Piper Sandler Lowers First Bank (NASDAQ:FRBA) Price Target to $15.00

First Bank (NASDAQ:FRBA) had its price objective reduced by stock analysts at Piper Sandler from $16.00 to $15.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Piper Sandler’s price objective points to a potential upside of 25.52% from the stock’s current price.

First Bank Trading Down 0.2 %

Shares of NASDAQ:FRBA opened at $11.95 on Wednesday. The business’s 50-day moving average is $12.98 and its 200 day moving average is $13.04. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.09 and a quick ratio of 1.08. First Bank has a 1 year low of $8.59 and a 1 year high of $15.17. The firm has a market capitalization of $233.86 million, a P/E ratio of 10.58 and a beta of 0.87.

First Bank (NASDAQ:FRBA) last posted its quarterly earnings data on Wednesday, January 24th. The bank reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.12. The firm had revenue of $28.00 million for the quarter, compared to the consensus estimate of $30.95 million. First Bank had a net margin of 13.63% and a return on equity of 12.23%. On average, research analysts predict that First Bank will post 1.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On First Bank

Several institutional investors and hedge funds have recently made changes to their positions in FRBA. Wellington Management Group LLP raised its stake in First Bank by 0.6% in the 4th quarter. Wellington Management Group LLP now owns 673,987 shares of the bank’s stock worth $9,908,000 after acquiring an additional 3,800 shares during the last quarter. PL Capital Advisors LLC acquired a new position in shares of First Bank in the third quarter valued at about $5,984,000. IAM Advisory LLC raised its stake in shares of First Bank by 0.5% in the fourth quarter. IAM Advisory LLC now owns 184,986 shares of the bank’s stock worth $2,719,000 after purchasing an additional 896 shares during the last quarter. BlackBarn Capital Partners LP acquired a new stake in shares of First Bank during the fourth quarter worth about $1,764,000. Finally, Russell Investments Group Ltd. boosted its position in First Bank by 22.5% in the fourth quarter. Russell Investments Group Ltd. now owns 115,018 shares of the bank’s stock valued at $1,691,000 after buying an additional 21,140 shares during the last quarter. 64.86% of the stock is currently owned by institutional investors and hedge funds.

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.