First Bank (NASDAQ:FRBA) Issues Quarterly Earnings Results

Key Points

• First Bank reported a quarterly earnings per share (EPS) of $0.47, exceeding the consensus estimate of $0.46 by $0.01, with a return on equity of 9.44% and a net margin of 16.13%.
• The company's stock price increased by 0.6% during midday trading, reaching $15.63, while analysts maintain an average rating of "Moderate Buy" with a consensus price target of $17.83.
• Recent institutional trading activity shows significant changes, including Tower Research Capital increasing its stake by 117.4%, indicating growing investor interest in First Bank.

First Bank (NASDAQ:FRBA - Get Free Report) issued its quarterly earnings results on Wednesday. The bank reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.01, Zacks reports. First Bank had a return on equity of 9.44% and a net margin of 16.13%.

First Bank Trading Up 0.6%

FRBA traded up $0.10 during midday trading on Wednesday, reaching $15.63. 43,485 shares of the company's stock traded hands, compared to its average volume of 49,279. First Bank has a 52 week low of $12.74 and a 52 week high of $17.40. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.15 and a quick ratio of 1.15. The firm has a fifty day moving average of $16.21 and a two-hundred day moving average of $15.29. The stock has a market capitalization of $305.88 million, a price-to-earnings ratio of 10.35 and a beta of 0.78.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of First Bank in a research note on Wednesday, October 8th. DA Davidson downgraded First Bank from a "strong-buy" rating to a "hold" rating in a report on Monday. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $17.83.

Institutional Trading of First Bank

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FRBA. Tower Research Capital LLC TRC lifted its position in shares of First Bank by 117.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,654 shares of the bank's stock worth $41,000 after purchasing an additional 1,433 shares during the period. BNP Paribas Financial Markets raised its stake in First Bank by 21.7% in the second quarter. BNP Paribas Financial Markets now owns 4,620 shares of the bank's stock worth $71,000 after buying an additional 825 shares in the last quarter. Lazard Asset Management LLC bought a new position in First Bank in the second quarter worth about $154,000. Prudential Financial Inc. boosted its position in First Bank by 19.5% during the 2nd quarter. Prudential Financial Inc. now owns 13,400 shares of the bank's stock valued at $207,000 after acquiring an additional 2,190 shares in the last quarter. Finally, AQR Capital Management LLC purchased a new position in shares of First Bank during the 1st quarter worth approximately $213,000. Hedge funds and other institutional investors 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.

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