First Bank (NASDAQ:FRBA) Sees Large Growth in Short Interest

First Bank (NASDAQ:FRBA) was the recipient of a large increase in short interest in March. As of March 13th, there was short interest totaling 172,155 shares, an increase of 27.0% from the February 26th total of 135,526 shares. Based on an average daily volume of 71,853 shares, the short-interest ratio is presently 2.4 days. Approximately 0.7% of the company’s stock are short sold.

First Bank Stock Performance

Shares of NASDAQ FRBA traded up $0.02 during midday trading on Monday, hitting $15.79. 1,579 shares of the company’s stock were exchanged, compared to its average volume of 66,166. First Bank has a twelve month low of $12.74 and a twelve month high of $18.11. The firm has a market cap of $396.33 million, a P/E ratio of 9.07 and a beta of 0.70. The stock’s 50 day moving average price is $16.37 and its 200-day moving average price is $16.23. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.14 and a quick ratio of 1.14.

First Bank (NASDAQ:FRBA) last posted its earnings results on Monday, January 26th. The bank reported $0.49 EPS for the quarter, meeting the consensus estimate of $0.49. First Bank had a return on equity of 10.32% and a net margin of 17.76%.The firm had revenue of $38.46 million for the quarter, compared to analysts’ expectations of $37.42 million. Equities research analysts anticipate that First Bank will post 1.78 EPS for the current year.

First Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Friday, February 6th were issued a $0.09 dividend. The ex-dividend date was Friday, February 6th. This represents a $0.36 annualized dividend and a dividend yield of 2.3%. First Bank’s dividend payout ratio (DPR) is 20.69%.

Institutional Trading of First Bank

Hedge funds and other institutional investors have recently modified their holdings of the company. AQR Capital Management LLC bought a new position in First Bank during the first quarter worth $213,000. Goldman Sachs Group Inc. grew its position in First Bank by 1.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 78,677 shares of the bank’s stock worth $1,165,000 after acquiring an additional 964 shares during the last quarter. Empowered Funds LLC increased its holdings in First Bank by 7.2% during the 1st quarter. Empowered Funds LLC now owns 95,139 shares of the bank’s stock valued at $1,409,000 after purchasing an additional 6,415 shares in the last quarter. Jane Street Group LLC acquired a new stake in First Bank during the 1st quarter valued at $347,000. Finally, Geode Capital Management LLC raised its position in First Bank by 1.9% in the 2nd quarter. Geode Capital Management LLC now owns 485,358 shares of the bank’s stock valued at $7,510,000 after purchasing an additional 9,006 shares during the last quarter. 64.86% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on FRBA shares. Zacks Research downgraded First Bank from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 25th. Weiss Ratings reiterated a “buy (b)” rating on shares of First Bank in a research note on Monday, December 29th. Finally, DA Davidson assumed coverage on shares of First Bank in a research report on Wednesday, February 25th. They set a “neutral” rating and a $18.00 price target for the company. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, First Bank currently has a consensus rating of “Moderate Buy” and an average price target of $17.75.

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.