Short Interest in First Bank (NASDAQ:FRBA) Increases By 13.4%

First Bank (NASDAQ:FRBA) was the target of a large increase in short interest in the month of July. As of July 15th, there was short interest totalling 135,600 shares, an increase of 13.4% from the June 30th total of 119,600 shares. Currently, 0.6% of the company’s stock are sold short. Based on an average daily trading volume, of 48,100 shares, the days-to-cover ratio is currently 2.8 days.

First Bank Stock Performance

Shares of FRBA traded down $0.23 during mid-day trading on Monday, hitting $15.07. The stock had a trading volume of 66,135 shares, compared to its average volume of 50,468. The company has a market cap of $294.92 million, a PE ratio of 13.54 and a beta of 0.95. The company’s fifty day simple moving average is $12.68 and its two-hundred day simple moving average is $12.95. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.53. First Bank has a fifty-two week low of $10.51 and a fifty-two week high of $15.41.

First Bank (NASDAQ:FRBA) last issued its earnings results on Wednesday, July 24th. The bank reported $0.47 EPS for the quarter, topping the consensus estimate of $0.40 by $0.07. The company had revenue of $56.25 million during the quarter, compared to analyst estimates of $31.95 million. First Bank had a return on equity of 12.55% and a net margin of 14.48%. During the same quarter last year, the firm earned $0.36 EPS. On average, equities analysts expect that First Bank will post 1.68 earnings per share for the current year.

First Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Friday, August 9th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, August 9th. This represents a $0.24 dividend on an annualized basis and a yield of 1.59%. First Bank’s dividend payout ratio is currently 21.24%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FRBA. BlackBarn Capital Partners LP acquired a new position in First Bank during the 4th quarter valued at approximately $1,764,000. Denali Advisors LLC bought a new stake in First Bank during the 1st quarter valued at $293,000. Russell Investments Group Ltd. raised its stake in First Bank by 22.5% during the 4th quarter. Russell Investments Group Ltd. now owns 115,018 shares of the bank’s stock valued at $1,691,000 after acquiring an additional 21,140 shares in the last quarter. Quadrature Capital Ltd bought a new stake in First Bank during the 1st quarter valued at $283,000. Finally, Capital Market Strategies LLC raised its stake in First Bank by 4.7% during the 2nd quarter. Capital Market Strategies LLC now owns 347,313 shares of the bank’s stock valued at $4,425,000 after acquiring an additional 15,513 shares in the last quarter. Institutional investors and hedge funds own 64.86% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on FRBA. StockNews.com downgraded First Bank from a “buy” rating to a “hold” rating in a report on Friday, July 19th. Piper Sandler decreased their target price on First Bank from $16.00 to $15.00 and set an “overweight” rating for the company in a research report on Wednesday, April 24th.

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.