First Bank (NASDAQ:FRBA) Rating Lowered to “Hold” at StockNews.com

First Bank (NASDAQ:FRBA) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Friday.

Separately, Piper Sandler restated an “overweight” rating and set a $17.00 target price (down from $18.00) on shares of First Bank in a research report on Wednesday, October 30th.

First Bank Stock Down 0.9 %

Shares of FRBA stock opened at $14.71 on Friday. The stock’s fifty day moving average price is $14.87 and its 200 day moving average price is $13.85. First Bank has a 1-year low of $11.20 and a 1-year high of $15.87. The company has a market cap of $287.87 million, a price-to-earnings ratio of 9.25 and a beta of 0.94. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.08 and a quick ratio of 1.08.

First Bank (NASDAQ:FRBA) last released its earnings results on Wednesday, October 23rd. The bank reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.06). First Bank had a net margin of 18.19% and a return on equity of 11.80%. The firm had revenue of $58.64 million during the quarter, compared to analyst estimates of $32.96 million. During the same period in the previous year, the company earned $0.42 earnings per share. On average, research analysts expect that First Bank will post 1.65 earnings per share for the current fiscal year.

Institutional Investors Weigh In On First Bank

A number of large investors have recently modified their holdings of the business. BNP Paribas Financial Markets grew its stake in First Bank by 88.0% during the 1st quarter. BNP Paribas Financial Markets now owns 10,013 shares of the bank’s stock valued at $138,000 after acquiring an additional 4,688 shares in the last quarter. Vanguard Group Inc. lifted its position in First Bank by 0.6% during the first quarter. Vanguard Group Inc. now owns 1,208,998 shares of the bank’s stock worth $16,612,000 after buying an additional 7,413 shares in the last quarter. Quadrature Capital Ltd acquired a new position in First Bank during the first quarter worth $283,000. Capital Market Strategies LLC increased its stake in shares of First Bank by 4.7% in the 2nd quarter. Capital Market Strategies LLC now owns 347,313 shares of the bank’s stock worth $4,425,000 after acquiring an additional 15,513 shares during the last quarter. Finally, IAM Advisory LLC raised its holdings in shares of First Bank by 0.5% during the 2nd quarter. IAM Advisory LLC now owns 186,682 shares of the bank’s stock worth $2,378,000 after acquiring an additional 882 shares during the period. 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.