Zacks: Brokerages Set $15.00 Target Price for First Bank (FRBA)
First Bank (NASDAQ:FRBA) has been given an average broker rating score of 1.67 (Buy) from the three analysts that provide coverage for the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold rating and two have assigned a strong buy rating to the company. First Bank’s rating score has improved by 16.5% from 90 days ago as a result of various analysts’ ratings changes.
Brokerages have set a 12 month consensus target price of $15.00 for the company and are predicting that the company will post $0.18 EPS for the current quarter, according to Zacks. Zacks has also assigned First Bank an industry rank of 124 out of 265 based on the ratings given to its competitors.
A number of equities analysts have commented on FRBA shares. Zacks Investment Research raised First Bank from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a report on Thursday, November 2nd. Sandler O’Neill raised First Bank from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a report on Wednesday, November 1st.
The company also recently announced a quarterly dividend, which was paid on Friday, November 24th. Shareholders of record on Friday, November 10th were issued a dividend of $0.02 per share. The ex-dividend date was Thursday, November 9th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.60%. First Bank’s payout ratio is currently 12.50%.
Several institutional investors have recently made changes to their positions in FRBA. Renaissance Technologies LLC raised its holdings in shares of First Bank by 274.8% during the first quarter. Renaissance Technologies LLC now owns 53,600 shares of the bank’s stock valued at $641,000 after acquiring an additional 39,300 shares during the last quarter. Janney Montgomery Scott LLC purchased a new stake in shares of First Bank in the second quarter valued at approximately $140,000. Emerald Mutual Fund Advisers Trust grew its position in shares of First Bank by 211.7% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 588,963 shares of the bank’s stock valued at $6,861,000 after purchasing an additional 400,000 shares in the last quarter. Stieven Capital Advisors L.P. purchased a new stake in shares of First Bank in the second quarter valued at approximately $5,810,000. Finally, Kennedy Capital Management Inc. purchased a new stake in shares of First Bank in the second quarter valued at approximately $608,000. 37.27% of the stock is owned by institutional investors and hedge funds.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for First Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Bank and related companies with MarketBeat.com's FREE daily email newsletter.