StockNews.com Upgrades First Bank (NASDAQ:FRBA) to Buy

First Bank (NASDAQ:FRBA) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Monday.

Separately, Piper Sandler reissued an “overweight” rating and issued a $17.00 target price (down from $18.00) on shares of First Bank in a research report on Wednesday, October 30th.

First Bank Stock Up 0.7 %

Shares of NASDAQ:FRBA traded up $0.11 on Monday, hitting $14.91. 32,851 shares of the company’s stock were exchanged, compared to its average volume of 48,152. The firm’s 50-day moving average is $14.84 and its 200 day moving average is $13.96. The company has a market capitalization of $291.79 million, a PE ratio of 9.38 and a beta of 0.94. First Bank has a 1-year low of $11.20 and a 1-year high of $15.87. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.08 and a current ratio of 1.08.

First Bank (NASDAQ:FRBA) last announced its earnings results on Wednesday, October 23rd. The bank reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.06). The firm had revenue of $58.64 million during the quarter, compared to analyst estimates of $32.96 million. First Bank had a net margin of 18.19% and a return on equity of 11.80%. During the same period last year, the company earned $0.42 earnings per share. Sell-side analysts predict that First Bank will post 1.65 EPS for the current year.

Institutional Trading of First Bank

Hedge funds have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC acquired a new stake in First Bank during the 2nd quarter worth approximately $71,000. SG Americas Securities LLC acquired a new stake in First Bank during the 3rd quarter worth approximately $113,000. Hsbc Holdings PLC acquired a new stake in First Bank during the 2nd quarter worth approximately $162,000. Fourthstone LLC acquired a new stake in First Bank during the 3rd quarter worth approximately $199,000. Finally, GSA Capital Partners LLP acquired a new stake in First Bank during the 3rd quarter worth approximately $294,000. 64.86% of the stock is owned by institutional investors and hedge funds.

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.