First Bank (NASDAQ:FRBA) Upgraded by Zacks Research to “Hold” Rating

Zacks Research upgraded shares of First Bank (NASDAQ:FRBA) from a strong sell rating to a hold rating in a research note issued to investors on Monday morning,Zacks.com reports.

FRBA has been the topic of several other reports. Weiss Ratings upgraded First Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, June 23rd. DA Davidson restated a “neutral” rating and set a $17.00 price target on shares of First Bank in a research note on Tuesday, April 28th. Finally, Piper Sandler lifted their target price on shares of First Bank from $18.00 to $19.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, First Bank presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.00.

First Bank Trading Up 1.5%

Shares of First Bank stock opened at $17.73 on Monday. First Bank has a 1 year low of $14.40 and a 1 year high of $18.11. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market capitalization of $445.02 million, a P/E ratio of 10.62 and a beta of 0.55. The company’s fifty day moving average is $15.97 and its two-hundred day moving average is $16.35.

First Bank (NASDAQ:FRBA) last announced its earnings results on Monday, April 27th. The bank reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.17). First Bank had a return on equity of 9.60% and a net margin of 17.02%.The business had revenue of $36.39 million for the quarter, compared to analyst estimates of $36.98 million. Analysts forecast that First Bank will post 1.56 earnings per share for the current year.

First Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Friday, May 8th were paid a dividend of $0.09 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.0%. First Bank’s dividend payout ratio is 21.56%.

Institutional Investors Weigh In On First Bank

Several institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC raised its holdings in First Bank by 117.4% during the second quarter. Tower Research Capital LLC TRC now owns 2,654 shares of the bank’s stock worth $41,000 after purchasing an additional 1,433 shares during the last quarter. BNP Paribas Financial Markets increased its position in shares of First Bank by 21.7% in the second quarter. BNP Paribas Financial Markets now owns 4,620 shares of the bank’s stock valued at $71,000 after buying an additional 825 shares in the last quarter. Lazard Asset Management LLC purchased a new position in shares of First Bank in the second quarter valued at $154,000. Mercer Global Advisors Inc. ADV acquired a new position in shares of First Bank during the 3rd quarter worth $169,000. Finally, Occudo Quantitative Strategies LP acquired a new position in shares of First Bank during the 4th quarter worth $183,000. Hedge funds and other institutional investors own 64.86% of the company’s stock.

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.