First Bank (NASDAQ:FRBA) Share Price Crosses Above 50-Day Moving Average - What's Next?

Key Points

• First Bank shares moved above their 50-day moving average, trading as high as $17.47 and last changing hands at $17.21. The move comes with the stock still below recent analyst targets but showing improved short-term momentum.
• Analyst sentiment is moderately positive, with Piper Sandler raising its price target to $19 and the broader consensus sitting at a “Moderate Buy” with an average target of $18.00. Ratings were mixed overall, with two Buy and two Hold ratings.
• The bank’s fundamentals and income payout remain stable, including a 2.1% annualized dividend yield and a payout ratio of 21.56%. However, the latest earnings report missed EPS expectations, coming in at $0.30 versus the $0.47 consensus estimate.

First Bank (NASDAQ:FRBA - Get Free Report) shares passed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $16.08 and traded as high as $17.47. First Bank shares last traded at $17.21, with a volume of 157,802 shares trading hands.

Wall Street Analysts Forecast Growth

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

First Bank Stock Performance

The company has a debt-to-equity ratio of 0.57, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market capitalization of $431.97 million, a price-to-earnings ratio of 10.31 and a beta of 0.53. The stock has a 50-day moving average of $16.08 and a 200 day moving average of $16.35.

First Bank (NASDAQ:FRBA - Get Free Report) last issued its earnings results on Monday, April 27th. The bank reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.17). First Bank had a net margin of 17.02% and a return on equity of 9.60%. The business had revenue of $36.39 million during the quarter, compared to the consensus estimate of $36.98 million. On average, analysts expect that First Bank will post 1.56 EPS for the current year.

First Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 8th were paid a $0.09 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $0.36 dividend on an annualized basis and a yield of 2.1%. First Bank's dividend payout ratio (DPR) is presently 21.56%.

Institutional Trading of First Bank

Institutional investors and hedge funds have recently made changes to their positions in the business. Tower Research Capital LLC TRC boosted 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 last quarter. BNP Paribas Financial Markets grew its stake in shares of First Bank by 21.7% during the second quarter. BNP Paribas Financial Markets now owns 4,620 shares of the bank's stock worth $71,000 after purchasing an additional 825 shares during the period. Lazard Asset Management LLC bought a new stake in First Bank in the second quarter valued at about $154,000. Mercer Global Advisors Inc. ADV bought a new stake in First Bank in the third quarter valued at about $169,000. Finally, Occudo Quantitative Strategies LP bought a new stake in First Bank in the fourth quarter valued at about $183,000. 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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