Piper Sandler Lowers First Bank (NASDAQ:FRBA) Price Target to $15.00

First Bank (NASDAQ:FRBA) had its target price reduced by Piper Sandler from $16.00 to $15.00 in a research report released on Wednesday morning, Benzinga reports. They currently have an overweight rating on the bank’s stock.

First Bank Price Performance

Shares of NASDAQ:FRBA opened at $11.97 on Wednesday. The company’s 50-day moving average is $13.02 and its 200 day moving average is $13.04. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.08 and a current ratio of 1.09. The company has a market capitalization of $234.25 million, a P/E ratio of 10.59 and a beta of 0.87. First Bank has a fifty-two week low of $8.59 and a fifty-two week high of $15.17.

First Bank (NASDAQ:FRBA) last issued its quarterly earnings results on Wednesday, January 24th. The bank reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.12. The company had revenue of $28.00 million for the quarter, compared to the consensus estimate of $30.95 million. First Bank had a net margin of 13.63% and a return on equity of 12.23%. On average, equities research analysts forecast that First Bank will post 1.73 earnings per share for the current year.

First Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Friday, May 10th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date of this dividend is Thursday, May 9th. First Bank’s dividend payout ratio (DPR) is currently 21.24%.

Hedge Funds Weigh In On First Bank

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP boosted its holdings in shares of First Bank by 0.6% in the 4th quarter. Wellington Management Group LLP now owns 673,987 shares of the bank’s stock worth $9,908,000 after buying an additional 3,800 shares during the last quarter. PL Capital Advisors LLC purchased a new position in shares of First Bank in the 3rd quarter worth about $5,984,000. IAM Advisory LLC raised its stake in First Bank by 0.5% in the 4th quarter. IAM Advisory LLC now owns 184,986 shares of the bank’s stock valued at $2,719,000 after acquiring an additional 896 shares during the period. BlackBarn Capital Partners LP bought a new stake in First Bank in the 4th quarter valued at about $1,764,000. Finally, Russell Investments Group Ltd. raised its stake in First Bank by 22.5% in the 4th quarter. Russell Investments Group Ltd. now owns 115,018 shares of the bank’s stock valued at $1,691,000 after acquiring an additional 21,140 shares during the period. 64.86% of the stock is owned by hedge funds and other institutional investors.

First Bank Company Profile

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.