First Bank (NASDAQ:FRBA) Upgraded at Zacks Research

Zacks Research upgraded shares of First Bank (NASDAQ:FRBA) from a hold rating to a strong-buy rating in a report published on Wednesday,Zacks reports.

Several other research analysts have also commented on FRBA. Weiss Ratings upgraded First Bank from a “buy (b)” rating to a “buy (b+)” rating in a research report on Friday, October 23rd. DA Davidson increased their target price on First Bank from $16.00 to $19.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Hovde Group restated an “outperform” rating and set a $20.00 price objective (up from $18.00) on shares of First Bank in a research report on Monday, July 27th. Finally, Piper Sandler upped their price objective on shares of First Bank from $19.00 to $20.00 and gave the company an “overweight” rating in a research note on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, First Bank currently has an average rating of “Buy” and an average target price of $19.67.

First Bank Trading Down 1.2%

FRBA stock opened at $19.70 on Wednesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market capitalization of $494.47 million, a PE ratio of 11.52 and a beta of 0.53. The company’s 50 day moving average price is $18.20 and its two-hundred day moving average price is $17.10. First Bank has a one year low of $14.40 and a one year high of $21.29.

First Bank (NASDAQ:FRBA) last issued its earnings results on Thursday, October 22nd. The bank reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.05. The company had revenue of $38.76 million for the quarter, compared to analysts’ expectations of $37.70 million. First Bank had a net margin of 17.73% and a return on equity of 9.58%. As a group, analysts predict that First Bank will post 1.65 earnings per share for the current fiscal year.

First Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Friday, November 6th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, November 6th. This is a positive change from First Bank’s previous quarterly dividend of $0.09. This represents a $0.48 annualized dividend and a dividend yield of 2.4%. First Bank’s dividend payout ratio (DPR) is 21.05%.

Hedge Funds Weigh In On First Bank

Several hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP grew its stake in shares of First Bank by 2.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,032,116 shares of the bank’s stock valued at $16,514,000 after acquiring an additional 27,881 shares in the last quarter. BlackRock Inc. acquired a new position in First Bank during the 2nd quarter valued at about $12,836,000. Empowered Funds LLC lifted its holdings in First Bank by 9.7% during the first quarter. Empowered Funds LLC now owns 131,691 shares of the bank’s stock worth $2,107,000 after acquiring an additional 11,615 shares during the period. Russell Investments Group Ltd. increased its holdings in First Bank by 9.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 117,262 shares of the bank’s stock worth $2,022,000 after acquiring an additional 10,479 shares during the last quarter. Finally, Hsbc Holdings PLC boosted its stake in First Bank by 20.8% in the 1st quarter. Hsbc Holdings PLC now owns 72,418 shares of the bank’s stock worth $1,149,000 after purchasing an additional 12,460 shares during the period. Institutional investors own 64.86% of the company’s stock.

First Bank Company Profile

First Bank (NASDAQ: FRBA) is a community-focused commercial bank headquartered in Hamilton, New Jersey. Founded in 2007, the bank provides banking services to businesses, individuals and organizations in New Jersey and eastern Pennsylvania.

Its products and services include commercial and industrial loans, commercial real estate financing, residential mortgage loans, consumer lending, checking and savings accounts, certificates of deposit, cash-management services and online banking. First Bank emphasizes relationship-based banking and serves small and mid-sized businesses, professionals, nonprofit organizations and individual customers.

First Bank operates a network of branches in central and southern New Jersey and the greater Philadelphia region.