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

First Bank (NASDAQ:FRBA) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a report released on Friday.

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

First Bank Price Performance

Shares of FRBA traded down $0.13 during trading hours on Friday, reaching $14.71. 30,680 shares of the stock traded hands, compared to its average volume of 48,609. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.55. The company has a market cap of $287.87 million, a P/E ratio of 9.25 and a beta of 0.94. First Bank has a 52-week low of $11.20 and a 52-week high of $15.87. The company’s 50-day moving average price is $14.87 and its two-hundred day moving average price is $13.83.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of FRBA. Barclays PLC grew its position in shares of First Bank by 64.7% in the third quarter. Barclays PLC now owns 52,462 shares of the bank’s stock valued at $797,000 after purchasing an additional 20,602 shares during the period. Wellington Management Group LLP increased its position in shares of First Bank by 24.0% during the third quarter. Wellington Management Group LLP now owns 835,748 shares of the bank’s stock worth $12,703,000 after acquiring an additional 161,761 shares during the last quarter. State Street Corp raised its position in shares of First Bank by 6.2% in the 3rd quarter. State Street Corp now owns 384,047 shares of the bank’s stock valued at $5,838,000 after purchasing an additional 22,452 shares in the last quarter. Fourthstone LLC bought a new stake in First Bank in the third quarter valued at about $199,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in First Bank by 3.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 60,582 shares of the bank’s stock worth $921,000 after purchasing an additional 2,103 shares during the last quarter. 64.86% of the stock is 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.