StockNews.com Upgrades First Bank (NASDAQ:FRBA) to “Buy”

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

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

First Bank Trading Up 0.3 %

NASDAQ:FRBA opened at $14.05 on Friday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.55. First Bank has a 12 month low of $11.20 and a 12 month high of $15.87. The company has a 50-day moving average price of $14.57 and a 200-day moving average price of $14.41. The stock has a market cap of $274.94 million, a price-to-earnings ratio of 8.84 and a beta of 0.94.

First Bank (NASDAQ:FRBA) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.34 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.06). The firm had revenue of $58.64 million for the quarter, compared to analysts’ expectations of $32.96 million. First Bank had a net margin of 18.19% and a return on equity of 11.80%. During the same period in the prior year, the business posted $0.42 EPS. Equities analysts predict that First Bank will post 1.65 EPS for the current year.

Hedge Funds Weigh In On First Bank

Institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC purchased a new stake in First Bank in the 2nd quarter worth approximately $71,000. SG Americas Securities LLC bought a new stake in shares of First Bank during the 3rd quarter valued at $113,000. Hsbc Holdings PLC purchased a new position in shares of First Bank during the 2nd quarter valued at $162,000. Fourthstone LLC bought a new position in First Bank in the 3rd quarter worth $199,000. Finally, GSA Capital Partners LLP purchased a new stake in First Bank in the 3rd quarter worth $294,000. 64.86% of the stock is owned by institutional investors.

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.