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

First Bank (NASDAQ:FRBA) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Friday.

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

First Bank Stock Down 1.3 %

First Bank stock opened at $14.62 on Friday. The firm has a market cap of $286.11 million, a price-to-earnings ratio of 9.19 and a beta of 0.94. The firm has a fifty day moving average price of $14.76 and a two-hundred day moving average price of $14.22. First Bank has a fifty-two week low of $11.20 and a fifty-two week high of $15.87. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.08 and a quick ratio of 1.08.

First Bank (NASDAQ:FRBA) last announced its earnings results on Wednesday, October 23rd. The bank reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.06). The business had revenue of $58.64 million for the quarter, compared to the consensus estimate of $32.96 million. First Bank had a net margin of 18.19% and a return on equity of 11.80%. During the same quarter in the previous year, the company earned $0.42 EPS. As a group, analysts forecast that First Bank will post 1.65 earnings per share for the current year.

Hedge Funds Weigh In On First Bank

Several large investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its holdings in shares of First Bank by 9.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 124,213 shares of the bank’s stock worth $1,582,000 after purchasing an additional 10,590 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in First Bank in the second quarter worth $71,000. Bryn Mawr Capital Management LLC boosted its stake in 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 buying an additional 20,450 shares in the last quarter. Foundry Partners LLC increased its holdings in First Bank by 14.8% in the 2nd quarter. Foundry Partners LLC now owns 97,650 shares of the bank’s stock valued at $1,244,000 after buying an additional 12,575 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in First Bank by 4.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 834,690 shares of the bank’s stock valued at $10,633,000 after buying an additional 38,256 shares during the period. Institutional investors and hedge funds own 64.86% of the company’s stock.

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.