StockNews.com Downgrades First Bank (NASDAQ:FRBA) to Hold

First Bank (NASDAQ:FRBA - Get Free Report) was downgraded by analysts at StockNews.com from a "buy" rating to a "hold" rating in a report released on Saturday.

Separately, Piper Sandler reaffirmed an "overweight" rating and issued a $17.00 target price (down previously from $18.00) on shares of First Bank in a report on Wednesday, October 30th.

First Bank Price Performance

Shares of First Bank stock traded down $0.01 during midday trading on Friday, hitting $14.00. 184,270 shares of the company traded hands, compared to its average volume of 48,750. The stock has a market cap of $273.97 million, a price-to-earnings ratio of 8.81 and a beta of 0.94. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.08 and a current ratio of 1.08. The firm's fifty day moving average price is $14.72 and its 200-day moving average price is $14.29. First Bank has a 12 month low of $11.20 and a 12 month high of $15.87.

First Bank (NASDAQ:FRBA - Get Free Report) last posted its earnings results on Wednesday, October 23rd. The bank reported $0.34 earnings per share for the quarter, missing analysts' consensus estimates of $0.40 by ($0.06). First Bank had a return on equity of 11.80% and a net margin of 18.19%. The company had revenue of $58.64 million for the quarter, compared to the consensus estimate of $32.96 million. During the same period in the previous year, the firm posted $0.42 EPS. As a group, sell-side analysts forecast that First Bank will post 1.65 earnings per share for the current year.

Institutional Trading of First Bank

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. IAM Advisory LLC grew its position in shares of First Bank by 0.4% in the 3rd quarter. IAM Advisory LLC now owns 187,430 shares of the bank's stock valued at $2,849,000 after buying an additional 748 shares during the last quarter. Segall Bryant & Hamill LLC lifted its stake in shares of First Bank by 2.1% in the third quarter. Segall Bryant & Hamill LLC now owns 72,764 shares of the bank's stock worth $1,106,000 after acquiring an additional 1,515 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in First Bank by 3.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 60,582 shares of the bank's stock valued at $921,000 after acquiring an additional 2,103 shares during the last quarter. Empowered Funds LLC increased its position in First Bank by 5.3% during the 3rd quarter. Empowered Funds LLC now owns 84,509 shares of the bank's stock valued at $1,285,000 after purchasing an additional 4,288 shares during the period. Finally, Geode Capital Management LLC raised its holdings in First Bank by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 469,214 shares of the bank's stock worth $7,133,000 after purchasing an additional 5,105 shares during the last quarter. 64.86% of the stock is currently owned by institutional investors and hedge funds.

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.