First Bank’s (FRBA) “Overweight” Rating Reiterated at Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of First Bank (NASDAQ:FRBA) in a research note released on Wednesday morning, Benzinga reports. They currently have a $17.00 price objective on the bank’s stock, down from their previous price objective of $18.00.

Separately, StockNews.com cut shares of First Bank from a “buy” rating to a “hold” rating in a research note on Friday, July 19th.

First Bank Stock Performance

Shares of FRBA stock opened at $14.00 on Wednesday. The stock has a fifty day moving average price of $14.94 and a 200 day moving average price of $13.67. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.08 and a current ratio of 1.08. The stock has a market cap of $273.97 million, a PE ratio of 8.81 and a beta of 0.93. First Bank has a 1 year low of $11.20 and a 1 year high of $15.87.

First Bank (NASDAQ:FRBA) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.06). First Bank had a net margin of 18.19% and a return on equity of 11.80%. The firm 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 earned $0.42 EPS. Sell-side analysts forecast that First Bank will post 1.67 earnings per share for the current fiscal year.

First Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, November 8th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date of this dividend is Friday, November 8th. First Bank’s payout ratio is currently 15.09%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC acquired a new position in shares of First Bank in the second quarter valued at approximately $71,000. SG Americas Securities LLC acquired a new position in First Bank in the 3rd quarter valued at $113,000. BNP Paribas Financial Markets lifted its stake in shares of First Bank by 88.0% during the 1st quarter. BNP Paribas Financial Markets now owns 10,013 shares of the bank’s stock worth $138,000 after purchasing an additional 4,688 shares during the period. Hsbc Holdings PLC acquired a new stake in shares of First Bank during the second quarter worth $162,000. Finally, Bryn Mawr Capital Management LLC boosted its holdings in shares of First Bank by 1,377.1% during the second quarter. Bryn Mawr Capital Management LLC now owns 21,935 shares of the bank’s stock worth $279,000 after purchasing an additional 20,450 shares during the last quarter. 64.86% of the stock is currently owned by hedge funds and other institutional investors.

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.