FY2024 EPS Estimates for First Bank Decreased by DA Davidson

First Bank (NASDAQ:FRBA) – DA Davidson lowered their FY2024 earnings estimates for shares of First Bank in a research note issued on Tuesday, October 29th. DA Davidson analyst M. Navas now anticipates that the bank will post earnings of $1.65 per share for the year, down from their prior forecast of $1.70. The consensus estimate for First Bank’s current full-year earnings is $1.70 per share.

First Bank (NASDAQ:FRBA) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.06). First Bank had a return on equity of 12.38% and a net margin of 14.48%. The company had revenue of $58.64 million for the quarter, compared to the consensus estimate of $32.96 million. During the same period in the prior year, the firm posted $0.42 earnings per share.

Several other research firms also recently weighed in on FRBA. StockNews.com downgraded shares of First Bank from a “buy” rating to a “hold” rating in a research note on Friday, July 19th. Piper Sandler reaffirmed an “overweight” rating and set a $17.00 price objective (down from $18.00) on shares of First Bank in a research note on Wednesday.

First Bank Stock Performance

First Bank stock opened at $14.16 on Thursday. 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 capitalization of $277.10 million, a PE ratio of 12.53 and a beta of 0.93. The firm has a fifty day simple moving average of $14.99 and a two-hundred day simple moving average of $13.65. First Bank has a twelve month low of $10.80 and a twelve month high of $15.87.

Institutional Investors Weigh In On First Bank

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC bought a new position in shares of First Bank in the second quarter worth approximately $71,000. SG Americas Securities LLC bought a new position in shares of First Bank in the third quarter worth approximately $113,000. BNP Paribas Financial Markets lifted its stake 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 worth $138,000 after buying an additional 4,688 shares in the last quarter. Hsbc Holdings PLC bought a new position in shares of First Bank in the second quarter worth approximately $162,000. Finally, Quadrature Capital Ltd bought a new position in shares of First Bank in the first quarter worth approximately $283,000. Hedge funds and other institutional investors own 64.86% of the company’s stock.

First Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, November 8th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date is Friday, November 8th. First Bank’s dividend payout ratio (DPR) is presently 21.24%.

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.