Wellington Management Group LLP Sells 196,805 Shares of First Bank $FRBA

Wellington Management Group LLP lessened its stake in shares of First Bank (NASDAQ:FRBA) by 49.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 205,076 shares of the bank’s stock after selling 196,805 shares during the period. Wellington Management Group LLP owned 0.82% of First Bank worth $3,636,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of FRBA. Tower Research Capital LLC TRC boosted its holdings in shares of First Bank by 117.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,654 shares of the bank’s stock worth $41,000 after buying an additional 1,433 shares during the period. Deutsche Bank AG acquired a new position in First Bank in the 2nd quarter valued at $243,000. Bank of America Corp DE bought a new position in First Bank in the 2nd quarter worth $283,000. BNP Paribas Financial Markets raised its holdings in First Bank by 21.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,620 shares of the bank’s stock worth $71,000 after acquiring an additional 825 shares during the period. Finally, Lazard Asset Management LLC acquired a new position in First Bank during the 2nd quarter worth $154,000. Institutional investors own 64.86% of the company’s stock.

First Bank Trading Down 1.1%

Shares of FRBA stock opened at $17.78 on Thursday. The firm has a fifty day moving average of $18.11 and a 200-day moving average of $16.77. The stock has a market cap of $446.21 million, a price-to-earnings ratio of 10.52 and a beta of 0.52. First Bank has a 52-week low of $14.40 and a 52-week high of $19.33. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.11 and a current ratio of 1.11.

First Bank (NASDAQ:FRBA) last posted its earnings results on Friday, July 24th. The bank reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.03. First Bank had a net margin of 17.45% and a return on equity of 9.57%. The business had revenue of $36.95 million for the quarter, compared to analysts’ expectations of $37.23 million. On average, equities research analysts forecast that First Bank will post 1.62 earnings per share for the current fiscal year.

First Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Friday, August 7th were issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Friday, August 7th. First Bank’s payout ratio is presently 21.30%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on FRBA shares. DA Davidson raised their price target 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 raised First Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, June 23rd. Hovde Group reaffirmed an “outperform” rating and issued a $20.00 price target (up from $18.00) on shares of First Bank in a research report on Monday, July 27th. Zacks Research raised First Bank from a “strong sell” rating to a “hold” rating in a report on Monday, June 29th. Finally, Piper Sandler raised their price objective on First Bank from $19.00 to $20.00 and gave the stock an “overweight” rating in a research report on Monday, July 27th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.67.

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.