First Bank (NASDAQ:FRBA) Short Interest Up 6.8% in October

First Bank (NASDAQ:FRBA) was the target of a significant growth in short interest in October. As of October 15th, there was short interest totalling 45,700 shares, a growth of 6.8% from the September 30th total of 42,800 shares. Approximately 0.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 46,300 shares, the days-to-cover ratio is presently 1.0 days.

First Bank Trading Down 1.1 %

Shares of FRBA traded down $0.16 during midday trading on Friday, reaching $14.00. The company had a trading volume of 30,271 shares, compared to its average volume of 48,015. First Bank has a 1-year low of $11.20 and a 1-year high of $15.87. The stock has a market cap of $273.97 million, a PE ratio of 8.89 and a beta of 0.93. The firm has a 50 day simple moving average of $14.97 and a 200-day simple moving average of $13.65. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.55.

First Bank (NASDAQ:FRBA) last issued its earnings results on Wednesday, October 23rd. The bank reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.06). The company had revenue of $58.64 million during the quarter, compared to analyst estimates of $32.96 million. First Bank had a return on equity of 11.80% and a net margin of 18.19%. During the same period last year, the business earned $0.42 earnings per share. Research analysts forecast that First Bank will post 1.67 EPS for the current fiscal year.

First Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, November 8th will be issued 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 is Friday, November 8th. First Bank’s dividend payout ratio is presently 15.09%.

Hedge Funds Weigh In On First Bank

A number of hedge funds have recently modified their holdings of the business. Allspring Global Investments Holdings LLC purchased a new position in First Bank during the 2nd quarter valued at about $71,000. SG Americas Securities LLC acquired a new stake in First Bank in the 3rd quarter valued at about $113,000. BNP Paribas Financial Markets raised its position in First Bank by 88.0% in the 1st quarter. BNP Paribas Financial Markets now owns 10,013 shares of the bank’s stock valued at $138,000 after purchasing an additional 4,688 shares in the last quarter. Hsbc Holdings PLC acquired a new stake in First Bank in the 2nd quarter valued at about $162,000. Finally, Quadrature Capital Ltd acquired a new stake in First Bank in the 1st quarter valued at about $283,000. 64.86% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on the company. Piper Sandler reiterated 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. StockNews.com downgraded First Bank from a “buy” rating to a “hold” rating in a research note on Friday, July 19th.

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.