First Bank (NASDAQ:FRBA) Sets New 52-Week High – Time to Buy?

First Bank (NASDAQ:FRBA)’s stock price hit a new 52-week high on Monday. The stock traded as high as $19.99 and last traded at $19.9790, with a volume of 11,864 shares trading hands. The stock had previously closed at $19.42.

Analysts Set New Price Targets

Several analysts have recently issued reports on FRBA shares. Weiss Ratings upgraded shares of First Bank from a “buy (b)” rating to a “buy (b+)” rating in a research note on Friday, October 23rd. Hovde Group reiterated an “outperform” rating and issued a $20.00 target price (up from $18.00) on shares of First Bank in a report on Monday, July 27th. DA Davidson raised their price target on shares of First Bank from $16.00 to $19.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Finally, Piper Sandler boosted their price target on shares of First Bank from $19.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, July 27th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, First Bank presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.67.

First Bank Stock Up 2.2%

The firm has a market capitalization of $515.05 million, a P/E ratio of 12.00 and a beta of 0.53. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a 50 day moving average of $18.07 and a 200-day moving average of $17.05.

First Bank (NASDAQ:FRBA) last released its quarterly earnings data on Thursday, October 22nd. The bank reported $0.49 EPS for the quarter, topping the consensus estimate of $0.44 by $0.05. First Bank had a net margin of 17.73% and a return on equity of 9.58%. The company had revenue of $38.76 million during the quarter, compared to the consensus estimate of $37.70 million. Research analysts predict that First Bank will post 1.62 earnings per share for the current fiscal year.

First Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Friday, November 6th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Friday, November 6th. This is an increase from First Bank’s previous quarterly dividend of $0.09. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.3%. First Bank’s dividend payout ratio is 21.05%.

Institutional Trading of First Bank

A number of institutional investors have recently added to or reduced their stakes in FRBA. Sequoia Financial Advisors LLC purchased a new stake in shares of First Bank in the second quarter worth about $203,000. Deutsche Bank AG purchased a new stake in First Bank in the 2nd quarter worth approximately $243,000. Sterling Capital Management LLC boosted its holdings in First Bank by 3,353.5% in the 3rd quarter. Sterling Capital Management LLC now owns 15,437 shares of the bank’s stock valued at $266,000 after purchasing an additional 14,990 shares during the period. NewEdge Advisors LLC grew its position in shares of First Bank by 10.4% during the 1st quarter. NewEdge Advisors LLC now owns 16,681 shares of the bank’s stock valued at $267,000 after purchasing an additional 1,576 shares in the last quarter. Finally, Bank of America Corp DE purchased a new position in shares of First Bank during the 2nd quarter valued at $283,000. Hedge funds and other institutional investors own 64.86% of the company’s stock.

About First Bank

First Bank (NASDAQ: FRBA) is a community-focused commercial bank headquartered in Hamilton, New Jersey. Founded in 2007, the bank provides banking services to businesses, individuals and organizations in New Jersey and eastern Pennsylvania.

Its products and services include commercial and industrial loans, commercial real estate financing, residential mortgage loans, consumer lending, checking and savings accounts, certificates of deposit, cash-management services and online banking. First Bank emphasizes relationship-based banking and serves small and mid-sized businesses, professionals, nonprofit organizations and individual customers.

First Bank operates a network of branches in central and southern New Jersey and the greater Philadelphia region.