First Bank (NASDAQ:FRBA) Plans $0.09 Quarterly Dividend

Key Points

• First Bank declared a quarterly dividend of $0.09 per share, payable August 21 to shareholders of record August 7. The payment represents a $0.36 annualized dividend and a 1.9% yield.
• The dividend appears well covered, with a current payout ratio of 19.8% and an expected future payout ratio of about 20.3%; analysts forecast $1.77 in earnings per share next year.
• First Bank reported quarterly EPS of $0.43, beating estimates of $0.40, while institutional investors own 64.86% of the company. Shares recently traded at $18.63, near the 52-week high of $18.75.

First Bank (NASDAQ:FRBA - Get Free Report) declared a quarterly dividend on Monday, July 27th. Investors of record on Friday, August 7th will be paid a dividend of 0.09 per share by the bank on Friday, August 21st. This represents a c) annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, August 7th.

First Bank has raised its dividend payment by an average of 0.1%annually over the last three years. First Bank has a payout ratio of 19.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect First Bank to earn $1.77 per share next year, which means the company should continue to be able to cover its $0.36 annual dividend with an expected future payout ratio of 20.3%.

First Bank Stock Performance

First Bank stock traded up $0.65 during midday trading on Monday, hitting $18.63. The company's stock had a trading volume of 132,565 shares, compared to its average volume of 77,281. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.11 and a quick ratio of 1.11. First Bank has a 1-year low of $14.40 and a 1-year high of $18.75. The company has a 50-day moving average price of $16.69 and a two-hundred day moving average price of $16.42. The company has a market cap of $467.61 million, a price-to-earnings ratio of 11.02 and a beta of 0.53.

First Bank (NASDAQ:FRBA - Get Free Report) last released its earnings results on Thursday, July 23rd. The bank reported $0.43 earnings per share for the quarter, beating analysts' consensus estimates of $0.40 by $0.03. The business had revenue of $36.95 million during the quarter, compared to the consensus estimate of $37.23 million. First Bank had a net margin of 17.45% and a return on equity of 9.63%. As a group, sell-side analysts predict that First Bank will post 1.56 earnings per share for the current year.

Institutional Trading of First Bank

Several large investors have recently added to or reduced their stakes in FRBA. Patriot Financial Partners GP II L.P. bought a new position in shares of First Bank in the 3rd quarter worth approximately $33,092,000. Segall Bryant & Hamill LLC bought a new stake in First Bank during the fourth quarter worth about $1,685,000. Russell Investments Group Ltd. boosted its stake in First Bank by 49.0% during the third quarter. Russell Investments Group Ltd. now owns 144,120 shares of the bank's stock worth $2,348,000 after acquiring an additional 47,397 shares in the last quarter. Qube Research & Technologies Ltd purchased a new stake in shares of First Bank in the 3rd quarter worth approximately $569,000. Finally, Goldman Sachs Group Inc. increased its holdings in shares of First Bank by 46.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 103,755 shares of the bank's stock valued at $1,708,000 after acquiring an additional 32,712 shares in the last quarter. 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. 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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