First Bank (NASDAQ:FRBA) Lowered to Hold Rating by StockNews.com

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

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

First Bank Price Performance

Shares of NASDAQ FRBA opened at $14.00 on Friday. First Bank has a 52 week low of $11.20 and a 52 week high of $15.87. The business’s 50 day moving average price is $14.72 and its 200 day moving average price is $14.31. 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 cap of $273.97 million, a P/E ratio of 8.81 and a beta of 0.94.

First Bank (NASDAQ:FRBA) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.34 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.06). The business had revenue of $58.64 million during the quarter, compared to analysts’ expectations of $32.96 million. First Bank had a net margin of 18.19% and a return on equity of 11.80%. During the same period last year, the company earned $0.42 earnings per share. On average, sell-side analysts expect that First Bank will post 1.65 earnings per share for the current year.

Institutional Investors Weigh In On First Bank

Hedge funds and other institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new position in shares of First Bank in the 2nd quarter valued at $71,000. SG Americas Securities LLC purchased a new position in First Bank in the third quarter valued at $113,000. Hsbc Holdings PLC purchased a new position in First Bank in the second quarter valued at $162,000. Fourthstone LLC acquired a new position in shares of First Bank in the third quarter worth about $199,000. Finally, Bryn Mawr Capital Management LLC boosted its stake in shares of First Bank by 1,377.1% during the 2nd quarter. Bryn Mawr Capital Management LLC now owns 21,935 shares of the bank’s stock worth $279,000 after acquiring an additional 20,450 shares in the last quarter. 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.