First Bank (NASDAQ:FRBA) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Friday. The brokerage currently has a $17.00 price objective on the bank’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 17.24% from the company’s current price.
According to Zacks, “First Bank is a state-chartered bank with five full-service branches. It provides personal and business banking services in New Jersey, the United States. The Bank offers checking, savings, and money market accounts; and auto and home loans, home equity line of credit, fixed rate home equity loans, lines of credit, term loans, commercial mortgages, letters of credit, merchant services, and construction finance. First Bank is headquartered in Hamilton, New Jersey. “
Several other research firms have also issued reports on FRBA. Sandler O’Neill upgraded shares of First Bank from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research report on Wednesday, November 1st. ValuEngine upgraded shares of First Bank from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st.
A number of hedge funds and other institutional investors have recently bought and sold shares of FRBA. Banc Funds Co. LLC grew its position in First Bank by 56.9% during the 2nd quarter. Banc Funds Co. LLC now owns 1,364,734 shares of the bank’s stock worth $15,899,000 after purchasing an additional 495,000 shares in the last quarter. Vanguard Group Inc. grew its position in First Bank by 2,995.8% during the 2nd quarter. Vanguard Group Inc. now owns 417,537 shares of the bank’s stock worth $4,865,000 after purchasing an additional 404,050 shares in the last quarter. Punch & Associates Investment Management Inc. grew its position in First Bank by 32.1% during the 2nd quarter. Punch & Associates Investment Management Inc. now owns 343,000 shares of the bank’s stock worth $3,996,000 after purchasing an additional 83,300 shares in the last quarter. Kennedy Capital Management Inc. purchased a new position in First Bank during the 2nd quarter worth approximately $608,000. Finally, Dimensional Fund Advisors LP purchased a new position in First Bank during the 2nd quarter worth approximately $470,000. Hedge funds and other institutional investors own 36.78% of the company’s stock.
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.
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