First Bank (NASDAQ:FRBA) Shares Rating Boosted  by Zacks Investment Research

First Bank (NASDAQ:FRBA) Shares Rating Boosted  by Zacks Investment Research

First Bank (NASDAQ:FRBA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Monday, September 17th.

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. “

Separately, BidaskClub raised shares of First Bank from a “sell” rating to a “hold” rating in a research report on Friday, September 7th.

FRBA traded down $0.03 during midday trading on Monday, hitting $13.02. The company had a trading volume of 4,726 shares, compared to its average volume of 33,959. First Bank has a 52 week low of $11.15 and a 52 week high of $15.00. The company has a market cap of $229.30 million, a P/E ratio of 18.08 and a beta of 0.52.

First Bank (NASDAQ:FRBA) last posted its quarterly earnings results on Tuesday, July 24th. The bank reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.04). The business had revenue of $14.39 million for the quarter, compared to analysts’ expectations of $13.67 million. As a group, analysts forecast that First Bank will post 1 earnings per share for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the stock. FNY Investment Advisers LLC purchased a new position in First Bank in the second quarter valued at about $165,000. Tower Research Capital LLC TRC boosted its stake in First Bank by 1,278.7% in the second quarter. Tower Research Capital LLC TRC now owns 12,781 shares of the bank’s stock valued at $178,000 after acquiring an additional 11,854 shares during the last quarter. Rhumbline Advisers purchased a new position in First Bank in the second quarter valued at about $198,000. Private Advisor Group LLC purchased a new position in First Bank in the second quarter valued at about $295,000. Finally, Schwab Charles Investment Management Inc. purchased a new position in First Bank in the second quarter valued at about $431,000. Institutional investors and hedge funds own 50.13% of the company’s stock.

About First Bank

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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