First Bank (NASDAQ:FRBA) Issues Earnings Results

Key Points

• First Bank beat earnings expectations, reporting $0.43 per share for the quarter versus the $0.40 consensus estimate. The bank also posted a 9.60% return on equity and a 17.02% net margin.
• FRBA shares rose modestly following the report, trading up to $17.47 on Thursday. The stock is near the upper end of its 52-week range of $14.40 to $18.44.
• Analyst sentiment is mixed but constructive, with the stock carrying a consensus rating of “Moderate Buy” and an average price target of $18.00. Recent updates included upgrades from Weiss Ratings and Zacks, while Piper Sandler lifted its target to $19.00.

First Bank (NASDAQ:FRBA - Get Free Report) announced its earnings results on Thursday. The bank reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.03, Zacks reports. First Bank had a return on equity of 9.60% and a net margin of 17.02%.

First Bank Stock Performance

Shares of NASDAQ FRBA traded up $0.07 during trading on Thursday, reaching $17.47. The stock had a trading volume of 84,435 shares, compared to its average volume of 76,640. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market cap of $438.43 million, a PE ratio of 10.46 and a beta of 0.53. First Bank has a one year low of $14.40 and a one year high of $18.44. The firm's 50 day moving average price is $16.58 and its two-hundred day moving average price is $16.40.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FRBA. 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. Zacks Research upgraded shares of First Bank from a "strong sell" rating to a "hold" rating in a research note on Monday, June 29th. DA Davidson reissued a "neutral" rating and set a $17.00 price objective on shares of First Bank in a report on Tuesday, April 28th. Finally, Piper Sandler boosted their target price on shares of First Bank from $18.00 to $19.00 and gave the stock an "overweight" rating in a research report on Friday, June 26th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, First Bank currently has an average rating of "Moderate Buy" and a consensus price target of $18.00.

Hedge Funds Weigh In On First Bank

Hedge funds have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC increased its stake in First Bank by 117.4% during the second quarter. Tower Research Capital LLC TRC now owns 2,654 shares of the bank's stock valued at $41,000 after purchasing an additional 1,433 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of First Bank by 21.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,620 shares of the bank's stock valued at $71,000 after buying an additional 825 shares during the period. Lazard Asset Management LLC acquired a new position in shares of First Bank in the 2nd quarter valued at about $154,000. Mercer Global Advisors Inc. ADV acquired a new position in shares of First Bank in the 3rd quarter valued at about $169,000. Finally, Occudo Quantitative Strategies LP bought a new stake in shares of First Bank during the 4th quarter valued at about $183,000. Institutional investors and hedge funds own 64.86% of the company's stock.

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.

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