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

First Bank (NASDAQ:FRBA) passed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $16.01 and traded as high as $17.16. First Bank shares last traded at $16.96, with a volume of 31,589 shares trading hands.

Analysts Set New Price Targets

FRBA has been the topic of several research reports. Weiss Ratings restated a “buy (b)” rating on shares of First Bank in a research note on Monday. Zacks Research raised First Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, October 27th. Finally, DA Davidson cut First Bank from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $18.25.

First Bank Trading Down 1.5%

The company has a 50 day moving average of $16.05 and a 200 day moving average of $15.88. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.14 and a quick ratio of 1.14.

First Bank (NASDAQ:FRBA) last issued its quarterly earnings data on Wednesday, October 22nd. The bank reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. First Bank had a return on equity of 10.02% and a net margin of 17.27%.The company had revenue of $37.97 million during the quarter, compared to analysts’ expectations of $36.76 million. Research analysts expect that First Bank will post 1.78 earnings per share for the current fiscal year.

First Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 21st. Shareholders of record on Friday, November 7th were given a $0.06 dividend. The ex-dividend date was Friday, November 7th. This represents a $0.24 dividend on an annualized basis and a yield of 1.4%. First Bank’s payout ratio is 14.46%.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of FRBA. Patriot Financial Partners GP II L.P. acquired a new stake in First Bank during the 3rd quarter valued at $33,092,000. Royce & Associates LP grew its holdings in shares of First Bank by 93.0% during the third quarter. Royce & Associates LP now owns 564,089 shares of the bank’s stock worth $9,189,000 after purchasing an additional 271,825 shares during the last quarter. Osaic Holdings Inc. lifted its position in First Bank by 4,782.0% during the 2nd quarter. Osaic Holdings Inc. now owns 199,236 shares of the bank’s stock worth $3,082,000 after buying an additional 195,155 shares in the last quarter. CSM Advisors LLC bought a new stake in First Bank during the 2nd quarter worth about $2,139,000. Finally, Russell Investments Group Ltd. raised its stake in shares of First Bank by 49.0% in the third quarter. Russell Investments Group Ltd. now owns 144,120 shares of the bank’s stock worth $2,348,000 after acquiring an additional 47,397 shares during the last quarter. Institutional investors own 64.86% of the company’s stock.

First Bank Company Profile

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.