First Bank (NASDAQ:FRBA) Stock Price Passes Below Fifty Day Moving Average – Here’s Why

Shares of First Bank (NASDAQ:FRBA) passed below its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $15.86 and traded as low as $15.49. First Bank shares last traded at $15.70, with a volume of 59,949 shares.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Piper Sandler dropped their target price on First Bank from $20.00 to $18.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. DA Davidson reaffirmed a “neutral” rating and issued a $17.00 target price on shares of First Bank in a research report on Tuesday, April 28th. Finally, Zacks Research lowered First Bank from a “hold” rating to a “strong sell” rating in a research report on Friday, May 1st. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $17.50.

First Bank Price Performance

The stock has a market cap of $394.07 million, a price-to-earnings ratio of 9.40 and a beta of 0.54. The stock has a fifty day simple moving average of $15.86 and a 200-day simple moving average of $16.23. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.61.

First Bank (NASDAQ:FRBA) last released its earnings results on Monday, April 27th. The bank reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.17). First Bank had a net margin of 17.02% and a return on equity of 9.69%. The business had revenue of $36.39 million during the quarter, compared to analyst estimates of $36.99 million. As a group, equities research analysts expect that First Bank will post 1.56 EPS for the current year.

First Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 8th were given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Friday, May 8th. First Bank’s dividend payout ratio (DPR) is 21.56%.

Hedge Funds Weigh In On First Bank

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Patriot Financial Partners GP II L.P. bought a new position in shares of First Bank during the 3rd quarter worth approximately $33,092,000. Vanguard Group Inc. lifted its position in shares of First Bank by 1.0% during the 3rd quarter. Vanguard Group Inc. now owns 1,268,542 shares of the bank’s stock worth $20,665,000 after buying an additional 12,470 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of First Bank by 2.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,032,116 shares of the bank’s stock worth $16,514,000 after buying an additional 27,881 shares during the period. Wellington Management Group LLP lifted its position in shares of First Bank by 1.0% during the 4th quarter. Wellington Management Group LLP now owns 616,157 shares of the bank’s stock worth $10,142,000 after buying an additional 6,162 shares during the period. Finally, Royce & Associates LP lifted its position in shares of First Bank by 93.0% during the 3rd quarter. Royce & Associates LP now owns 564,089 shares of the bank’s stock worth $9,189,000 after buying an additional 271,825 shares during the period. Institutional investors own 64.86% of the company’s stock.

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. It also offers various loan products comprising commercial and industrial loans, which include line of credit, inventory, equipment, and short-term working capital financing; commercial real estate loans, such as owner-occupied, investor, construction and development, and multi-family loans; residential real estate loans comprising residential mortgages, first and second lien home equity loans, and revolving lines of credit; and consumer and other loans consists of auto, personal, traditional installment, and other loans.