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

Shares of First Bank (NASDAQ:FRBA) passed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $16.08 and traded as high as $17.47. First Bank shares last traded at $17.21, with a volume of 157,802 shares changing hands.

Analyst Ratings Changes

Several brokerages have issued reports on FRBA. Zacks Research raised shares of First Bank from a “strong sell” rating to a “hold” rating in a research report on Monday, June 29th. Weiss Ratings raised shares of First Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, June 23rd. Piper Sandler increased their target price on shares of First Bank from $18.00 to $19.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Finally, DA Davidson reissued a “neutral” rating and set a $17.00 price target on shares of First Bank in a report on Tuesday, April 28th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $18.00.

First Bank Stock Performance

The company has a debt-to-equity ratio of 0.57, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market cap of $433.23 million, a price-to-earnings ratio of 10.34 and a beta of 0.53. The stock’s 50-day moving average is $16.16 and its 200 day moving average is $16.35.

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

First Bank Dividend Announcement

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

Hedge Funds Weigh In On First Bank

Several hedge funds have recently bought and sold shares of the company. NewEdge Advisors LLC boosted its position in First Bank by 10.4% during the first quarter. NewEdge Advisors LLC now owns 16,681 shares of the bank’s stock worth $267,000 after purchasing an additional 1,576 shares in the last quarter. Bank of America Corp DE grew its position in shares of First Bank by 8.4% in the first quarter. Bank of America Corp DE now owns 62,382 shares of the bank’s stock valued at $998,000 after purchasing an additional 4,828 shares during the last quarter. Empowered Funds LLC increased its stake in shares of First Bank by 9.7% during the 1st quarter. Empowered Funds LLC now owns 131,691 shares of the bank’s stock worth $2,107,000 after purchasing an additional 11,615 shares in the last quarter. Quantinno Capital Management LP increased its stake in shares of First Bank by 44.0% during the 1st quarter. Quantinno Capital Management LP now owns 38,630 shares of the bank’s stock worth $618,000 after purchasing an additional 11,807 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in shares of First Bank by 19.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 37,891 shares of the bank’s stock worth $606,000 after purchasing an additional 6,078 shares during the last quarter. 64.86% of the stock is owned by hedge funds and other institutional investors.

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.