First Bank (FRBA) Lifted to “Strong-Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of First Bank (NASDAQ:FRBA) from a hold rating to a strong-buy rating in a research report report published on Friday, January 12th. The firm currently has $17.00 price target on the bank’s stock.

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. “

FRBA has been the subject of several other research reports. Sandler O’Neill set a $14.00 price objective on First Bank and gave the stock a hold rating in a report on Wednesday, October 11th. ValuEngine upgraded First Bank from a hold rating to a buy rating in a research note on Sunday, December 31st. One investment analyst has rated the stock with a sell rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. First Bank presently has a consensus rating of Buy and an average price target of $15.33.

First Bank (NASDAQ:FRBA) traded up $0.22 during midday trading on Friday, reaching $14.00. The company’s stock had a trading volume of 10,916 shares, compared to its average volume of 17,995. First Bank has a 1-year low of $10.60 and a 1-year high of $14.95. The stock has a market cap of $244.12, a PE ratio of 27.45 and a beta of 0.58.

The business also recently announced a quarterly dividend, which will be paid on Friday, February 23rd. Investors of record on Friday, February 9th will be given a dividend of $0.03 per share. The ex-dividend date is Thursday, February 8th. This is an increase from First Bank’s previous quarterly dividend of $0.02. This represents a $0.12 annualized dividend and a yield of 0.86%. First Bank’s payout ratio is 15.69%.

A number of large investors have recently bought and sold shares of FRBA. First Trust Advisors LP bought a new stake in First Bank during the third quarter valued at about $134,000. Navellier & Associates Inc increased its holdings in shares of First Bank by 15.0% in the second quarter. Navellier & Associates Inc now owns 11,500 shares of the bank’s stock worth $134,000 after purchasing an additional 1,500 shares during the last quarter. GSA Capital Partners LLP bought a new stake in shares of First Bank in the second quarter worth about $144,000. Northern Trust Corp bought a new stake in shares of First Bank in the second quarter worth about $265,000. Finally, OxFORD Asset Management LLP increased its holdings in shares of First Bank by 94.8% in the second quarter. OxFORD Asset Management LLP now owns 31,124 shares of the bank’s stock worth $363,000 after purchasing an additional 15,144 shares during the last quarter. 37.18% of the stock is currently owned by institutional investors and hedge funds.

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First Bank Company Profile

First Bank is a commercial bank. The Company provides a range of lending, deposit and other financial products and services. It operates through Community Banking segment, which is engaged in providing a range of commercial and retail and related banking services. It offers a range of lending products to meet the needs of its customers located within its market areas, including commercial and industrial loans, commercial real estate loans (including owner-occupied, investor, and multi-family loans), residential real estate loans, and consumer and other loans.

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