First Bank (NASDAQ:FRBA) Price Target Cut to $15.00

First Bank (NASDAQ:FRBA) had its target price decreased by stock analysts at Piper Sandler from $16.00 to $15.00 in a report released on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Piper Sandler’s price target indicates a potential upside of 25.52% from the stock’s previous close.

First Bank Stock Performance

First Bank stock opened at $11.95 on Wednesday. First Bank has a 1-year low of $8.59 and a 1-year high of $15.17. 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 has a market capitalization of $233.86 million, a PE ratio of 10.58 and a beta of 0.87. The firm’s 50 day simple moving average is $12.98 and its 200 day simple moving average is $13.04.

First Bank (NASDAQ:FRBA) last released its quarterly earnings results on Wednesday, January 24th. The bank reported $0.49 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $30.95 million. As a group, analysts expect that First Bank will post 1.73 earnings per share for the current fiscal year.

Institutional Trading of First Bank

A number of large investors have recently modified their holdings of the business. New York State Common Retirement Fund lifted its position in First Bank by 766.6% during the third quarter. New York State Common Retirement Fund now owns 9,550 shares of the bank’s stock valued at $103,000 after purchasing an additional 8,448 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of First Bank during the 4th quarter valued at $165,000. Commonwealth Equity Services LLC bought a new stake in shares of First Bank during the 3rd quarter worth $212,000. Denali Advisors LLC bought a new stake in shares of First Bank during the 1st quarter worth $293,000. Finally, Private Advisor Group LLC lifted its holdings in shares of First Bank by 12.7% during the 4th quarter. Private Advisor Group LLC now owns 23,511 shares of the bank’s stock worth $346,000 after acquiring an additional 2,655 shares during the last quarter. Institutional investors own 64.86% of the company’s stock.

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.