First Bank (NASDAQ:FRBA) lowered to hold Zacks Investment Research


First Bank (NASDAQ:FRBA – Get Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released Thursday, 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 and real estate 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 financing. First Bank is headquartered in Hamilton, New Jersey.”

Separately, StockNews.com began covering First Bank in a research note on Thursday, March 31. They issued a “buy” rating on the stock.

FRBA traded down $0.11 during Thursday’s trading, hitting $14.04. 56,979 shares of the company were traded, against an average volume of 35,192. The company has a market capitalization of $263.39 million, a price-earnings ratio of 8.16 and a beta of 0.77. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt ratio of 0.42. The company’s 50-day moving average is $14.14 and its two-hundred-day moving average is $14.42. First Bank has a 12-month low of $12.61 and a 12-month high of $15.90.

First Bank (NASDAQ:FRBA – Get Rating) last announced its results on Monday, April 25. The bank reported earnings per share of $0.41 for the quarter, meeting analyst consensus estimates of $0.41. First Bank had a return on equity of 13.18% and a net margin of 34.66%. During the same period last year, the company posted EPS of $0.49. Stock analysts expect First Bank to post 1.72 earnings per share for the current year.

Several institutional investors have recently changed their positions in the company. Goldman Sachs Group Inc. increased its position in First Bank shares by 3.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 55,234 shares of the bank valued at $786,000 after buying an additional 1,602 shares in the last quarter. Wellington Management Group LLP increased its position in First Bank by 740.5% during the first quarter. Wellington Management Group LLP now owns 289,007 shares in the bank worth $4,110,000 after acquiring an additional 254,620 shares in the last quarter. State Street Corp increased its position in First Bank by 2.1% in the first quarter. State Street Corp now owns 290,578 shares of the bank worth $4,132,000 after acquiring an additional 6,049 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in First Bank by 5.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 41,739 shares of the bank worth $594,000 after acquiring 2,159 additional shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in First Bank by 5.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 575,230 shares of the bank worth $8,180,000 after acquiring 29,011 additional shares in the last quarter.

About First Bank (Get a rating)

First Bank provides various banking products and services to individuals, businesses and government 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, and business checking accounts.

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