Denali Advisors LLC Acquires New Holdings in First Bank (NASDAQ:FRBA)

Denali Advisors LLC bought a new position in First Bank (NASDAQ:FRBA) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 21,300 shares of the bank’s stock, valued at approximately $293,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Wellington Management Group LLP increased its holdings in shares of First Bank by 0.6% in the fourth quarter. Wellington Management Group LLP now owns 673,987 shares of the bank’s stock worth $9,908,000 after purchasing an additional 3,800 shares during the period. IAM Advisory LLC grew its position in First Bank by 0.5% during the fourth quarter. IAM Advisory LLC now owns 184,986 shares of the bank’s stock worth $2,719,000 after buying an additional 896 shares in the last quarter. BlackBarn Capital Partners LP purchased a new position in First Bank during the fourth quarter worth about $1,764,000. Russell Investments Group Ltd. increased its stake in First Bank by 22.5% in the 4th quarter. Russell Investments Group Ltd. now owns 115,018 shares of the bank’s stock worth $1,691,000 after acquiring an additional 21,140 shares during the last quarter. Finally, Minerva Advisors LLC purchased a new stake in shares of First Bank in the 3rd quarter valued at about $443,000. 64.86% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Piper Sandler cut their price objective on First Bank from $16.00 to $15.00 and set an “overweight” rating for the company in a report on Wednesday, April 24th.

First Bank Stock Performance

First Bank stock opened at $12.64 on Thursday. First Bank has a fifty-two week low of $10.25 and a fifty-two week high of $15.17. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.08 and a current ratio of 1.08. The stock has a market cap of $247.36 million, a P/E ratio of 11.19 and a beta of 0.95. The firm’s fifty day moving average price is $12.13 and its 200-day moving average price is $13.05.

First Bank (NASDAQ:FRBA) last released its earnings results on Monday, April 22nd. The bank reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.06. First Bank had a return on equity of 11.88% and a net margin of 13.63%. The business had revenue of $32.28 million for the quarter, compared to analysts’ expectations of $32.50 million. On average, equities research analysts expect that First Bank will post 1.68 earnings per share for the current fiscal year.

First Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 24th. Stockholders of record on Friday, May 10th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $0.24 annualized dividend and a dividend yield of 1.90%. First Bank’s dividend payout ratio (DPR) is presently 21.24%.

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.