DA Davidson Has Weak Outlook for First Bank FY2024 Earnings

First Bank (NASDAQ:FRBA - Free Report) - Analysts at DA Davidson lowered their FY2024 earnings per share (EPS) estimates for shares of First Bank in a note issued to investors on Tuesday, October 29th. DA Davidson analyst M. Navas now expects that the bank will post earnings of $1.65 per share for the year, down from their prior estimate of $1.70. The consensus estimate for First Bank's current full-year earnings is $1.70 per share.

First Bank (NASDAQ:FRBA - Get Free Report) last issued 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 12.38% and a net margin of 14.48%. The business had revenue of $58.64 million during the quarter, compared to analysts' expectations of $32.96 million. During the same period last year, the firm posted $0.42 EPS.

Other equities research analysts also recently issued reports about the company. StockNews.com downgraded First Bank from a "buy" rating to a "hold" rating in a research note on Friday, July 19th. Piper Sandler restated an "overweight" rating and set a $17.00 price target (down from $18.00) on shares of First Bank in a research note on Wednesday.

First Bank Stock Performance

NASDAQ:FRBA traded down $0.24 during mid-day trading on Thursday, reaching $14.16. The company's stock had a trading volume of 32,952 shares, compared to its average volume of 48,099. First Bank has a 12-month low of $10.80 and a 12-month high of $15.87. The firm's fifty day moving average price is $14.99 and its two-hundred day moving average price is $13.65. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.55. The stock has a market cap of $277.10 million, a P/E ratio of 12.74 and a beta of 0.93.

First Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, November 8th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.69%. First Bank's dividend payout ratio is currently 21.24%.

Institutional Investors Weigh In On First Bank

Large investors have recently made changes to their positions in the company. Private Advisor Group LLC grew its stake in shares of First Bank by 14.2% during the 1st quarter. Private Advisor Group LLC now owns 26,856 shares of the bank's stock valued at $369,000 after acquiring an additional 3,345 shares during the period. BNP Paribas Financial Markets grew its stake in shares of First Bank by 88.0% during the 1st quarter. BNP Paribas Financial Markets now owns 10,013 shares of the bank's stock valued at $138,000 after acquiring an additional 4,688 shares during the period. Empowered Funds LLC grew its stake in shares of First Bank by 8.1% during the 1st quarter. Empowered Funds LLC now owns 74,461 shares of the bank's stock valued at $1,023,000 after acquiring an additional 5,600 shares during the period. Vanguard Group Inc. grew its stake in shares of First Bank by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 1,208,998 shares of the bank's stock valued at $16,612,000 after acquiring an additional 7,413 shares during the period. Finally, Quadrature Capital Ltd bought a new position in shares of First Bank during the 1st quarter valued at approximately $283,000. 64.86% of the stock is currently owned by institutional investors.

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.