First Bank (NASDAQ:FRBA) Cut to Hold at Zacks Research

Zacks Research cut shares of First Bank (NASDAQ:FRBA) from a strong-buy rating to a hold rating in a research report report published on Thursday morning,Zacks.com reports.

Several other analysts also recently commented on the company. DA Davidson downgraded First Bank from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 20th. Weiss Ratings restated a “buy (b)” rating on shares of First Bank in a report on Monday, December 22nd. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.25.

First Bank Trading Down 1.1%

Shares of FRBA stock opened at $16.80 on Thursday. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.14 and a quick ratio of 1.14. The firm has a fifty day moving average of $16.09 and a 200-day moving average of $15.90. First Bank has a 12-month low of $12.74 and a 12-month high of $18.11.

First Bank (NASDAQ:FRBA) last posted its quarterly earnings data on Wednesday, October 22nd. The bank reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.01. First Bank had a return on equity of 10.02% and a net margin of 17.27%.The firm had revenue of $37.97 million during the quarter, compared to analyst estimates of $36.76 million. On average, analysts predict that First Bank will post 1.78 EPS for the current fiscal year.

First Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 21st. Shareholders of record on Friday, November 7th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend was Friday, November 7th. First Bank’s payout ratio is presently 14.46%.

Hedge Funds Weigh In On First Bank

A number of institutional investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC raised its position 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 valued at $41,000 after buying an additional 1,433 shares in the last quarter. Quaker Wealth Management LLC lifted its holdings in First Bank by 200.4% in the 2nd quarter. Quaker Wealth Management LLC now owns 3,045 shares of the bank’s stock worth $47,000 after buying an additional 6,077 shares during the period. New York State Common Retirement Fund increased its stake in shares of First Bank by 118.3% during the third quarter. New York State Common Retirement Fund now owns 2,952 shares of the bank’s stock valued at $48,000 after buying an additional 1,600 shares during the period. CWM LLC boosted its holdings in First Bank by 91.8% in the third quarter. CWM LLC now owns 3,421 shares of the bank’s stock valued at $56,000 after acquiring an additional 1,637 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in First Bank by 21.7% in the second quarter. BNP Paribas Financial Markets now owns 4,620 shares of the bank’s stock worth $71,000 after buying an additional 825 shares during the period. 64.86% of the stock is currently owned by institutional investors.

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.