First Bank (NASDAQ:FRBA) Cut to Hold at StockNews.com

First Bank (NASDAQ:FRBA) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Saturday.

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

First Bank Trading Down 0.1 %

Shares of First Bank stock opened at $14.00 on Friday. The firm’s 50 day moving average is $14.72 and its 200 day moving average is $14.28. The firm has a market capitalization of $273.97 million, a PE 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. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.55.

First Bank (NASDAQ:FRBA) last posted its earnings results on Wednesday, October 23rd. The bank reported $0.34 earnings per share 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 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 previous year, the firm posted $0.42 EPS. Equities research analysts forecast that First Bank will post 1.65 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of FRBA. Bank of New York Mellon Corp raised its position in shares of First Bank by 9.3% during the second quarter. Bank of New York Mellon Corp now owns 124,213 shares of the bank’s stock worth $1,582,000 after acquiring an additional 10,590 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of First Bank during the second quarter worth $71,000. Bryn Mawr Capital Management LLC raised 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 buying an additional 20,450 shares during the last quarter. Foundry Partners LLC lifted its holdings in First Bank by 14.8% in the second quarter. Foundry Partners LLC now owns 97,650 shares of the bank’s stock valued at $1,244,000 after buying an additional 12,575 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in First Bank by 4.8% during the second quarter. Dimensional Fund Advisors LP now owns 834,690 shares of the bank’s stock valued at $10,633,000 after acquiring an additional 38,256 shares during the last quarter. 64.86% of the stock is owned by institutional investors and hedge funds.

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.