First Bank (NASDAQ:FRBA) Releases Earnings Results, Beats Estimates By $0.05 EPS

First Bank (NASDAQ:FRBA) issued its quarterly earnings data on Thursday. The bank reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.05, Zacks reports. The company had revenue of $38.76 million during the quarter, compared to the consensus estimate of $37.70 million. First Bank had a net margin of 17.45% and a return on equity of 9.57%.

First Bank Trading Up 3.6%

NASDAQ FRBA opened at $19.22 on Friday. The company has a fifty day simple moving average of $17.90 and a two-hundred day simple moving average of $17.18. The stock has a market cap of $482.37 million, a P/E ratio of 10.96 and a beta of 0.57. First Bank has a 12-month low of $14.40 and a 12-month high of $19.33. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.61.

First Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 20th. Shareholders of record on Friday, November 6th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Friday, November 6th. This is a positive change from First Bank’s previous quarterly dividend of $0.09. First Bank’s dividend payout ratio (DPR) is currently 21.30%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on FRBA shares. Piper Sandler raised their price objective on First Bank from $19.00 to $20.00 and gave the company an “overweight” rating in a research report on Monday, July 27th. Hovde Group reaffirmed an “outperform” rating and issued a $20.00 price objective (up from $18.00) on shares of First Bank in a research report on Monday, July 27th. DA Davidson increased their target price on shares of First Bank from $16.00 to $19.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Zacks Research raised shares of First Bank from a “strong sell” rating to a “hold” rating in a report on Monday, June 29th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of First Bank in a research note on Friday, September 18th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.67.

First Bank Company Profile

First Bank (NASDAQ: FRBA) is a community-focused commercial bank headquartered in Hamilton, New Jersey. Founded in 2007, the bank provides banking services to businesses, individuals and organizations in New Jersey and eastern Pennsylvania.

Its products and services include commercial and industrial loans, commercial real estate financing, residential mortgage loans, consumer lending, checking and savings accounts, certificates of deposit, cash-management services and online banking. First Bank emphasizes relationship-based banking and serves small and mid-sized businesses, professionals, nonprofit organizations and individual customers.

First Bank operates a network of branches in central and southern New Jersey and the greater Philadelphia region.