First Bank (NASDAQ:FRBA) Rating Increased to Buy at StockNews.com

First Bank (NASDAQ:FRBA) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Sunday.

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

First Bank Price Performance

FRBA stock opened at $14.01 on Friday. The business’s 50-day moving average is $14.59 and its two-hundred day moving average is $14.37. 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 $274.16 million, a P/E ratio of 8.81 and a beta of 0.94. First Bank has a 1 year low of $11.20 and a 1 year high of $15.87.

First Bank (NASDAQ:FRBA) last issued its quarterly earnings results 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 11.80% and a net margin of 18.19%. The firm had revenue of $58.64 million during the quarter, compared to analysts’ expectations of $32.96 million. During the same quarter in the prior year, the firm earned $0.42 EPS. Analysts anticipate that First Bank will post 1.65 earnings per share for the current fiscal year.

Institutional Investors Weigh In On First Bank

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC acquired a new position in First Bank in the second quarter valued at $71,000. SG Americas Securities LLC purchased a new stake in shares of First Bank in the 3rd quarter valued at about $113,000. Hsbc Holdings PLC acquired a new stake in shares of First Bank in the 2nd quarter valued at about $162,000. Fourthstone LLC acquired a new position in First Bank during the third quarter worth approximately $199,000. Finally, GSA Capital Partners LLP acquired a new position in First Bank during the third quarter worth approximately $294,000. 64.86% of the stock is currently owned by institutional investors and hedge funds.

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.