First Bank (NASDAQ:FRBA – Get Free Report) shares passed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $15.92 and traded as high as $16.91. First Bank shares last traded at $16.82, with a volume of 69,433 shares trading hands.
Analyst Ratings Changes
Several analysts have recently commented on FRBA shares. DA Davidson restated a “neutral” rating and set a $17.00 target price on shares of First Bank in a report on Tuesday, April 28th. Weiss Ratings raised First Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday. Zacks Research downgraded shares of First Bank from a “hold” rating to a “strong sell” rating in a research report on Friday, May 1st. Finally, Piper Sandler decreased their price objective on shares of First Bank from $20.00 to $18.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $17.50.
Read Our Latest Report on First Bank
First Bank Price Performance
First Bank (NASDAQ:FRBA – Get Free Report) last issued its quarterly earnings results on Monday, April 27th. The bank reported $0.30 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.17). The business had revenue of $36.39 million for the quarter, compared to analyst estimates of $36.98 million. First Bank had a return on equity of 9.60% and a net margin of 17.02%. Sell-side analysts expect that First Bank will post 1.56 EPS for the current fiscal year.
First Bank Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 8th were given a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Friday, May 8th. First Bank’s dividend payout ratio (DPR) is currently 21.56%.
Institutional Investors Weigh In On First Bank
A number of hedge funds have recently modified their holdings of FRBA. Hsbc Holdings PLC boosted its position in shares of First Bank by 1.2% during the fourth quarter. Hsbc Holdings PLC now owns 59,958 shares of the bank’s stock worth $984,000 after buying an additional 740 shares during the period. BNP Paribas Financial Markets lifted its stake in First Bank by 21.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,620 shares of the bank’s stock valued at $71,000 after acquiring an additional 825 shares in the last quarter. First Trust Advisors LP boosted its position in First Bank by 5.6% during the 2nd quarter. First Trust Advisors LP now owns 15,958 shares of the bank’s stock worth $247,000 after acquiring an additional 853 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in First Bank by 1.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 78,677 shares of the bank’s stock worth $1,165,000 after acquiring an additional 964 shares during the last quarter. Finally, Rhumbline Advisers grew its stake in shares of First Bank by 3.7% during the 2nd quarter. Rhumbline Advisers now owns 30,316 shares of the bank’s stock worth $469,000 after acquiring an additional 1,070 shares in the last quarter. Institutional investors and hedge funds own 64.86% of the company’s stock.
About First Bank
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.
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