First Bank (NASDAQ:FRBA) Posts Earnings Results, Beats Expectations By $0.03 EPS

First Bank (NASDAQ:FRBA) announced its quarterly earnings results on Thursday. The bank reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.03, Zacks reports. First Bank had a return on equity of 9.60% and a net margin of 17.02%.

First Bank Stock Performance

FRBA traded up $0.07 during trading hours on Thursday, hitting $17.47. The company’s stock had a trading volume of 84,435 shares, compared to its average volume of 76,640. The company has a 50-day simple moving average of $16.58 and a 200 day simple moving average of $16.40. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $438.43 million, a PE ratio of 10.46 and a beta of 0.53. First Bank has a fifty-two week low of $14.40 and a fifty-two week high of $18.44.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Piper Sandler upped their price objective on First Bank from $18.00 to $19.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. DA Davidson reiterated a “neutral” rating and issued a $17.00 target price on shares of First Bank in a research note on Tuesday, April 28th. Zacks Research raised shares of First Bank from a “strong sell” rating to a “hold” rating in a report on Monday, June 29th. Finally, Weiss Ratings upgraded shares of First Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, June 23rd. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, First Bank has an average rating of “Moderate Buy” and a consensus target price of $18.00.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Patriot Financial Partners GP II L.P. bought a new stake in shares of First Bank during the third quarter valued at about $33,092,000. Vanguard Group Inc. grew its position in First Bank by 1.0% in the 3rd quarter. Vanguard Group Inc. now owns 1,268,542 shares of the bank’s stock valued at $20,665,000 after buying an additional 12,470 shares in the last quarter. Dimensional Fund Advisors LP grew its position in First Bank by 2.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,004,235 shares of the bank’s stock valued at $16,530,000 after buying an additional 22,722 shares in the last quarter. Wellington Management Group LLP increased its stake in First Bank by 1.0% during the 4th quarter. Wellington Management Group LLP now owns 616,157 shares of the bank’s stock valued at $10,142,000 after buying an additional 6,162 shares during the period. Finally, State Street Corp increased its stake in First Bank by 0.5% during the 4th quarter. State Street Corp now owns 395,447 shares of the bank’s stock valued at $6,509,000 after buying an additional 1,985 shares during the period. 64.86% of the stock is owned by institutional investors and hedge funds.

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.