DA Davidson Analysts Lower Earnings Estimates for First Bank

First Bank (NASDAQ:FRBA) – Equities researchers at DA Davidson dropped their FY2024 EPS estimates for shares of First Bank in a research note issued on Tuesday, October 29th. DA Davidson analyst M. Navas now forecasts that the bank will post earnings per share of $1.65 for the year, down from their prior estimate of $1.70. The consensus estimate for First Bank’s current full-year earnings is $1.70 per share.

Several other equities research analysts also recently issued reports on FRBA. StockNews.com downgraded shares of First Bank from a “buy” rating to a “hold” rating in a research note on Friday, July 19th. Piper Sandler reaffirmed an “overweight” rating and set a $17.00 price objective (down previously from $18.00) on shares of First Bank in a research report on Wednesday.

First Bank Stock Performance

FRBA opened at $14.40 on Thursday. 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 stock’s 50 day moving average price is $15.00 and its two-hundred day moving average price is $13.64. The firm has a market capitalization of $281.79 million, a P/E ratio of 12.74 and a beta of 0.93. First Bank has a 12-month low of $10.80 and a 12-month high of $15.87.

First Bank (NASDAQ:FRBA) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.06). First Bank had a net margin of 14.48% and a return on equity of 12.38%. The business had revenue of $58.64 million during the quarter, compared to analyst estimates of $32.96 million. During the same period in the prior year, the business posted $0.42 earnings per share.

First Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, November 8th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date of this dividend is Friday, November 8th. First Bank’s dividend payout ratio is presently 21.24%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in First Bank by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 1,208,998 shares of the bank’s stock valued at $16,612,000 after buying an additional 7,413 shares during the period. Dimensional Fund Advisors LP raised its position in First Bank by 4.8% in the second quarter. Dimensional Fund Advisors LP now owns 834,690 shares of the bank’s stock worth $10,633,000 after purchasing an additional 38,256 shares in the last quarter. Capital Market Strategies LLC lifted its stake in First Bank by 4.7% during the second quarter. Capital Market Strategies LLC now owns 347,313 shares of the bank’s stock worth $4,425,000 after purchasing an additional 15,513 shares during the period. IAM Advisory LLC boosted its holdings in First Bank by 0.4% during the third quarter. IAM Advisory LLC now owns 187,430 shares of the bank’s stock valued at $2,849,000 after purchasing an additional 748 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of First Bank by 9.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 124,213 shares of the bank’s stock valued at $1,582,000 after purchasing an additional 10,590 shares during the period. 64.86% of the stock is currently owned by institutional investors and hedge funds.

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.