First Bank $FRBA Stock Holdings Cut by Banc Funds Co. LLC

Banc Funds Co. LLC lowered its holdings in shares of First Bank (NASDAQ:FRBA) by 21.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 776,059 shares of the bank’s stock after selling 215,190 shares during the quarter. First Bank accounts for about 2.2% of Banc Funds Co. LLC’s portfolio, making the stock its 9th largest position. Banc Funds Co. LLC’s holdings in First Bank were worth $12,642,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in FRBA. Lazard Asset Management LLC raised its position in shares of First Bank by 53.2% during the 3rd quarter. Lazard Asset Management LLC now owns 15,309 shares of the bank’s stock valued at $249,000 after buying an additional 5,317 shares in the last quarter. Man Group plc lifted its holdings in shares of First Bank by 15.4% in the 3rd quarter. Man Group plc now owns 38,668 shares of the bank’s stock valued at $630,000 after acquiring an additional 5,163 shares during the last quarter. Patriot Financial Partners GP II L.P. purchased a new position in First Bank in the third quarter worth about $33,092,000. Bridgeway Capital Management LLC grew its position in First Bank by 4.4% in the third quarter. Bridgeway Capital Management LLC now owns 193,752 shares of the bank’s stock worth $3,156,000 after acquiring an additional 8,230 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new position in First Bank in the third quarter worth about $326,000. 64.86% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Zacks Research downgraded First Bank from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 25th. Weiss Ratings reiterated a “buy (b)” rating on shares of First Bank in a report on Monday, December 29th. Finally, DA Davidson began coverage on First Bank in a report on Wednesday, February 25th. They set a “neutral” rating and a $18.00 price target on the stock. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, First Bank presently has an average rating of “Moderate Buy” and an average price target of $17.75.

First Bank Price Performance

Shares of FRBA stock opened at $15.10 on Friday. The stock has a 50 day moving average price of $16.58 and a 200 day moving average price of $16.32. First Bank has a 52-week low of $12.74 and a 52-week high of $18.11. 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 announced its quarterly earnings data on Monday, January 26th. The bank reported $0.49 EPS for the quarter, meeting the consensus estimate of $0.49. First Bank had a return on equity of 10.32% and a net margin of 17.76%.The company had revenue of $38.46 million for the quarter, compared to the consensus estimate of $37.42 million. On average, research analysts forecast that First Bank will post 1.78 EPS for the current fiscal year.

First Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 20th. Investors of record on Friday, February 6th were paid a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Friday, February 6th. First Bank’s dividend payout ratio (DPR) is currently 20.69%.

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.