First Bank (NASDAQ:FRBA) Upgraded at StockNews.com

StockNews.com upgraded shares of First Bank (NASDAQ:FRBA) from a hold rating to a buy rating in a research note issued to investors on Sunday morning.

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

First Bank Stock Up 0.1 %

FRBA opened at $14.07 on Friday. The company has a market cap of $275.34 million, a PE ratio of 8.85 and a beta of 0.94. 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 has a 1 year low of $11.20 and a 1 year high of $15.87. The firm has a 50 day moving average price of $14.56 and a 200 day moving average price of $14.42.

First Bank (NASDAQ:FRBA) last issued its earnings results on Wednesday, October 23rd. The bank reported $0.34 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 during the quarter, compared to analysts’ expectations of $32.96 million. During the same period in the prior year, the business posted $0.42 EPS. Sell-side analysts expect that First Bank will post 1.65 earnings per share for the current year.

First Bank Announces Dividend

The firm 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 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend was Friday, November 8th. First Bank’s dividend payout ratio (DPR) is 15.09%.

Hedge Funds Weigh In On First Bank

A number of hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new position in shares of First Bank in the 2nd quarter worth approximately $71,000. SG Americas Securities LLC bought a new position in First Bank during the third quarter worth $113,000. Hsbc Holdings PLC acquired a new position in First Bank in the second quarter worth $162,000. Fourthstone LLC bought a new stake in First Bank during the third quarter valued at $199,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of First Bank during the third quarter worth $294,000. 64.86% of the stock is currently 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.