First Bank (FRBA) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of First Bank (NASDAQ:FRBA) from a hold rating to a buy rating in a report released on Wednesday. Zacks Investment Research currently has $15.00 price target on the bank’s stock.

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. “

Other equities research analysts also recently issued reports about the company. BidaskClub upgraded First Bank from a sell rating to a hold rating in a report on Friday, September 7th. ValuEngine downgraded First Bank from a hold rating to a sell rating in a report on Saturday, September 22nd.

Shares of FRBA traded down $0.37 during mid-day trading on Wednesday, reaching $12.15. 33,459 shares of the company were exchanged, compared to its average volume of 33,805. The company has a market capitalization of $229.30 million, a price-to-earnings ratio of 16.88 and a beta of 0.52. First Bank has a 52 week low of $11.15 and a 52 week high of $15.00.

First Bank (NASDAQ:FRBA) last issued its earnings results on Tuesday, July 24th. The bank reported $0.22 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.26 by ($0.04). The business had revenue of $14.39 million during the quarter, compared to analyst estimates of $13.67 million. On average, research analysts predict that First Bank will post 1 EPS for the current fiscal year.

Hedge funds have recently modified their holdings of the business. FNY Investment Advisers LLC bought a new stake in First Bank in the second quarter worth approximately $165,000. Tower Research Capital LLC TRC increased its holdings 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 valued at $178,000 after acquiring an additional 11,854 shares in the last quarter. Rhumbline Advisers bought a new stake in shares of First Bank during the second quarter valued at approximately $198,000. Private Advisor Group LLC bought a new stake in shares of First Bank during the second quarter valued at approximately $295,000. Finally, Schwab Charles Investment Management Inc. bought a new stake in shares of First Bank during the second quarter valued at approximately $431,000. Institutional investors and hedge funds own 50.13% of the company’s stock.

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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