First Bank (FRBA) Upgraded to “Hold” at BidaskClub

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BidaskClub upgraded shares of First Bank (NASDAQ:FRBA) from a sell rating to a hold rating in a research note released on Friday.

Separately, Zacks Investment Research lowered First Bank from a hold rating to a strong sell rating in a research report on Friday, July 27th.

Shares of NASDAQ:FRBA traded down $0.10 during midday trading on Friday, reaching $14.30. The company had a trading volume of 18,663 shares, compared to its average volume of 24,499. First Bank has a 1-year low of $11.15 and a 1-year high of $15.00. The firm has a market capitalization of $251.10 million, a price-to-earnings ratio of 19.86 and a beta of 0.51.

First Bank (NASDAQ:FRBA) last released its quarterly 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 company had revenue of $14.39 million during the quarter, compared to analyst estimates of $13.67 million. analysts anticipate that First Bank will post 1 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, August 24th. Investors of record on Friday, August 10th were given a $0.03 dividend. The ex-dividend date was Thursday, August 9th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.84%. First Bank’s dividend payout ratio (DPR) is 16.67%.

A number of institutional investors have recently made changes to their positions in the stock. Banc Funds Co. LLC lifted its stake in First Bank by 2.3% in the 1st quarter. Banc Funds Co. LLC now owns 1,273,861 shares of the bank’s stock worth $18,344,000 after acquiring an additional 29,100 shares in the last quarter. BlackRock Inc. lifted its stake in First Bank by 1,465.0% in the 2nd quarter. BlackRock Inc. now owns 716,692 shares of the bank’s stock worth $9,960,000 after acquiring an additional 670,898 shares in the last quarter. Renaissance Technologies LLC lifted its stake in First Bank by 53.5% in the 2nd quarter. Renaissance Technologies LLC now owns 222,373 shares of the bank’s stock worth $3,091,000 after acquiring an additional 77,473 shares in the last quarter. Millennium Management LLC lifted its stake in First Bank by 133.2% in the 1st quarter. Millennium Management LLC now owns 211,822 shares of the bank’s stock worth $3,050,000 after acquiring an additional 120,986 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in First Bank by 30.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 159,450 shares of the bank’s stock worth $2,216,000 after acquiring an additional 37,640 shares in the last quarter. 50.15% of the stock is owned by hedge funds and other institutional investors.

About First Bank

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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