First Bank (NASDAQ:FRBA) Given New $15.00 Price Target at Piper Sandler

First Bank (NASDAQ:FRBA) had its target price trimmed by Piper Sandler from $16.00 to $15.00 in a report published on Wednesday morning, Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

First Bank Stock Performance

NASDAQ FRBA opened at $11.97 on Wednesday. The company has a current ratio of 1.09, a quick ratio of 1.08 and a debt-to-equity ratio of 0.63. The firm’s fifty day moving average price is $13.02 and its two-hundred day moving average price is $13.04. First Bank has a 1 year low of $8.59 and a 1 year high of $15.17. The firm has a market capitalization of $234.25 million, a P/E ratio of 10.59 and a beta of 0.87.

First Bank (NASDAQ:FRBA) last posted its quarterly earnings results on Wednesday, January 24th. The bank reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.12. First Bank had a net margin of 13.63% and a return on equity of 12.23%. The firm had revenue of $28.00 million for the quarter, compared to analyst estimates of $30.95 million. As a group, research analysts anticipate that First Bank will post 1.73 EPS for the current year.

First Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Friday, May 10th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 2.01%. The ex-dividend date is Thursday, May 9th. First Bank’s dividend payout ratio (DPR) is currently 21.24%.

Hedge Funds Weigh In On First Bank

Several large investors have recently modified their holdings of the stock. Wellington Management Group LLP raised its position in shares of First Bank by 0.6% in the fourth quarter. Wellington Management Group LLP now owns 673,987 shares of the bank’s stock valued at $9,908,000 after purchasing an additional 3,800 shares during the period. PL Capital Advisors LLC bought a new position in shares of First Bank in the third quarter valued at about $5,984,000. IAM Advisory LLC raised its position in shares of First Bank by 0.5% in the fourth quarter. IAM Advisory LLC now owns 184,986 shares of the bank’s stock valued at $2,719,000 after purchasing an additional 896 shares during the period. BlackBarn Capital Partners LP bought a new position in shares of First Bank in the fourth quarter valued at about $1,764,000. Finally, Russell Investments Group Ltd. raised its position in shares of First Bank by 22.5% in the fourth quarter. Russell Investments Group Ltd. now owns 115,018 shares of the bank’s stock valued at $1,691,000 after purchasing an additional 21,140 shares during the period. 64.86% of the stock is owned by 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.