First Bank (NASDAQ:FRBA) Price Target Raised to $19.00

First Bank (NASDAQ:FRBA) had its price target boosted by equities researchers at Piper Sandler from $18.00 to $19.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Piper Sandler’s price objective would indicate a potential upside of 10.18% from the company’s previous close.

Other analysts have also recently issued research reports about the company. Weiss Ratings raised First Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday. Zacks Research lowered First Bank from a “hold” rating to a “strong sell” rating in a report on Friday, May 1st. Finally, DA Davidson restated a “neutral” rating and issued a $17.00 price objective on shares of First Bank in a research note on Tuesday, April 28th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, First Bank has a consensus rating of “Hold” and an average price target of $18.00.

First Bank Stock Performance

Shares of NASDAQ FRBA traded up $0.15 during midday trading on Friday, reaching $17.25. The company had a trading volume of 10,092 shares, compared to its average volume of 71,070. The business’s 50-day simple moving average is $15.92 and its 200 day simple moving average is $16.32. The stock has a market cap of $432.85 million, a P/E ratio of 10.35 and a beta of 0.55. First Bank has a 1 year low of $14.40 and a 1 year high of $18.11. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.57.

First Bank (NASDAQ:FRBA) last announced its quarterly earnings data on Monday, April 27th. The bank reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.17). First Bank had a net margin of 17.02% and a return on equity of 9.60%. The company had revenue of $36.39 million for the quarter, compared to analysts’ expectations of $36.98 million. On average, analysts forecast that First Bank will post 1.56 earnings per share for the current fiscal year.

Institutional Investors Weigh In On First Bank

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC lifted its holdings in shares of First Bank by 117.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,654 shares of the bank’s stock valued at $41,000 after buying an additional 1,433 shares during the period. BNP Paribas Financial Markets boosted its stake in shares of First Bank by 21.7% in the second quarter. BNP Paribas Financial Markets now owns 4,620 shares of the bank’s stock worth $71,000 after buying an additional 825 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in First Bank during the second quarter worth about $154,000. Mercer Global Advisors Inc. ADV acquired a new stake in First Bank during the third quarter worth about $169,000. Finally, Occudo Quantitative Strategies LP acquired a new stake in First Bank during the fourth quarter worth about $183,000. 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.