First Bank (FRBA) Increases Dividend to $0.03 Per Share

First Bank (NASDAQ:FRBA) announced a quarterly dividend on Wednesday, January 31st, Wall Street Journal reports. Shareholders of record on Friday, February 9th will be given a dividend of 0.03 per share by the bank on Friday, February 23rd. This represents a $0.12 annualized dividend and a yield of 0.86%. The ex-dividend date of this dividend is Thursday, February 8th. This is an increase from First Bank’s previous quarterly dividend of $0.02.

Shares of First Bank (NASDAQ:FRBA) traded up $0.10 during midday trading on Thursday, hitting $13.95. 9,900 shares of the stock were exchanged, compared to its average volume of 18,628. The firm has a market capitalization of $241.51, a PE ratio of 19.24 and a beta of 0.58. First Bank has a 52-week low of $10.60 and a 52-week high of $14.95.

First Bank (NASDAQ:FRBA) last released its quarterly earnings results on Tuesday, January 30th. The bank reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01). The company had revenue of $12.86 million for the quarter, compared to analyst estimates of $12.60 million. equities research analysts predict that First Bank will post 1.04 earnings per share for the current fiscal year.

A hedge fund recently bought a new stake in First Bank stock. State Street Corp purchased a new position in First Bank (NASDAQ:FRBA) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 36,536 shares of the bank’s stock, valued at approximately $426,000. State Street Corp owned approximately 0.24% of First Bank at the end of the most recent reporting period. 37.93% of the stock is owned by institutional investors.

A number of research analysts have weighed in on the stock. Zacks Investment Research upgraded shares of First Bank from a “hold” rating to a “strong-buy” rating and set a $17.00 target price on the stock in a research note on Friday, January 12th. ValuEngine raised shares of First Bank from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. BidaskClub lowered shares of First Bank from a “hold” rating to a “sell” rating in a research report on Saturday, January 20th. Finally, Sandler O’Neill raised shares of First Bank from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research report on Wednesday, November 1st. One investment analyst has rated the stock with a sell rating, three have given a buy rating and one has assigned a strong buy rating to the stock. First Bank currently has an average rating of “Buy” and a consensus target price of $15.33.

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About First Bank

First Bank is a commercial bank. The Company provides a range of lending, deposit and other financial products and services. It operates through Community Banking segment, which is engaged in providing a range of commercial and retail and related banking services. It offers a range of lending products to meet the needs of its customers located within its market areas, including commercial and industrial loans, commercial real estate loans (including owner-occupied, investor, and multi-family loans), residential real estate loans, and consumer and other loans.

Dividend History for First Bank (NASDAQ:FRBA)

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