Geode Capital Management LLC Buys 5,105 Shares of First Bank (NASDAQ:FRBA)

Geode Capital Management LLC lifted its stake in shares of First Bank (NASDAQ:FRBA) by 1.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 469,214 shares of the bank’s stock after acquiring an additional 5,105 shares during the quarter. Geode Capital Management LLC owned approximately 2.40% of First Bank worth $7,133,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its holdings in First Bank by 24.0% during the 3rd quarter. Wellington Management Group LLP now owns 835,748 shares of the bank’s stock valued at $12,703,000 after buying an additional 161,761 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in First Bank by 4.8% in the 2nd 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. State Street Corp lifted its stake in First Bank by 6.2% in the 3rd quarter. State Street Corp now owns 384,047 shares of the bank’s stock worth $5,838,000 after purchasing an additional 22,452 shares in the last quarter. IAM Advisory LLC boosted its holdings in shares of First Bank by 0.4% during the 3rd 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. Finally, Bank of New York Mellon Corp grew 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 valued at $1,582,000 after purchasing an additional 10,590 shares in the last quarter. 64.86% of the stock is owned by hedge funds and other institutional investors.

First Bank Price Performance

FRBA stock opened at $13.67 on Friday. The company has a fifty day simple moving average of $14.52 and a two-hundred day simple moving average of $14.43. First Bank has a 52 week low of $11.20 and a 52 week high of $15.87. 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 firm has a market capitalization of $267.51 million, a P/E ratio of 8.60 and a beta of 0.94.

First Bank (NASDAQ:FRBA) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.34 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $32.96 million. During the same quarter in the prior year, the business posted $0.42 EPS. Analysts anticipate that First Bank will post 1.65 earnings per share for the current fiscal year.

First Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Friday, November 8th were issued a dividend of $0.06 per share. The ex-dividend date was Friday, November 8th. This represents a $0.24 annualized dividend and a yield of 1.76%. First Bank’s payout ratio is presently 15.09%.

Analyst Ratings Changes

A number of research firms recently commented on FRBA. StockNews.com upgraded First Bank from a “hold” rating to a “buy” rating in a research report on Sunday, December 29th. Piper Sandler reaffirmed an “overweight” rating and set a $17.00 price objective (down from $18.00) on shares of First Bank in a report on Wednesday, October 30th.

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.