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

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

Separately, Piper Sandler decreased their price objective on shares of 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 Up 0.5 %

Shares of NASDAQ:FRBA opened at $13.00 on Thursday. First Bank has a one year low of $10.51 and a one year high of $15.17. The company has a 50 day moving average of $12.21 and a 200-day moving average of $12.96. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.08 and a quick ratio of 1.08. The stock has a market cap of $254.41 million, a price-to-earnings ratio of 11.50 and a beta of 0.95.

First Bank (NASDAQ:FRBA) last issued its quarterly earnings data on Monday, April 22nd. The bank reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.06. The firm had revenue of $32.28 million during the quarter, compared to analysts’ expectations of $32.50 million. First Bank had a net margin of 13.63% and a return on equity of 11.88%. On average, sell-side analysts forecast that First Bank will post 1.68 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackBarn Capital Partners LP acquired a new position in shares of First Bank in the fourth quarter valued at approximately $1,764,000. SG Americas Securities LLC acquired a new position in shares of First Bank in the fourth quarter valued at approximately $165,000. Private Advisor Group LLC boosted its holdings in shares of First Bank by 12.7% in the fourth quarter. Private Advisor Group LLC now owns 23,511 shares of the bank’s stock valued at $346,000 after buying an additional 2,655 shares during the period. Wellington Management Group LLP boosted 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 valued at $9,908,000 after buying an additional 3,800 shares during the period. Finally, Russell Investments Group Ltd. boosted its holdings in shares of First Bank by 22.5% in the fourth quarter. Russell Investments Group Ltd. now owns 115,018 shares of the bank’s stock valued at $1,691,000 after buying an additional 21,140 shares during the period. Institutional investors and hedge funds own 64.86% of the company’s stock.

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.