First Bank (NASDAQ:FRBA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports.
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. “
A number of other analysts have also issued reports on FRBA. DA Davidson reiterated a “buy” rating on shares of First Bank in a research note on Monday, September 14th. ValuEngine cut First Bank from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 6th. Finally, Boenning Scattergood initiated coverage on First Bank in a research report on Monday, June 8th. They set an “outperform” rating and a $10.00 target price for the company. Two analysts have rated the stock with a sell rating and two have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $9.50.
NASDAQ:FRBA opened at $6.24 on Wednesday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.09 and a current ratio of 1.09. First Bank has a 52-week low of $6.00 and a 52-week high of $11.56. The firm has a market cap of $117.06 million, a price-to-earnings ratio of 8.10 and a beta of 0.82. The business’s fifty day moving average is $6.73 and its 200 day moving average is $6.92.
First Bank (NASDAQ:FRBA) last released its quarterly earnings data on Tuesday, July 28th. The bank reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.06. First Bank had a return on equity of 7.33% and a net margin of 16.55%. The company had revenue of $18.21 million for the quarter, compared to analyst estimates of $16.55 million. Equities analysts predict that First Bank will post 0.85 EPS for the current fiscal year.
Institutional investors and hedge funds have recently bought and sold shares of the company. Citigroup Inc. boosted its holdings in shares of First Bank by 50.0% in the 1st quarter. Citigroup Inc. now owns 4,992 shares of the bank’s stock worth $35,000 after purchasing an additional 1,663 shares in the last quarter. Private Advisor Group LLC lifted its stake in shares of First Bank by 8.7% in the 1st quarter. Private Advisor Group LLC now owns 22,669 shares of the bank’s stock valued at $157,000 after acquiring an additional 1,813 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of First Bank by 97.2% in the 2nd quarter. Goldman Sachs Group Inc. now owns 32,403 shares of the bank’s stock valued at $211,000 after acquiring an additional 15,972 shares during the last quarter. Strs Ohio lifted its stake in shares of First Bank by 8.9% in the 2nd quarter. Strs Ohio now owns 33,100 shares of the bank’s stock valued at $215,000 after acquiring an additional 2,700 shares during the last quarter. Finally, First Trust Advisors LP lifted its stake in shares of First Bank by 7.6% in the 2nd quarter. First Trust Advisors LP now owns 33,637 shares of the bank’s stock valued at $219,000 after acquiring an additional 2,374 shares during the last quarter. Hedge funds and other institutional investors own 44.59% of the company’s stock.
About First Bank
First Bank provides various banking products and services to individuals, businesses, and governmental entities. 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.
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