First Bank (FRBA) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of First Bank (NASDAQ:FRBA) from a hold rating to a buy rating in a research report sent to investors on Thursday, November 2nd. Zacks Investment Research currently has $15.00 price target on the bank’s stock.

According to Zacks, “First Bank is a state-chartered bank with five full-service branches. It provides personal and business banking services in New Jersey, the United States. The Bank offers checking, savings, and money market accounts; and auto and home loans, home equity line of credit, fixed rate home equity loans, lines of credit, term loans, commercial mortgages, letters of credit, merchant services, and construction finance. First Bank is headquartered in Hamilton, New Jersey. “

Separately, Sandler O’Neill raised First Bank from a hold rating to a buy rating and set a $15.00 price target on the stock in a research report on Wednesday, November 1st.

Shares of First Bank (FRBA) traded up $0.10 during trading on Thursday, reaching $13.10. The company had a trading volume of 13,400 shares, compared to its average volume of 35,720. First Bank has a 12 month low of $10.05 and a 12 month high of $14.80. The stock has a market cap of $226.68, a PE ratio of 18.57 and a beta of 0.58.

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The business also recently declared a quarterly dividend, which will be paid on Friday, November 24th. Shareholders of record on Friday, November 10th will be given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.61%. The ex-dividend date of this dividend is Thursday, November 9th. First Bank’s dividend payout ratio is currently 12.50%.

A number of hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its position in First Bank by 30.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 52,694 shares of the bank’s stock valued at $701,000 after purchasing an additional 12,354 shares in the last quarter. Stieven Capital Advisors L.P. raised its position in First Bank by 1.8% in the 3rd quarter. Stieven Capital Advisors L.P. now owns 507,900 shares of the bank’s stock valued at $6,755,000 after purchasing an additional 9,200 shares in the last quarter. First Trust Advisors LP acquired a new stake in First Bank in the 3rd quarter valued at about $134,000. Navellier & Associates Inc raised its position in First Bank by 15.0% in the 2nd quarter. Navellier & Associates Inc now owns 11,500 shares of the bank’s stock valued at $134,000 after purchasing an additional 1,500 shares in the last quarter. Finally, State Street Corp acquired a new stake in First Bank in the 2nd quarter valued at about $426,000. 37.30% of the stock is currently owned by institutional investors.

First Bank Company Profile

First Bank is a commercial bank. The Company provides a range of lending, deposit and other financial products and services. It operates through Community Banking segment, which is engaged in providing a range of commercial and retail and related banking services. It offers a range of lending products to meet the needs of its customers located within its market areas, including commercial and industrial loans, commercial real estate loans (including owner-occupied, investor, and multi-family loans), residential real estate loans, and consumer and other loans.

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