First Bank (FRBA) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research lowered shares of First Bank (NASDAQ:FRBA) from a buy rating to a hold rating in a research note issued to investors on Friday morning.

According to Zacks, “First Bank is a state-chartered bank with five full-service branches. It provides personal and business banking services in New Jersey, the United States. The Bank offers checking, savings, and money market accounts; and auto and home loans, home equity line of credit, fixed rate home equity loans, lines of credit, term loans, commercial mortgages, letters of credit, merchant services, and construction finance. First Bank is headquartered in Hamilton, New Jersey. “

FRBA has been the subject of several other reports. BidaskClub raised First Bank from a sell rating to a hold rating in a research note on Friday, September 7th. ValuEngine cut First Bank from a hold rating to a sell rating in a research note on Saturday, September 22nd.

Shares of NASDAQ FRBA traded down $0.37 during midday trading on Friday, hitting $12.15. The stock had a trading volume of 33,459 shares, compared to its average volume of 33,805. The stock has a market capitalization of $229.30 million, a P/E ratio of 16.88 and a beta of 0.52. First Bank has a fifty-two week low of $11.15 and a fifty-two week high of $15.00.

First Bank (NASDAQ:FRBA) last released its earnings results on Tuesday, July 24th. The bank reported $0.22 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.26 by ($0.04). The firm had revenue of $14.39 million during the quarter, compared to the consensus estimate of $13.67 million. As a group, equities research analysts forecast that First Bank will post 1 earnings per share for the current year.

Several institutional investors have recently made changes to their positions in the stock. Northern Trust Corp grew its stake in shares of First Bank by 546.8% during the second quarter. Northern Trust Corp now owns 160,876 shares of the bank’s stock worth $2,237,000 after purchasing an additional 136,004 shares during the period. Bank of New York Mellon Corp grew its stake in shares of First Bank by 294.8% during the second quarter. Bank of New York Mellon Corp now owns 51,992 shares of the bank’s stock worth $723,000 after purchasing an additional 38,823 shares during the period. Tower Research Capital LLC TRC grew its stake in shares of First Bank by 1,278.7% during the second quarter. Tower Research Capital LLC TRC now owns 12,781 shares of the bank’s stock worth $178,000 after purchasing an additional 11,854 shares during the period. Bank of America Corp DE grew its stake in shares of First Bank by 342.4% during the second quarter. Bank of America Corp DE now owns 75,692 shares of the bank’s stock worth $1,052,000 after purchasing an additional 58,584 shares during the period. Finally, Renaissance Technologies LLC grew its stake in shares of First Bank by 53.5% during the second quarter. Renaissance Technologies LLC now owns 222,373 shares of the bank’s stock worth $3,091,000 after purchasing an additional 77,473 shares during the period. 50.13% of the stock is owned by institutional investors and hedge funds.

First Bank Company Profile

First Bank provides various banking products and services to individuals, businesses, and governmental entities. 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.

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