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

StockNews.com cut shares of First Bank (NASDAQ:FRBA) from a buy rating to a hold rating in a research report report published on Monday morning.

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

First Bank Stock Performance

FRBA stock opened at $15.07 on Monday. First Bank has a twelve month low of $11.20 and a twelve month high of $15.87. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.66. The company has a market cap of $294.92 million, a P/E ratio of 9.48 and a beta of 0.95. The business’s fifty day moving average is $14.23 and its 200-day moving average is $14.60.

First Bank (NASDAQ:FRBA) last released its earnings results on Thursday, January 23rd. The bank reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.03. First Bank had a return on equity of 11.65% and a net margin of 18.19%. Equities research analysts forecast that First Bank will post 1.65 EPS for the current year.

First Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 21st. Shareholders of record on Friday, February 7th will be issued a dividend of $0.06 per share. The ex-dividend date is Friday, February 7th. This represents a $0.24 annualized dividend and a yield of 1.59%. First Bank’s dividend payout ratio is presently 15.09%.

Institutional Investors Weigh In On First Bank

Several large investors have recently modified their holdings of FRBA. FNY Investment Advisers LLC acquired a new stake in shares of First Bank during the fourth quarter worth $98,000. SG Americas Securities LLC acquired 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 bought a new stake in shares of First Bank in the third quarter valued at about $199,000. Finally, GSA Capital Partners LLP acquired a new position in shares of First Bank during the third quarter worth about $294,000. 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.