First Bank (NASDAQ:FRBA) Announces Quarterly Earnings Results

Key Points

• First Bank beat quarterly expectations: The bank reported EPS of $0.49, exceeding the $0.44 consensus estimate, while revenue reached $38.76 million versus expectations of $37.70 million. Net margin was 17.45% and return on equity was 9.57%.
• Shares rose following the results: FRBA traded at $18.55, up $0.77, with a market capitalization of approximately $465.5 million. The stock remains below its 12-month high of $19.33.
• Analyst sentiment is moderately positive: Analysts raised several price targets to $19-$20, and the stock has an average rating of “Moderate Buy” with a consensus price target of $19.67.

First Bank (NASDAQ:FRBA - Get Free Report) announced its quarterly earnings data on Thursday. The bank reported $0.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.44 by $0.05, Zacks reports. First Bank had a return on equity of 9.57% and a net margin of 17.45%. The firm had revenue of $38.76 million during the quarter, compared to the consensus estimate of $37.70 million.

First Bank Price Performance

FRBA stock traded up $0.77 during mid-day trading on Thursday, hitting $18.55. 118,609 shares of the stock were exchanged, compared to its average volume of 83,919. The business has a fifty day moving average price of $17.91 and a 200 day moving average price of $17.16. First Bank has a 12 month low of $14.40 and a 12 month high of $19.33. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market capitalization of $465.53 million, a price-to-earnings ratio of 10.98 and a beta of 0.57.

Wall Street Analyst Weigh In

Several equities research analysts have commented on FRBA shares. DA Davidson upped their price objective on shares of First Bank from $16.00 to $19.00 and gave the company a "neutral" rating in a report on Monday, July 27th. Hovde Group restated an "outperform" rating and set a $20.00 price target (up from $18.00) on shares of First Bank in a research note on Monday, July 27th. Piper Sandler lifted their price objective on shares of First Bank from $19.00 to $20.00 and gave the company an "overweight" rating in a research note on Monday, July 27th. Weiss Ratings reiterated a "buy (b)" rating on shares of First Bank in a research note on Friday, September 18th. Finally, Zacks Research raised First Bank from a "strong sell" rating to a "hold" rating in a report on Monday, June 29th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $19.67.

First Bank Company Profile

First Bank NASDAQ: FRBA is a full-service community bank headquartered in Hamilton, New Jersey. The bank provides banking services to individuals, families, professionals, small businesses and commercial customers through branches and digital banking channels.

Its products and services include checking and savings accounts, certificates of deposit, residential mortgages, home equity financing, consumer loans, commercial real estate loans, construction financing and other business lending solutions.

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