Piper Sandler Cuts First Bank (NASDAQ:FRBA) Price Target to $15.00

First Bank (NASDAQ:FRBA) had its price target decreased by Piper Sandler from $16.00 to $15.00 in a report published on Wednesday, Benzinga reports. Piper Sandler currently has an overweight rating on the bank’s stock.

First Bank Price Performance

First Bank stock opened at $12.14 on Wednesday. The stock’s 50 day moving average is $12.95 and its 200 day moving average is $13.05. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.09 and a quick ratio of 1.08. The firm has a market cap of $237.58 million, a P/E ratio of 10.74 and a beta of 0.87. First Bank has a one year low of $8.59 and a one year high of $15.17.

First Bank (NASDAQ:FRBA) last released its quarterly earnings data on Wednesday, January 24th. The bank reported $0.49 EPS for the quarter, beating the consensus estimate of $0.37 by $0.12. First Bank had a return on equity of 12.23% and a net margin of 13.63%. The firm had revenue of $28.00 million during the quarter, compared to the consensus estimate of $30.95 million. As a group, research analysts expect that First Bank will post 1.7 EPS for the current year.

First Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Friday, May 10th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.98%. First Bank’s payout ratio is 21.24%.

Hedge Funds Weigh In On First Bank

Institutional investors have recently modified their holdings of the company. Commonwealth Equity Services LLC purchased a new position in shares of First Bank in the 3rd quarter valued at approximately $212,000. Bank of New York Mellon Corp increased its holdings in shares of First Bank by 27.4% in the third quarter. Bank of New York Mellon Corp now owns 73,742 shares of the bank’s stock worth $795,000 after purchasing an additional 15,861 shares during the last quarter. Strs Ohio increased its holdings in shares of First Bank by 26.1% in the third quarter. Strs Ohio now owns 49,300 shares of the bank’s stock worth $531,000 after purchasing an additional 10,200 shares during the last quarter. PL Capital Advisors LLC bought a new stake in First Bank during the third quarter worth approximately $5,984,000. Finally, New York State Common Retirement Fund grew its stake in shares of First Bank by 766.6% during the third quarter. New York State Common Retirement Fund now owns 9,550 shares of the bank’s stock valued at $103,000 after buying an additional 8,448 shares during the last quarter. 64.86% of the stock is currently owned by institutional investors.

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.