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

First Bank (NASDAQ:FRBA) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

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

First Bank Stock Performance

NASDAQ:FRBA opened at $14.00 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.55. First Bank has a twelve month low of $11.20 and a twelve month high of $15.87. The company has a fifty day moving average of $14.72 and a 200-day moving average of $14.28. The firm has a market capitalization of $273.97 million, a P/E ratio of 8.81 and a beta of 0.94.

First Bank (NASDAQ:FRBA) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.06). The company had revenue of $58.64 million during the quarter, compared to the consensus estimate of $32.96 million. First Bank had a net margin of 18.19% and a return on equity of 11.80%. During the same period last year, the firm posted $0.42 earnings per share. As a group, sell-side analysts anticipate that First Bank will post 1.65 EPS for the current year.

Institutional Inflows and Outflows

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

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.