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

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

First Bank Stock Performance

FRBA stock opened at $12.14 on Wednesday. The firm has a market cap of $237.58 million, a PE ratio of 10.74 and a beta of 0.87. The company has a quick ratio of 1.08, a current ratio of 1.09 and a debt-to-equity ratio of 0.63. The business has a 50 day moving average of $12.95 and a 200-day moving average of $13.04. First Bank has a 12-month low of $8.59 and a 12-month high of $15.17.

First Bank (NASDAQ:FRBA) last announced its quarterly earnings data on Wednesday, January 24th. The bank reported $0.49 earnings per share 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 business had revenue of $28.00 million during the quarter, compared to analyst estimates of $30.95 million. As a group, sell-side analysts expect that First Bank will post 1.7 earnings per share for the current year.

First Bank Dividend Announcement

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

Hedge Funds Weigh In On First Bank

Institutional investors and hedge funds have recently bought and sold shares of the company. New York State Common Retirement Fund grew its holdings in 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 purchasing an additional 8,448 shares during the period. PL Capital Advisors LLC bought a new position in shares of First Bank in the third quarter worth $5,984,000. Strs Ohio boosted 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 acquiring an additional 10,200 shares during the period. Minerva Advisors LLC bought a new position in shares of First Bank in the third quarter worth $443,000. Finally, SG Americas Securities LLC bought a new position in shares of First Bank in the fourth quarter worth $165,000. 64.86% of the stock is owned by institutional investors.

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.