Patriot Financial Partners GP II L.P. Sells 200,000 Shares of First Bank $FRBA

Key Points

• Patriot Financial Partners GP II L.P. reduced its stake in First Bank by 10.9% in the first quarter, selling 200,000 shares and leaving it with 1.63 million shares worth about $26.1 million.
• Several other institutional investors were active in FRBA, and overall institutional ownership remains high at 64.86% of the company.
• Analysts are mixed but slightly positive on First Bank, with an average Moderate Buy rating and a $18.00 price target; the stock also recently fell 2.1% after reporting quarterly EPS of $0.30, below estimates.

Patriot Financial Partners GP II L.P. lessened its position in First Bank (NASDAQ:FRBA - Free Report) by 10.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,631,437 shares of the bank's stock after selling 200,000 shares during the quarter. First Bank comprises about 6.7% of Patriot Financial Partners GP II L.P.'s investment portfolio, making the stock its 8th biggest position. Patriot Financial Partners GP II L.P. owned about 6.50% of First Bank worth $26,103,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FRBA. AQR Capital Management LLC bought a new stake in First Bank during the first quarter valued at about $213,000. Goldman Sachs Group Inc. increased its stake in shares of 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 purchasing an additional 964 shares during the period. Empowered Funds LLC increased its stake in shares of 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 purchasing an additional 6,415 shares during the period. Jane Street Group LLC acquired a new position in shares of First Bank during the 1st quarter worth about $347,000. Finally, Rhumbline Advisers boosted its stake 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 purchasing an additional 1,070 shares during the period. Institutional investors and hedge funds own 64.86% of the company's stock.

Analyst Upgrades and Downgrades

FRBA has been the topic of a number of research analyst reports. DA Davidson reaffirmed a "neutral" rating and issued a $17.00 target price on shares of First Bank in a report on Tuesday, April 28th. Piper Sandler increased their price objective on First Bank from $18.00 to $19.00 and gave the company an "overweight" rating in a research report on Friday, June 26th. Zacks Research raised First Bank from a "strong sell" rating to a "hold" rating in a research report on Monday, June 29th. Finally, Weiss Ratings upgraded shares of First Bank from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, June 23rd. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, First Bank presently has an average rating of "Moderate Buy" and an average price target of $18.00.

First Bank Stock Down 2.1%

Shares of FRBA opened at $17.86 on Friday. The company has a 50-day simple moving average of $16.42 and a 200-day simple moving average of $16.38. The firm has a market capitalization of $448.29 million, a P/E ratio of 10.69 and a beta of 0.53. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.11 and a current ratio of 1.11. First Bank has a 52 week low of $14.40 and a 52 week high of $18.45.

First Bank (NASDAQ:FRBA - Get Free Report) last released its earnings results 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 return on equity of 9.60% and a net margin of 17.02%.The firm had revenue of $36.39 million for the quarter, compared to analyst estimates of $36.98 million. On average, equities research analysts expect that First Bank will post 1.56 earnings per share for the current year.

First Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 8th were given a $0.09 dividend. The ex-dividend date was Friday, May 8th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.0%. First Bank's dividend payout ratio (DPR) is currently 21.56%.

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.

Want to see what other hedge funds are holding FRBA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Bank (NASDAQ:FRBA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.