First Bank (FRBA) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of First Bank (NASDAQ:FRBA) from a strong-buy rating to a hold rating in a report released 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. “

Other equities research analysts also recently issued research reports about the company. ValuEngine raised First Bank from a hold rating to a buy rating in a report on Sunday, December 31st. BidaskClub downgraded First Bank from a hold rating to a sell rating in a report on Saturday, January 20th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. First Bank has an average rating of Hold and a consensus target price of $15.33.

Shares of First Bank (NASDAQ FRBA) opened at $13.80 on Tuesday. The firm has a market capitalization of $154.53, a PE ratio of 20.91 and a beta of 0.37. First Bank has a twelve month low of $10.60 and a twelve month high of $14.95.

First Bank (NASDAQ:FRBA) last issued 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 business had revenue of $12.86 million during the quarter, compared to analyst estimates of $12.60 million. research analysts anticipate that First Bank will post 1.04 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, February 23rd. Shareholders of record on Friday, February 9th were issued a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.87%. The ex-dividend date was Thursday, February 8th. This is an increase from First Bank’s previous quarterly dividend of $0.02. First Bank’s dividend payout ratio (DPR) is currently 18.18%.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Stieven Capital Advisors L.P. boosted its holdings in First Bank by 1.8% in the third quarter. Stieven Capital Advisors L.P. now owns 507,900 shares of the bank’s stock worth $6,755,000 after acquiring an additional 9,200 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of First Bank by 2,995.8% during the second quarter. Vanguard Group Inc. now owns 417,537 shares of the bank’s stock worth $4,865,000 after purchasing an additional 404,050 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of First Bank by 348.4% during the fourth quarter. Renaissance Technologies LLC now owns 146,600 shares of the bank’s stock worth $2,030,000 after purchasing an additional 113,903 shares during the period. Essex Investment Management Co. LLC acquired a new stake in shares of First Bank during the fourth quarter worth about $1,839,000. Finally, Kennedy Capital Management Inc. lifted its holdings in shares of First Bank by 101.8% during the fourth quarter. Kennedy Capital Management Inc. now owns 112,683 shares of the bank’s stock worth $1,561,000 after purchasing an additional 56,843 shares during the period. 39.98% of the stock is owned by institutional investors and hedge funds.

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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.

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