StockNews.com Upgrades First Bank (NASDAQ:FRBA) to “Buy”

First Bank (NASDAQ:FRBA) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Monday.

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

First Bank Price Performance

Shares of NASDAQ:FRBA opened at $14.82 on Monday. The company’s fifty day moving average price is $14.83 and its 200-day moving average price is $13.98. 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 firm has a market capitalization of $290.01 million, a price-to-earnings ratio of 9.32 and a beta of 0.94. First Bank has a one year low of $11.20 and a one year high of $15.87.

First Bank (NASDAQ:FRBA) last released its earnings results on Wednesday, October 23rd. The bank reported $0.34 EPS for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $32.96 million. During the same period in the prior year, the company earned $0.42 EPS. On average, equities research analysts anticipate that First Bank will post 1.65 earnings per share for the current fiscal year.

Hedge Funds Weigh In On First Bank

Several institutional investors and hedge funds have recently bought and sold shares of the stock. IAM Advisory LLC lifted its position in First Bank by 0.4% in the third quarter. IAM Advisory LLC now owns 187,430 shares of the bank’s stock valued at $2,849,000 after purchasing an additional 748 shares during the last quarter. Segall Bryant & Hamill LLC increased its stake in shares of First Bank by 2.1% in the third quarter. Segall Bryant & Hamill LLC now owns 72,764 shares of the bank’s stock worth $1,106,000 after buying an additional 1,515 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in First Bank by 3.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 60,582 shares of the bank’s stock valued at $921,000 after buying an additional 2,103 shares during the last quarter. Empowered Funds LLC boosted its position in First Bank by 5.3% during the 3rd quarter. Empowered Funds LLC now owns 84,509 shares of the bank’s stock valued at $1,285,000 after buying an additional 4,288 shares during the period. Finally, Geode Capital Management LLC grew its holdings in First Bank by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 469,214 shares of the bank’s stock worth $7,133,000 after acquiring an additional 5,105 shares during the last quarter. 64.86% of the stock is currently owned by institutional investors.

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.