First Bank (NASDAQ:FRBA) Releases Earnings Results, Beats Estimates By $0.03 EPS

First Bank (NASDAQ:FRBA) released its quarterly earnings results on Thursday. The bank reported $0.43 EPS for the quarter, beating the consensus estimate of $0.40 by $0.03, Zacks reports. First Bank had a net margin of 17.02% and a return on equity of 9.60%. The business had revenue of $36.95 million for the quarter, compared to analysts’ expectations of $37.23 million.

First Bank Trading Up 2.1%

NASDAQ FRBA traded up $0.37 during trading on Friday, reaching $17.86. 21,586 shares of the stock traded hands, compared to its average volume of 76,233. First Bank has a fifty-two week low of $14.40 and a fifty-two week high of $18.44. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.57. The firm has a market cap of $448.29 million, a price-to-earnings ratio of 10.69 and a beta of 0.53. The stock’s 50-day moving average price is $16.63 and its 200 day moving average price is $16.41.

Analysts Set New Price Targets

FRBA has been the subject of a number of recent research reports. Weiss Ratings upgraded First Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, June 23rd. Zacks Research raised shares of First Bank from a “strong sell” rating to a “hold” rating in a research note on Monday, June 29th. DA Davidson restated a “neutral” rating and issued a $17.00 price objective on shares of First Bank in a report on Tuesday, April 28th. Finally, Piper Sandler lifted their target price on shares of First Bank from $18.00 to $19.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $18.00.

Hedge Funds Weigh In On First Bank

Several institutional investors and hedge funds have recently made changes to their positions in FRBA. Empowered Funds LLC lifted its holdings in First Bank by 10.6% during the fourth quarter. Empowered Funds LLC now owns 120,076 shares of the bank’s stock worth $1,976,000 after acquiring an additional 11,554 shares in the last quarter. Wellington Management Group LLP grew its position in shares of First Bank by 1.0% in the 4th quarter. Wellington Management Group LLP now owns 616,157 shares of the bank’s stock valued at $10,142,000 after purchasing an additional 6,162 shares during the period. Occudo Quantitative Strategies LP bought a new stake in First Bank during the 4th quarter worth approximately $183,000. Millennium Management LLC raised its holdings in First Bank by 93.8% during the 4th quarter. Millennium Management LLC now owns 56,820 shares of the bank’s stock worth $935,000 after buying an additional 27,497 shares during the period. Finally, Man Group plc boosted its holdings in shares of First Bank by 25.4% in the fourth quarter. Man Group plc now owns 48,490 shares of the bank’s stock valued at $798,000 after buying an additional 9,822 shares during the period. Institutional investors and hedge funds 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. 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.