Zacks Investment Research Upgrades First Bank (FRBA) to “Hold”

First Bank (NASDAQ:FRBA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.

According to Zacks, “First Bank is a state-chartered bank with five full-service branches. It provides personal and business banking services in New Jersey, the United States. The Bank offers checking, savings, and money market accounts; and auto and home loans, home equity line of credit, fixed rate home equity loans, lines of credit, term loans, commercial mortgages, letters of credit, merchant services, and construction finance. First Bank is headquartered in Hamilton, New Jersey. “

A number of other research firms have also commented on FRBA. ValuEngine lowered First Bank from a “hold” rating to a “sell” rating in a research note on Saturday, September 22nd. BidaskClub upgraded First Bank from a “sell” rating to a “hold” rating in a research note on Friday, September 7th.

First Bank stock opened at $13.10 on Tuesday. The stock has a market capitalization of $231.91 million, a PE ratio of 18.19 and a beta of 0.51. First Bank has a 52 week low of $11.15 and a 52 week high of $15.00.

First Bank (NASDAQ:FRBA) last posted its quarterly earnings data on Tuesday, July 24th. The bank reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.04). The firm had revenue of $14.39 million during the quarter, compared to analyst estimates of $13.67 million. research analysts predict that First Bank will post 1 EPS for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its position in First Bank by 1,465.0% during the second quarter. BlackRock Inc. now owns 716,692 shares of the bank’s stock worth $9,960,000 after buying an additional 670,898 shares in the last quarter. Renaissance Technologies LLC grew its position in First Bank by 53.5% during the second quarter. Renaissance Technologies LLC now owns 222,373 shares of the bank’s stock worth $3,091,000 after buying an additional 77,473 shares in the last quarter. Millennium Management LLC grew its position in First Bank by 133.2% during the first quarter. Millennium Management LLC now owns 211,822 shares of the bank’s stock worth $3,050,000 after buying an additional 120,986 shares in the last quarter. Northern Trust Corp grew its position in First Bank by 546.8% during the second quarter. Northern Trust Corp now owns 160,876 shares of the bank’s stock worth $2,237,000 after buying an additional 136,004 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in First Bank by 30.9% during the second quarter. Dimensional Fund Advisors LP now owns 159,450 shares of the bank’s stock worth $2,216,000 after buying an additional 37,640 shares in the last quarter. 50.13% of the stock is currently owned by institutional investors and hedge funds.

First Bank Company Profile

First Bank provides various banking products and services to individuals, businesses, and governmental entities. 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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