First Bank (FRBA) to Issue Quarterly Dividend of $0.09 on August 21st

First Bank (NASDAQ:FRBA) announced a quarterly dividend on Tuesday, July 21st. Investors of record on Friday, August 7th will be given a dividend of 0.09 per share by the bank on Friday, August 21st. This represents a c) dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, August 7th.

First Bank has increased its dividend by an average of 0.1%annually over the last three years. First Bank has a payout ratio of 19.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect First Bank to earn $1.81 per share next year, which means the company should continue to be able to cover its $0.36 annual dividend with an expected future payout ratio of 19.9%.

First Bank Trading Down 0.6%

NASDAQ FRBA opened at $18.69 on Wednesday. The firm has a market capitalization of $469.12 million, a price-to-earnings ratio of 11.06 and a beta of 0.53. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.11 and a current ratio of 1.11. First Bank has a one year low of $14.40 and a one year high of $19.09. The company’s 50 day moving average price is $17.14 and its 200 day moving average price is $16.52.

First Bank (NASDAQ:FRBA) last released its quarterly earnings data on Thursday, July 23rd. The bank reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.03. First Bank had a net margin of 17.45% and a return on equity of 9.63%. The company had revenue of $36.95 million during the quarter, compared to the consensus estimate of $37.23 million. On average, sell-side analysts predict that First Bank will post 1.62 EPS for the current year.

Wall Street Analyst Weigh In

FRBA has been the topic of several recent research reports. Piper Sandler lifted their target price on shares of First Bank from $19.00 to $20.00 and gave the company an “overweight” rating in a report on Monday, July 27th. Hovde Group reiterated an “outperform” rating and issued a $20.00 price target (up from $18.00) on shares of First Bank in a report on Monday, July 27th. DA Davidson raised their price objective on First Bank from $16.00 to $19.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Weiss Ratings upgraded First Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, June 23rd. Finally, Zacks Research upgraded First Bank from a “strong sell” rating to a “hold” rating in a research note on Monday, June 29th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $19.67.

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. 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.