First Bank (NASDAQ:FRBA) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of First Bank (NASDAQ:FRBA) from a strong-buy rating to a hold rating in a research note published on Wednesday, 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, 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. “

Several other research analysts also recently weighed in on the stock. DA Davidson started coverage on shares of First Bank in a research note on Tuesday, May 5th. They issued a buy rating and a $11.00 target price for the company. Boenning Scattergood assumed coverage on shares of First Bank in a research report on Monday, June 8th. They set an outperform rating and a $10.00 target price on the stock. Finally, ValuEngine downgraded First Bank from a hold rating to a sell rating in a report on Thursday, April 2nd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $9.50.

Shares of FRBA opened at $6.29 on Wednesday. First Bank has a 12-month low of $6.00 and a 12-month high of $11.80. The stock has a market cap of $118.00 million, a P/E ratio of 8.28 and a beta of 0.82. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.55. The company has a 50-day moving average of $7.12 and a two-hundred day moving average of $8.50.

First Bank (NASDAQ:FRBA) last released its quarterly earnings results on Monday, April 27th. The bank reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.01. First Bank had a return on equity of 6.97% and a net margin of 15.59%. The company had revenue of $17.09 million during the quarter, compared to the consensus estimate of $16.90 million. As a group, analysts forecast that First Bank will post 0.85 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Citigroup Inc. boosted its position in shares of First Bank by 47.4% in the fourth quarter. Citigroup Inc. now owns 3,329 shares of the bank’s stock worth $37,000 after acquiring an additional 1,071 shares during the last quarter. Barclays PLC increased its position in First Bank by 93.3% during the fourth quarter. Barclays PLC now owns 16,930 shares of the bank’s stock worth $187,000 after purchasing an additional 8,171 shares during the last quarter. UBS Group AG raised its stake in First Bank by 13.3% during the fourth quarter. UBS Group AG now owns 21,806 shares of the bank’s stock worth $241,000 after purchasing an additional 2,560 shares during the period. Private Advisor Group LLC raised its stake in First Bank by 8.7% during the first quarter. Private Advisor Group LLC now owns 22,669 shares of the bank’s stock worth $157,000 after purchasing an additional 1,813 shares during the period. Finally, Rhumbline Advisers boosted its holdings in shares of First Bank by 39.9% in the 1st quarter. Rhumbline Advisers now owns 35,086 shares of the bank’s stock valued at $243,000 after purchasing an additional 10,000 shares during the last quarter. 47.61% of the stock is owned by institutional investors.

First Bank Company Profile

First Bank provides various banking products and services to individuals, businesses, and governmental entities. 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.

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