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

First Bank (NASDAQ:FRBA) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Monday.

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

First Bank Stock Down 0.6 %

FRBA stock opened at $14.82 on Monday. First Bank has a fifty-two week low of $11.20 and a fifty-two week high of $15.87. The company has a market capitalization of $290.01 million, a price-to-earnings ratio of 9.32 and a beta of 0.94. The business’s 50 day moving average price is $14.83 and its two-hundred day moving average price is $13.98. 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 (NASDAQ:FRBA) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.34 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 the consensus estimate of $32.96 million. During the same period in the previous year, the firm earned $0.42 EPS. As a group, analysts forecast that First Bank will post 1.65 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of First Bank by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 1,208,998 shares of the bank’s stock worth $16,612,000 after acquiring an additional 7,413 shares in the last quarter. Wellington Management Group LLP raised its holdings in First Bank by 24.0% during the 3rd quarter. Wellington Management Group LLP now owns 835,748 shares of the bank’s stock valued at $12,703,000 after buying an additional 161,761 shares during the period. Dimensional Fund Advisors LP lifted its position in First Bank by 4.8% in the second quarter. Dimensional Fund Advisors LP now owns 834,690 shares of the bank’s stock worth $10,633,000 after buying an additional 38,256 shares during the last quarter. Geode Capital Management LLC boosted its stake in First Bank by 1.1% during the third quarter. Geode Capital Management LLC now owns 469,214 shares of the bank’s stock worth $7,133,000 after buying an additional 5,105 shares during the period. Finally, State Street Corp lifted its holdings in shares of First Bank by 6.2% in the 3rd quarter. State Street Corp now owns 384,047 shares of the bank’s stock worth $5,838,000 after acquiring an additional 22,452 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.