First Bank (NASDAQ:FRBA) Receives “Overweight” Rating from Piper Sandler

Piper Sandler reiterated their overweight rating on shares of First Bank (NASDAQ:FRBA) in a report published on Wednesday morning, Benzinga reports. They currently have a $17.00 price target on the bank’s stock, down from their previous price target of $18.00.

Separately, StockNews.com cut First Bank from a “buy” rating to a “hold” rating in a report on Friday, July 19th.

First Bank Stock Up 1.4 %

Shares of NASDAQ FRBA opened at $14.40 on Wednesday. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.55. The company has a market cap of $281.79 million, a P/E ratio of 12.74 and a beta of 0.93. First Bank has a 52 week low of $10.80 and a 52 week high of $15.87. The business has a 50-day simple moving average of $15.00 and a two-hundred day simple moving average of $13.64.

First Bank (NASDAQ:FRBA) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.06). The firm had revenue of $58.64 million during the quarter, compared to the consensus estimate of $32.96 million. First Bank had a return on equity of 12.38% and a net margin of 14.48%. During the same period in the previous year, the company posted $0.42 EPS. Research analysts anticipate that First Bank will post 1.7 earnings per share for the current fiscal year.

First Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, November 8th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $0.24 annualized dividend and a dividend yield of 1.67%. First Bank’s dividend payout ratio (DPR) is presently 21.24%.

Institutional Trading of First Bank

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Inspire Investing LLC purchased a new position in First Bank during the 3rd quarter valued at $827,000. Vanguard Group Inc. boosted its position in shares of First Bank by 0.6% during the first quarter. Vanguard Group Inc. now owns 1,208,998 shares of the bank’s stock valued at $16,612,000 after purchasing an additional 7,413 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in First Bank by 4.8% in the second quarter. Dimensional Fund Advisors LP now owns 834,690 shares of the bank’s stock worth $10,633,000 after purchasing an additional 38,256 shares during the period. Allspring Global Investments Holdings LLC bought a new position in First Bank in the second quarter worth $71,000. Finally, Quadrature Capital Ltd bought a new position in First Bank in the first quarter worth $283,000. Hedge funds and other institutional investors own 64.86% of the company’s stock.

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.