First Bank (NASDAQ:FRBA) Issues Quarterly Earnings Results, Hits Expectations

First Bank (NASDAQ:FRBA) issued its quarterly earnings data on Monday. The bank reported $0.49 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.49, Zacks reports. The business had revenue of $38.46 million during the quarter, compared to analysts’ expectations of $37.42 million. First Bank had a return on equity of 10.02% and a net margin of 17.27%.

First Bank Trading Down 0.8%

FRBA opened at $16.77 on Tuesday. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.78. First Bank has a 52 week low of $12.74 and a 52 week high of $18.11. The business’s 50 day moving average is $16.51 and its two-hundred day moving average is $16.10.

Hedge Funds Weigh In On First Bank

Institutional investors have recently modified their holdings of the business. Tower Research Capital LLC TRC boosted its stake in First Bank by 117.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,654 shares of the bank’s stock worth $41,000 after purchasing an additional 1,433 shares during the period. BNP Paribas Financial Markets grew its holdings in shares of First Bank by 21.7% during the second quarter. BNP Paribas Financial Markets now owns 4,620 shares of the bank’s stock worth $71,000 after buying an additional 825 shares during the last quarter. Lazard Asset Management LLC acquired a new position in First Bank in the 2nd quarter valued at about $154,000. Mercer Global Advisors Inc. ADV purchased a new stake in First Bank during the 3rd quarter valued at approximately $169,000. Finally, Prudential Financial Inc. lifted its position in First Bank by 19.5% during the 2nd quarter. Prudential Financial Inc. now owns 13,400 shares of the bank’s stock worth $207,000 after acquiring an additional 2,190 shares during the period. 64.86% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FRBA has been the topic of several recent analyst reports. Weiss Ratings reissued a “buy (b)” rating on shares of First Bank in a report on Monday, December 29th. DA Davidson cut First Bank from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 20th. Finally, Zacks Research downgraded First Bank from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 25th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $18.25.

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. It also offers various loan products comprising commercial and industrial loans, which include line of credit, inventory, equipment, and short-term working capital financing; commercial real estate loans, such as owner-occupied, investor, construction and development, and multi-family loans; residential real estate loans comprising residential mortgages, first and second lien home equity loans, and revolving lines of credit; and consumer and other loans consists of auto, personal, traditional installment, and other loans.