Wellington Management Group LLP Sells 196,805 Shares of First Bank $FRBA

Wellington Management Group LLP lessened its position in First Bank (NASDAQ:FRBA) by 49.0% during the 2nd quarter, Holdings Channel reports. The firm owned 205,076 shares of the bank’s stock after selling 196,805 shares during the quarter. Wellington Management Group LLP’s holdings in First Bank were worth $3,636,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in FRBA. BlackRock Inc. acquired a new position in First Bank in the second quarter valued at about $12,836,000. Dimensional Fund Advisors LP raised its stake in shares of First Bank by 2.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,032,116 shares of the bank’s stock valued at $16,514,000 after acquiring an additional 27,881 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of First Bank by 48.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 6,843 shares of the bank’s stock worth $111,000 after acquiring an additional 2,223 shares in the last quarter. Tower Research Capital LLC TRC grew its position in First Bank by 117.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,654 shares of the bank’s stock worth $41,000 after acquiring an additional 1,433 shares during the last quarter. Finally, Bank of America Corp DE acquired a new stake in First Bank during the 2nd quarter valued at $283,000. Institutional investors and hedge funds own 64.86% of the company’s stock.

First Bank Stock Performance

First Bank stock opened at $17.78 on Thursday. The company has a market cap of $446.21 million, a PE ratio of 10.52 and a beta of 0.52. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.61. First Bank has a 1 year low of $14.40 and a 1 year high of $19.33. The company’s 50-day moving average is $18.11 and its two-hundred day moving average is $16.77.

First Bank (NASDAQ:FRBA) last issued its quarterly earnings results on Friday, July 24th. The bank reported $0.43 EPS for the quarter, topping the consensus estimate of $0.40 by $0.03. The company had revenue of $36.95 million during the quarter, compared to analysts’ expectations of $37.23 million. First Bank had a net margin of 17.45% and a return on equity of 9.57%. Equities analysts anticipate that First Bank will post 1.62 earnings per share for the current year.

First Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Friday, August 7th were issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Friday, August 7th. First Bank’s payout ratio is currently 21.30%.

Analyst Ratings Changes

FRBA has been the topic of several research analyst reports. Piper Sandler increased their target price on First Bank from $19.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, July 27th. Hovde Group reissued an “outperform” rating and set a $20.00 price objective (up from $18.00) on shares of First Bank in a report on Monday, July 27th. Zacks Research raised shares of First Bank from a “strong sell” rating to a “hold” rating in a research note on Monday, June 29th. DA Davidson upped their target price on shares of First Bank from $16.00 to $19.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Finally, Weiss Ratings raised shares of First Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, June 23rd. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, First Bank presently has an average rating of “Moderate Buy” and an average target price of $19.67.

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.