DA Davidson Decreases Earnings Estimates for First Bank

First Bank (NASDAQ:FRBA) – DA Davidson cut their FY2024 EPS estimates for First Bank in a research report issued on Tuesday, October 29th. DA Davidson analyst M. Navas now anticipates that the bank will post earnings of $1.65 per share for the year, down from their prior estimate of $1.70. The consensus estimate for First Bank’s current full-year earnings is $1.67 per share.

Several other equities analysts also recently commented on the stock. StockNews.com downgraded shares of First Bank from a “buy” rating to a “hold” rating in a report on Friday, July 19th. Piper Sandler reissued an “overweight” rating and issued a $17.00 target price (down previously from $18.00) on shares of First Bank in a report on Wednesday.

First Bank Stock Performance

NASDAQ FRBA opened at $14.00 on Thursday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.55. The firm’s fifty day moving average price is $14.97 and its two-hundred day moving average price is $13.65. First Bank has a 1 year low of $11.20 and a 1 year high of $15.87. The firm has a market capitalization of $273.97 million, a P/E ratio of 8.81 and a beta of 0.93.

First Bank (NASDAQ:FRBA) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.06). The business had revenue of $58.64 million during the quarter, compared to the consensus estimate of $32.96 million. First Bank had a return on equity of 11.80% and a net margin of 18.19%. During the same period in the prior year, the firm earned $0.42 EPS.

First Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, November 8th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend is Friday, November 8th. First Bank’s dividend payout ratio (DPR) is 15.09%.

Institutional Trading of First Bank

Hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC acquired a new stake in First Bank in the 2nd quarter valued at $71,000. SG Americas Securities LLC bought a new position in First Bank during the 3rd quarter valued at $113,000. BNP Paribas Financial Markets lifted its stake in First Bank by 88.0% during the 1st quarter. BNP Paribas Financial Markets now owns 10,013 shares of the bank’s stock valued at $138,000 after acquiring an additional 4,688 shares in the last quarter. Hsbc Holdings PLC bought a new position in First Bank during the 2nd quarter valued at $162,000. Finally, Quadrature Capital Ltd bought a new position in First Bank during the 1st quarter valued at $283,000. Institutional investors and hedge funds 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.