Short Interest in First Bank (NASDAQ:FRBA) Decreases By 17.6%

First Bank (NASDAQ:FRBA) was the target of a significant decrease in short interest in the month of August. As of August 31st, there was short interest totalling 74,700 shares, a decrease of 17.6% from the August 15th total of 90,700 shares. Currently, 0.4% of the shares of the company are sold short. Based on an average daily volume of 54,900 shares, the short-interest ratio is currently 1.4 days.

First Bank Price Performance

Shares of FRBA opened at $15.45 on Wednesday. The business’s 50-day moving average is $14.72 and its two-hundred day moving average is $13.25. The company has a market capitalization of $302.34 million, a P/E ratio of 13.67 and a beta of 0.94. First Bank has a fifty-two week low of $10.51 and a fifty-two week high of $15.80. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.08 and a current ratio of 1.08.

First Bank (NASDAQ:FRBA) last posted its earnings results on Wednesday, July 24th. The bank reported $0.47 EPS for the quarter, topping the consensus estimate of $0.40 by $0.07. The firm had revenue of $56.25 million for the quarter, compared to analyst estimates of $31.95 million. First Bank had a return on equity of 12.38% and a net margin of 14.48%. During the same period last year, the company earned $0.36 earnings per share. Research analysts predict that First Bank will post 1.7 earnings per share for the current year.

First Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, August 9th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.55%. The ex-dividend date was Friday, August 9th. First Bank’s dividend payout ratio is currently 21.24%.

Institutional Trading of First Bank

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FRBA. Allspring Global Investments Holdings LLC acquired a new position in shares of First Bank in the second quarter worth about $71,000. BNP Paribas Financial Markets raised its holdings in First Bank by 88.0% in the 1st quarter. BNP Paribas Financial Markets now owns 10,013 shares of the bank’s stock worth $138,000 after purchasing an additional 4,688 shares during the period. Hsbc Holdings PLC purchased a new position in First Bank during the second quarter worth approximately $162,000. Bryn Mawr Capital Management LLC grew its holdings in First Bank by 1,377.1% in the second quarter. Bryn Mawr Capital Management LLC now owns 21,935 shares of the bank’s stock valued at $279,000 after purchasing an additional 20,450 shares during the period. Finally, Quadrature Capital Ltd purchased a new stake in shares of First Bank in the first quarter valued at approximately $283,000. Institutional investors and hedge funds own 64.86% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Piper Sandler lifted their target price on First Bank from $14.00 to $18.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. StockNews.com cut shares of First Bank from a “buy” rating to a “hold” rating in a research note on Friday, July 19th.

First Bank Company Profile

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.