First Bank (NASDAQ:FRBA) Upgraded at StockNews.com

StockNews.com upgraded shares of First Bank (NASDAQ:FRBA) from a hold rating to a buy rating in a report released on Sunday morning.

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

First Bank Stock Down 0.8 %

Shares of NASDAQ FRBA opened at $14.01 on Friday. The firm’s fifty day moving average is $14.59 and its 200 day moving average is $14.39. First Bank has a 52 week low of $11.20 and a 52 week high of $15.87. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.55. The company has a market cap of $274.16 million, a price-to-earnings ratio of 8.81 and a beta of 0.94.

First Bank (NASDAQ:FRBA) last issued 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). The firm had revenue of $58.64 million for 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 company posted $0.42 earnings per share. On average, equities research analysts expect that First Bank will post 1.65 earnings per share for the current year.

First Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Friday, November 8th were given a $0.06 dividend. The ex-dividend date was Friday, November 8th. This represents a $0.24 annualized dividend and a dividend yield of 1.71%. First Bank’s dividend payout ratio is 15.09%.

Hedge Funds Weigh In On First Bank

Several hedge funds and other institutional investors have recently modified their holdings of FRBA. Allspring Global Investments Holdings LLC purchased a new stake in First Bank in the second quarter worth about $71,000. SG Americas Securities LLC bought a new stake in shares of First Bank during the third quarter valued at approximately $113,000. Hsbc Holdings PLC bought a new stake in shares of First Bank during the second quarter valued at approximately $162,000. Fourthstone LLC bought a new position in First Bank in the third quarter worth $199,000. Finally, GSA Capital Partners LLP purchased a new position in First Bank during the third quarter valued at $294,000. Hedge funds and other institutional investors 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.