First Bank (NASDAQ:FRBA) Share Price Crosses Below 200 Day Moving Average - Should You Sell?

Key Points

• First Bank shares fell below their 200-day moving average on Thursday, trading as low as $15.19 versus a 200-day average of $16.27. The stock last traded at $15.42.
• Analyst sentiment is mixed but cautious, with Zacks Research cutting FRBA to “strong sell” and Piper Sandler lowering its price target to $18.00. The consensus rating is currently “Hold” with an average price target of $17.50.
• Recent earnings missed expectations, as First Bank reported $0.30 EPS versus the $0.47 estimate and slightly missed revenue forecasts as well. The company also declared a quarterly dividend of $0.09 per share, yielding about 2.3% annually.

First Bank (NASDAQ:FRBA - Get Free Report)'s stock price passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $16.27 and traded as low as $15.19. First Bank shares last traded at $15.42, with a volume of 98,442 shares trading hands.

Analyst Upgrades and Downgrades

FRBA has been the topic of several research analyst reports. Zacks Research lowered First Bank from a "hold" rating to a "strong sell" rating in a report on Friday, May 1st. Piper Sandler dropped their price target on shares of First Bank from $20.00 to $18.00 and set an "overweight" rating on the stock in a research note on Friday, May 1st. Finally, DA Davidson restated a "neutral" rating and set a $17.00 price objective on shares of First Bank in a research report on Tuesday, April 28th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $17.50.

First Bank Stock Up 1.7%

The firm has a market cap of $386.98 million, a price-to-earnings ratio of 9.23 and a beta of 0.54. The business has a fifty day simple moving average of $16.00 and a 200 day simple moving average of $16.27. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.11.

First Bank (NASDAQ:FRBA - Get Free Report) last issued its quarterly earnings results on Monday, April 27th. The bank reported $0.30 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.17). First Bank had a return on equity of 9.69% and a net margin of 17.02%.The firm had revenue of $36.39 million for the quarter, compared to analysts' expectations of $36.99 million. As a group, equities analysts forecast that First Bank will post 1.56 EPS for the current fiscal year.

First Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 22nd. Stockholders of record on Friday, May 8th will be issued a dividend of $0.09 per share. The ex-dividend date of this dividend is Friday, May 8th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.3%. First Bank's dividend payout ratio is presently 21.56%.

Hedge Funds Weigh In On First Bank

Several hedge funds and other institutional investors have recently modified their holdings of the business. Tower Research Capital LLC TRC grew its stake in First Bank by 117.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,654 shares of the bank's stock valued at $41,000 after acquiring an additional 1,433 shares in the last quarter. New York State Common Retirement Fund lifted its stake in First Bank by 118.3% in the 3rd quarter. New York State Common Retirement Fund now owns 2,952 shares of the bank's stock worth $48,000 after purchasing an additional 1,600 shares in the last quarter. CWM LLC lifted its stake in First Bank by 91.8% in the 3rd quarter. CWM LLC now owns 3,421 shares of the bank's stock worth $56,000 after purchasing an additional 1,637 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of First Bank by 21.7% during the 2nd 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 last quarter. Finally, Lazard Asset Management LLC acquired a new position in shares of First Bank during the 2nd quarter worth approximately $154,000. 64.86% of the stock is owned by hedge funds and other institutional investors.

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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