First Bank (NASDAQ:FRBA) Lowered to Hold Rating by StockNews.com

StockNews.com lowered shares of First Bank (NASDAQ:FRBA) from a buy rating to a hold rating in a report issued on Saturday.

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

First Bank Price Performance

FRBA stock opened at $14.00 on Friday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.55. The firm’s 50-day moving average price is $14.72 and its two-hundred day moving average price is $14.29. The stock has a market capitalization of $273.97 million, a price-to-earnings ratio of 8.81 and a beta of 0.94. First Bank has a 12-month low of $11.20 and a 12-month high of $15.87.

First Bank (NASDAQ:FRBA) last announced its quarterly 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). First Bank had a net margin of 18.19% and a return on equity of 11.80%. The business had revenue of $58.64 million for the quarter, compared to analysts’ expectations of $32.96 million. During the same quarter in the prior year, the firm earned $0.42 EPS. As a group, equities analysts predict that First Bank will post 1.65 earnings per share for the current year.

First Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Friday, November 8th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date was Friday, November 8th. First Bank’s payout ratio is currently 15.09%.

Institutional Trading of First Bank

Several large investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new position in shares of First Bank in the 2nd quarter valued at approximately $71,000. SG Americas Securities LLC bought a new position in First Bank in the third quarter worth $113,000. Hsbc Holdings PLC purchased a new position in First Bank during the second quarter valued at $162,000. Fourthstone LLC purchased a new stake in shares of First Bank in the 3rd quarter worth about $199,000. Finally, Bryn Mawr Capital Management LLC increased its stake in shares of First Bank by 1,377.1% in the 2nd quarter. Bryn Mawr Capital Management LLC now owns 21,935 shares of the bank’s stock worth $279,000 after acquiring an additional 20,450 shares in the last quarter. 64.86% of the stock is owned by institutional investors.

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.