First Bank (NASDAQ:FRBA) Posts Quarterly Earnings Results

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

First Bank Trading Down 0.8%

Shares of FRBA stock opened at $16.77 on Tuesday. The stock has a fifty day moving average of $16.51 and a 200 day moving average of $16.10. First Bank has a 52 week low of $12.74 and a 52 week high of $18.11. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.78.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC purchased a new stake in shares of First Bank in the 1st quarter worth about $213,000. Goldman Sachs Group Inc. raised its stake in First Bank by 1.2% in the first quarter. Goldman Sachs Group Inc. now owns 78,677 shares of the bank’s stock worth $1,165,000 after buying an additional 964 shares in the last quarter. Empowered Funds LLC lifted its holdings in First Bank by 7.2% in the first quarter. Empowered Funds LLC now owns 95,139 shares of the bank’s stock worth $1,409,000 after buying an additional 6,415 shares during the period. Jane Street Group LLC purchased a new stake in First Bank in the first quarter worth about $347,000. Finally, Rhumbline Advisers boosted its position in First Bank by 3.7% during the 2nd quarter. Rhumbline Advisers now owns 30,316 shares of the bank’s stock valued at $469,000 after acquiring an additional 1,070 shares in the last quarter. 64.86% of the stock is currently owned by 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. 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.