First Bank (NASDAQ:FRBA) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of First Bank (NASDAQ:FRBAFree Report) from a hold rating to a buy rating in a research report report published on Monday.

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

Read Our Latest Stock Report on First Bank

First Bank Stock Up 0.7 %

Shares of NASDAQ FRBA opened at $14.91 on Monday. The company has a market capitalization of $291.79 million, a P/E ratio of 9.38 and a beta of 0.94. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.08 and a quick ratio of 1.08. The company has a 50 day simple moving average of $14.84 and a 200-day simple moving average of $13.96. First Bank has a 1 year low of $11.20 and a 1 year high of $15.87.

First Bank (NASDAQ:FRBAGet Free Report) last posted its earnings results on Wednesday, October 23rd. The bank reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.06). First Bank had a return on equity of 11.80% and a net margin of 18.19%. The business had revenue of $58.64 million for the quarter, compared to analyst estimates of $32.96 million. During the same period last year, the business earned $0.42 EPS. On average, equities research analysts predict that First Bank will post 1.65 earnings per share for the current year.

First Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Friday, November 8th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date was Friday, November 8th. First Bank’s dividend payout ratio (DPR) is 15.09%.

Hedge Funds Weigh In On First Bank

Hedge funds and other institutional investors have recently bought and sold shares of the company. Inspire Investing LLC acquired a new stake in shares of First Bank during the third quarter worth about $827,000. Vanguard Group Inc. grew its holdings in shares of First Bank by 0.6% in the first quarter. Vanguard Group Inc. now owns 1,208,998 shares of the bank’s stock valued at $16,612,000 after purchasing an additional 7,413 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in First Bank by 4.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 834,690 shares of the bank’s stock valued at $10,633,000 after buying an additional 38,256 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in shares of First Bank during the second quarter worth $71,000. Finally, Quadrature Capital Ltd purchased a new stake in shares of First Bank during the first quarter worth $283,000. 64.86% of the stock is currently owned by hedge funds and other institutional investors.

First Bank Company Profile

(Get Free Report)

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.

Featured Articles

Receive News & Ratings for First Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Bank and related companies with MarketBeat.com's FREE daily email newsletter.