First Bank (NASDAQ:FRBA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage currently has a $9.50 price objective on the stock. Zacks Investment Research’s price target would suggest a potential upside of 10.59% from the company’s previous close.

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. “

Shares of First Bank (NASDAQ:FRBA) traded down 0.12% during trading on Tuesday, reaching $8.59. The company’s stock had a trading volume of 144 shares. First Bank has a 12 month low of $6.14 and a 12 month high of $8.99. The stock’s 50 day moving average price is $8.35 and its 200-day moving average price is $7.45. The firm has a market cap of $97.86 million, a PE ratio of 19.48 and a beta of 0.32.

Institutional investors have recently made changes to their positions in the stock. Punch & Associates Investment Management Inc. boosted its position in shares of First Bank by 13.6% in the second quarter. Punch & Associates Investment Management Inc. now owns 269,249 shares of the company’s stock valued at $1,869,000 after buying an additional 32,334 shares during the last quarter. Emerald Mutual Fund Advisers Trust boosted its position in shares of First Bank by 1,253.3% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 188,963 shares of the company’s stock valued at $1,311,000 after buying an additional 175,000 shares during the last quarter. Banc Funds Co. LLC boosted its position in shares of First Bank by 103.8% in the second quarter. Banc Funds Co. LLC now owns 873,734 shares of the company’s stock valued at $6,064,000 after buying an additional 445,000 shares during the last quarter. Finally, FJ Capital Management LLC boosted its position in shares of First Bank by 283.8% in the second quarter. FJ Capital Management LLC now owns 1,040,000 shares of the company’s stock valued at $7,218,000 after buying an additional 769,000 shares during the last quarter. 39.44% of the stock is currently owned by institutional investors and hedge funds.

About First Bank

First Bank (the Bank) is a commercial bank. The Bank provides a range of lending, deposit and other financial products and services. The Bank operates through Community Banking segment, which encompasses its primary business, which includes providing a range of commercial and retail and related banking services.

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