Short Interest in First Bank (NASDAQ:FRBA) Declines By 17.6%

First Bank (NASDAQ:FRBA) was the recipient of a large drop in short interest in August. As of August 31st, there was short interest totalling 74,700 shares, a drop of 17.6% from the August 15th total of 90,700 shares. Currently, 0.4% of the company’s shares are short sold. Based on an average daily volume of 54,900 shares, the days-to-cover ratio is currently 1.4 days.

First Bank Stock Down 0.2 %

FRBA stock traded down $0.03 during mid-day trading on Wednesday, reaching $15.42. The company had a trading volume of 65,782 shares, compared to its average volume of 49,645. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.08 and a quick ratio of 1.08. The stock has a 50 day simple moving average of $14.72 and a two-hundred day simple moving average of $13.25. The company has a market capitalization of $301.75 million, a price-to-earnings ratio of 13.67 and a beta of 0.94. First Bank has a 52 week low of $10.51 and a 52 week high of $15.80.

First Bank (NASDAQ:FRBA) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.07. The business had revenue of $56.25 million during the quarter, compared to analysts’ expectations of $31.95 million. First Bank had a return on equity of 12.38% and a net margin of 14.48%. During the same period last year, the firm posted $0.36 EPS. As a group, equities analysts predict that First Bank will post 1.7 earnings per share for the current fiscal year.

First Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, August 9th were issued a $0.06 dividend. The ex-dividend date was Friday, August 9th. This represents a $0.24 dividend on an annualized basis and a yield of 1.56%. First Bank’s payout ratio is presently 21.24%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FRBA. StockNews.com cut First Bank from a “buy” rating to a “hold” rating in a research note on Friday, July 19th. Piper Sandler upped their price target on First Bank from $14.00 to $18.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th.

Hedge Funds Weigh In On First Bank

Institutional investors and hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC bought a new position in First Bank in the second quarter worth approximately $71,000. BNP Paribas Financial Markets grew its position in shares of First Bank by 88.0% in the first quarter. BNP Paribas Financial Markets now owns 10,013 shares of the bank’s stock valued at $138,000 after purchasing an additional 4,688 shares in the last quarter. Hsbc Holdings PLC bought a new stake in First Bank during the second quarter valued at $162,000. Bryn Mawr Capital Management LLC lifted its stake in First Bank by 1,377.1% during the second quarter. Bryn Mawr Capital Management LLC now owns 21,935 shares of the bank’s stock worth $279,000 after purchasing an additional 20,450 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new stake in First Bank during the first quarter worth about $283,000. 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.