First Bank (FRBA) Upgraded to “Buy” at Zacks Investment Research
First Bank (NASDAQ:FRBA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm presently has a $9.50 price target on the stock. Zacks Investment Research’s price target indicates a potential upside of 10.59% from the company’s previous close.
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. “
Shares of First Bank (NASDAQ:FRBA) traded down 0.12% during trading on Tuesday, reaching $8.59. 144 shares of the company traded hands. First Bank has a 12-month low of $6.14 and a 12-month high of $8.99. The stock has a market capitalization of $97.86 million, a P/E ratio of 19.48 and a beta of 0.32. The firm’s 50 day moving average is $8.35 and its 200-day moving average is $7.45.
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Several institutional investors have recently added to or reduced their stakes in the stock. Emerald Mutual Fund Advisers Trust boosted its position in First Bank by 1,253.3% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 188,963 shares of the company’s stock worth $1,311,000 after buying an additional 175,000 shares during the last quarter. FJ Capital Management LLC boosted its position in First Bank by 283.8% in the second quarter. FJ Capital Management LLC now owns 1,040,000 shares of the company’s stock worth $7,218,000 after buying an additional 769,000 shares during the last quarter. Banc Funds Co. LLC boosted its position in First Bank by 103.8% in the second quarter. Banc Funds Co. LLC now owns 873,734 shares of the company’s stock worth $6,064,000 after buying an additional 445,000 shares during the last quarter. Finally, Punch & Associates Investment Management Inc. boosted its position in First Bank by 13.6% in the second quarter. Punch & Associates Investment Management Inc. now owns 269,249 shares of the company’s stock worth $1,869,000 after buying an additional 32,334 shares during the last quarter. Hedge funds and other institutional investors own 39.44% of the company’s stock.
About First Bank
First Bank (the Bank) is a commercial bank. The Bank provides a range of lending, deposit and other financial products and services. The Bank operates through Community Banking segment, which encompasses its primary business, which includes providing a range of commercial and retail and related banking services.
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