First Bank (NASDAQ:FRBA) Stock Price Crosses Above 50-Day Moving Average – Here’s What Happened

First Bank (NASDAQ:FRBA)’s share price crossed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $15.92 and traded as high as $16.91. First Bank shares last traded at $16.82, with a volume of 69,433 shares.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on FRBA shares. Weiss Ratings downgraded First Bank from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, June 3rd. DA Davidson reissued a “neutral” rating and set a $17.00 price target on shares of First Bank in a research report on Tuesday, April 28th. Zacks Research downgraded First Bank from a “hold” rating to a “strong sell” rating in a research note on Friday, May 1st. Finally, Piper Sandler lowered their price target on First Bank from $20.00 to $18.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $17.50.

First Bank Trading Up 2.6%

The business’s 50-day moving average price is $15.92 and its 200 day moving average price is $16.30. The company has a market cap of $422.18 million, a P/E ratio of 10.07 and a beta of 0.55. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.11 and a current ratio of 1.11.

First Bank (NASDAQ:FRBA) last released its quarterly earnings data on Monday, April 27th. The bank reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.17). The firm had revenue of $36.39 million for the quarter, compared to analyst estimates of $36.98 million. First Bank had a return on equity of 9.60% and a net margin of 17.02%. As a group, analysts expect that First Bank will post 1.56 earnings per share for the current year.

First Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 8th were given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Friday, May 8th. First Bank’s payout ratio is 21.56%.

Institutional Trading of First Bank

A number of hedge funds have recently made changes to their positions in the business. Tower Research Capital LLC TRC increased its holdings in shares of First Bank by 117.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,654 shares of the bank’s stock worth $41,000 after acquiring an additional 1,433 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in First Bank by 21.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,620 shares of the bank’s stock valued at $71,000 after purchasing an additional 825 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in First Bank during the 2nd quarter valued at $154,000. Mercer Global Advisors Inc. ADV bought a new position in First Bank during the third quarter worth $169,000. Finally, Occudo Quantitative Strategies LP bought a new position in First Bank during the fourth quarter worth $183,000. 64.86% of the stock is owned by institutional investors and hedge funds.

About First Bank

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. It also offers various loan products comprising commercial and industrial loans, which include line of credit, inventory, equipment, and short-term working capital financing; commercial real estate loans, such as owner-occupied, investor, construction and development, and multi-family loans; residential real estate loans comprising residential mortgages, first and second lien home equity loans, and revolving lines of credit; and consumer and other loans consists of auto, personal, traditional installment, and other loans.