Bank has a 52-week low of $14.40 and a 52-week high of $18.11. The company has a market cap of $432.85 million, a price-to-earnings ratio of 10.35 and a beta of 0.55.

First Bank (NASDAQ:FRBA) last announced its quarterly earnings results on Monday, April 27th. The bank reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.17). The firm had revenue of $36.39 million for the quarter, compared to analysts’ expectations of $36.98 million. First Bank had a return on equity of 9.60% and a net margin of 17.02%. As a group, equities analysts predict that First Bank will post 1.56 EPS for the current year.

Institutional Trading of First Bank

Several institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC purchased a new stake in shares of First Bank during the first quarter worth about $213,000. Goldman Sachs Group Inc. lifted its stake in First Bank by 1.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 78,677 shares of the bank’s stock valued at $1,165,000 after buying an additional 964 shares in the last quarter. Empowered Funds LLC boosted its holdings in First Bank by 7.2% in the 1st quarter. Empowered Funds LLC now owns 95,139 shares of the bank’s stock worth $1,409,000 after buying an additional 6,415 shares during the last quarter. Jane Street Group LLC acquired a new stake in First Bank in the 1st quarter worth about $347,000. Finally, Rhumbline Advisers increased its stake in First Bank by 3.7% during the 2nd quarter. Rhumbline Advisers now owns 30,316 shares of the bank’s stock worth $469,000 after buying an additional 1,070 shares in the last quarter. Institutional investors and hedge funds own 64.86% of the company’s stock.

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. It also offers various loan products comprising commercial and industrial loans, which include line of credit, inventory, equipment, and short-term working capital financing; commercial real estate loans, such as owner-occupied, investor, construction and development, and multi-family loans; residential real estate loans comprising residential mortgages, first and second lien home equity loans, and revolving lines of credit; and consumer and other loans consists of auto, personal, traditional installment, and other loans.