DA Davidson Initiates Coverage on First Bank (NASDAQ:FRBA)

Analysts at DA Davidson began coverage on shares of First Bank (NASDAQ:FRBA) in a research report issued to clients and investors on Wednesday. The brokerage set a “neutral” rating and a $18.00 price target on the bank’s stock. DA Davidson’s target price suggests a potential upside of 10.43% from the stock’s previous close.

Several other equities research analysts have also commented on the company. Weiss Ratings reissued a “buy (b)” rating on shares of First Bank in a research note on Monday, December 29th. Zacks Research downgraded First Bank from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 25th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $17.75.

First Bank Stock Down 0.5%

Shares of NASDAQ FRBA opened at $16.30 on Wednesday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.14 and a current ratio of 1.14. First Bank has a one year low of $12.74 and a one year high of $18.11. The company’s fifty day moving average is $16.89 and its two-hundred day moving average is $16.35.

First Bank (NASDAQ:FRBA) last announced its quarterly earnings results on Monday, January 26th. The bank reported $0.49 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.49. The business had revenue of $38.46 million during the quarter, compared to the consensus estimate of $37.42 million. First Bank had a net margin of 17.76% and a return on equity of 10.32%. As a group, equities analysts forecast that First Bank will post 1.78 EPS for the current year.

Institutional Investors Weigh In On First Bank

A number of institutional investors have recently bought and sold shares of FRBA. Osaic Holdings Inc. boosted its holdings in shares of First Bank by 4,782.0% in the 2nd quarter. Osaic Holdings Inc. now owns 199,236 shares of the bank’s stock valued at $3,082,000 after purchasing an additional 195,155 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of First Bank by 14.2% during the 2nd quarter. American Century Companies Inc. now owns 251,561 shares of the bank’s stock worth $3,892,000 after buying an additional 31,370 shares during the last quarter. Bailard Inc. purchased a new position in shares of First Bank in the 2nd quarter worth $294,000. CSM Advisors LLC acquired a new position in First Bank in the second quarter valued at $2,139,000. Finally, Los Angeles Capital Management LLC acquired a new position in First Bank in the second quarter valued at $222,000. 64.86% of the stock is currently owned by hedge funds and other 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. 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.