Banc Funds Co. LLC Reduces Holdings in First Bank $FRBA

Banc Funds Co. LLC cut its stake in shares of First Bank (NASDAQ:FRBA) by 21.7% during the third quarter, HoldingsChannel.com reports. The fund owned 776,059 shares of the bank’s stock after selling 215,190 shares during the quarter. First Bank makes up approximately 2.2% of Banc Funds Co. LLC’s investment portfolio, making the stock its 9th biggest holding. Banc Funds Co. LLC’s holdings in First Bank were worth $12,642,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of FRBA. Patriot Financial Partners GP II L.P. purchased a new stake in shares of First Bank in the third quarter valued at approximately $33,092,000. Vanguard Group Inc. increased its holdings in First Bank by 1.0% during the 3rd quarter. Vanguard Group Inc. now owns 1,268,542 shares of the bank’s stock worth $20,665,000 after purchasing an additional 12,470 shares during the period. Dimensional Fund Advisors LP raised its position in First Bank by 1.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 981,513 shares of the bank’s stock valued at $15,988,000 after purchasing an additional 14,759 shares in the last quarter. Royce & Associates LP raised its position in First Bank by 93.0% during the 3rd quarter. Royce & Associates LP now owns 564,089 shares of the bank’s stock valued at $9,189,000 after purchasing an additional 271,825 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of First Bank by 1.9% in the 2nd quarter. Geode Capital Management LLC now owns 485,358 shares of the bank’s stock worth $7,510,000 after buying an additional 9,006 shares during the period. Institutional investors own 64.86% of the company’s stock.

Wall Street Analysts Forecast Growth

FRBA has been the topic of a number of recent research reports. Weiss Ratings reissued a “buy (b)” rating on shares of First Bank in a research report on Monday, December 29th. Zacks Research lowered shares of First Bank from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 25th. Finally, DA Davidson started coverage on shares of First Bank in a report on Wednesday, February 25th. They set a “neutral” rating and a $18.00 target price on the stock. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $17.75.

First Bank Stock Performance

First Bank stock opened at $15.10 on Friday. The business has a fifty day moving average of $16.58 and a two-hundred day moving average of $16.32. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.14 and a current ratio of 1.14. First Bank has a twelve month low of $12.74 and a twelve month high of $18.11.

First Bank (NASDAQ:FRBA) last announced its quarterly earnings results on Monday, January 26th. The bank reported $0.49 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.49. The business had revenue of $38.46 million for the quarter, compared to the consensus estimate of $37.42 million. First Bank had a return on equity of 10.32% and a net margin of 17.76%. On average, research analysts predict that First Bank will post 1.78 EPS for the current fiscal year.

First Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 20th. Investors of record on Friday, February 6th were given a dividend of $0.09 per share. The ex-dividend date of this dividend was Friday, February 6th. This represents a $0.36 dividend on an annualized basis and a yield of 2.4%. First Bank’s dividend payout ratio (DPR) is presently 20.69%.

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. It also offers various loan products comprising commercial and industrial loans, which include line of credit, inventory, equipment, and short-term working capital financing; commercial real estate loans, such as owner-occupied, investor, construction and development, and multi-family loans; residential real estate loans comprising residential mortgages, first and second lien home equity loans, and revolving lines of credit; and consumer and other loans consists of auto, personal, traditional installment, and other loans.