First Bank (NASDAQ:FRBA) lifted to retain Zacks Investment Research

First Bank (NASDAQ:FRBA) has been updated by Zacks Investment Research from a “sell” to a “hold” rating in a note issued to investors on Friday, 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, United States. The Bank offers checking accounts, savings and money market; and auto accounts 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. First Bank is headquartered in Hamilton, New Jersey.”

First Bank stock traded down $0.17 at midday Friday, hitting $14.43. 21,386 shares of the company were traded, against an average volume of 31,062. The company’s fifty-day moving average price is $14.60 and its 200-day moving average price is $14.19. The company has a market capitalization of $270.71 million, a PE ratio of 8.44 and a beta of 0.91. The company has a debt ratio of 0.45, a current ratio of 1.07 and a quick ratio of 1.07. First Bank has a fifty-two week low of $9.05 and a fifty-two week high of $15.90.

First Bank Inc (NASDAQ:FRBA) last announced its results on Wednesday, January 26. The bank reported earnings per share (EPS) of $0.40 for the quarter, missing the Zacks consensus estimate of $0.42 per ($0.02). First Bank had a net margin of 34.29% and a return on equity of 13.53%. During the same period last year, the company earned earnings per share of $0.31. On average, analysts expect First Bank to post EPS of 1.81 for the current financial year.

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Several hedge funds and other institutional investors have recently changed their holdings in the company. Citigroup Inc. increased its stake in First Bank by 106.9% during the third quarter. Citigroup Inc. now owns 1,779 shares of the bank worth $25,000 after buying 919 more shares in the last quarter. Royal Bank of Canada increased its stake in First Bank by 72.6% during the third quarter. Royal Bank of Canada now owns 2,273 shares of the bank worth $32,000 after buying an additional 956 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in First Bank by 92.2% in the third quarter. BNP Paribas Arbitrage SA now owns 3,884 shares in the bank worth $55,000 after buying an additional 1,863 shares in the last quarter. Hillsdale Investment Management Inc. acquired a new position in First Bank during Q3 for a value of $79,000. Finally, Advisor Resource Council bought a new position in First Bank stock in the second quarter worth $135,000.

About First Bank

First Bank is a state-chartered commercial bank, which offers a traditional line of deposit and lending products to individuals and businesses in its central and southern New Jersey markets. Its primary focus within Community Banking encompasses the core business of the company, which includes the provision of a wide range of commercial and retail banking and related services.

Further Reading: What is Cost of Goods Sold (COGS)?

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