First Bank (NASDAQ:FRBA) Downgraded by Zacks Research to “Hold”

First Bank (NASDAQ:FRBA) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Thursday,Zacks.com reports.

A number of other brokerages have also recently commented on FRBA. DA Davidson cut First Bank from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 20th. Weiss Ratings reiterated a “buy (b)” rating on shares of First Bank in a research note on Monday. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $18.25.

First Bank Price Performance

NASDAQ:FRBA opened at $16.80 on Thursday. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.78. The firm’s 50-day moving average price is $16.09 and its 200-day moving average price is $15.90. First Bank has a 1-year low of $12.74 and a 1-year high of $18.11.

First Bank (NASDAQ:FRBA) last issued its quarterly earnings results 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. The company had revenue of $37.97 million during the quarter, compared to analysts’ expectations of $36.76 million. First Bank had a net margin of 17.27% and a return on equity of 10.02%. On average, sell-side analysts anticipate that First Bank will post 1.78 EPS for the current year.

Institutional Trading of First Bank

A number of institutional investors and hedge funds have recently modified their holdings of FRBA. NewEdge Advisors LLC purchased a new position in shares of First Bank in the third quarter worth $255,000. Qube Research & Technologies Ltd bought a new stake in First Bank in the 3rd quarter worth about $569,000. Mercer Global Advisors Inc. ADV purchased a new position in First Bank in the 3rd quarter worth about $169,000. Millennium Management LLC lifted its stake in First Bank by 85.4% during the 3rd quarter. Millennium Management LLC now owns 29,323 shares of the bank’s stock valued at $478,000 after acquiring an additional 13,509 shares during the period. Finally, Lazard Asset Management LLC lifted its stake in 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 acquiring an additional 5,317 shares during the period. 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.