Piper Sandler Lowers First Bank (NASDAQ:FRBA) Price Target to $15.00

First Bank (NASDAQ:FRBA - Free Report) had its price target trimmed by Piper Sandler from $16.00 to $15.00 in a report published on Wednesday, Benzinga reports. The brokerage currently has an overweight rating on the bank's stock.

First Bank Price Performance

First Bank stock traded down $0.35 during mid-day trading on Wednesday, reaching $11.97. 62,463 shares of the company's stock traded hands, compared to its average volume of 51,237. The company has a market cap of $234.25 million, a price-to-earnings ratio of 10.40 and a beta of 0.87. The stock has a 50 day moving average of $13.06 and a two-hundred day moving average of $13.05. The company has a quick ratio of 1.08, a current ratio of 1.09 and a debt-to-equity ratio of 0.63. First Bank has a 12-month low of $8.59 and a 12-month high of $15.17.

First Bank (NASDAQ:FRBA - Get Free Report) last released its quarterly earnings results on Wednesday, January 24th. The bank reported $0.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.37 by $0.12. The company had revenue of $28.00 million for the quarter, compared to the consensus estimate of $30.95 million. First Bank had a net margin of 13.63% and a return on equity of 12.23%. Equities analysts forecast that First Bank will post 1.73 earnings per share for the current year.

First Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Friday, May 10th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date of this dividend is Thursday, May 9th. First Bank's dividend payout ratio (DPR) is 21.24%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. New York State Common Retirement Fund grew its holdings in shares of First Bank by 766.6% in the third quarter. New York State Common Retirement Fund now owns 9,550 shares of the bank's stock worth $103,000 after purchasing an additional 8,448 shares during the last quarter. PL Capital Advisors LLC bought a new position in shares of First Bank in the third quarter worth about $5,984,000. Strs Ohio grew its holdings in shares of First Bank by 26.1% in the third quarter. Strs Ohio now owns 49,300 shares of the bank's stock worth $531,000 after purchasing an additional 10,200 shares during the last quarter. Minerva Advisors LLC bought a new position in shares of First Bank in the third quarter worth about $443,000. Finally, SG Americas Securities LLC bought a new position in First Bank during the 4th quarter worth about $165,000. Institutional investors own 64.86% of the company's stock.

First Bank Company Profile

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.