Patriot Financial Partners GP II L.P. Has $26.10 Million Stock Holdings in First Bank $FRBA

Patriot Financial Partners GP II L.P. lowered its holdings in shares of First Bank (NASDAQ:FRBA) by 10.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,631,437 shares of the bank’s stock after selling 200,000 shares during the period. First Bank comprises 6.7% of Patriot Financial Partners GP II L.P.’s portfolio, making the stock its 8th largest holding. Patriot Financial Partners GP II L.P. owned approximately 0.06% of First Bank worth $26,103,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. AQR Capital Management LLC acquired a new position in shares of First Bank in the 1st quarter valued at $213,000. Goldman Sachs Group Inc. boosted its position in shares of First Bank by 1.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 78,677 shares of the bank’s stock valued at $1,165,000 after acquiring an additional 964 shares in the last quarter. Empowered Funds LLC boosted its position in shares of First Bank by 7.2% during the 1st quarter. Empowered Funds LLC now owns 95,139 shares of the bank’s stock valued at $1,409,000 after acquiring an additional 6,415 shares in the last quarter. Jane Street Group LLC acquired a new stake in shares of First Bank during the 1st quarter valued at about $347,000. Finally, Rhumbline Advisers increased its stake in First Bank by 3.7% in the second quarter. Rhumbline Advisers now owns 30,316 shares of the bank’s stock valued at $469,000 after acquiring an additional 1,070 shares during the period. Institutional investors own 64.86% of the company’s stock.

Analysts Set New Price Targets

FRBA has been the subject of a number of analyst reports. Weiss Ratings upgraded shares of First Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, June 23rd. DA Davidson reaffirmed a “neutral” rating and set a $17.00 price objective on shares of First Bank in a report on Tuesday, April 28th. Piper Sandler upped their price objective on First Bank from $18.00 to $19.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Finally, Zacks Research raised First Bank from a “strong sell” rating to a “hold” rating in a report on Monday, June 29th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $18.00.

First Bank Stock Down 2.1%

Shares of NASDAQ:FRBA opened at $17.86 on Friday. First Bank has a 52 week low of $14.40 and a 52 week high of $18.45. 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’s fifty day moving average is $16.42 and its 200-day moving average is $16.38. The company has a market capitalization of $448.29 million, a PE ratio of 10.69 and a beta of 0.53.

First Bank (NASDAQ:FRBA) last posted 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). The firm had revenue of $36.39 million during the quarter, compared to the consensus estimate of $36.98 million. First Bank had a return on equity of 9.60% and a net margin of 17.02%. Equities research analysts predict that First Bank will post 1.56 earnings per share for the current fiscal year.

First Bank Announces Dividend

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

First Bank 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. 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.