Zacks Investment Research upgraded shares of First Bank (NASDAQ:FRBA) from a hold rating to a buy rating in a report issued on Tuesday, Zacks.com reports. Zacks Investment Research currently has $7.50 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. “
A number of other research firms have also recently weighed in on FRBA. ValuEngine cut First Bank from a hold rating to a sell rating in a research note on Thursday, April 2nd. Boenning Scattergood assumed coverage on First Bank in a report on Monday, June 8th. They set an outperform rating and a $10.00 price objective on the stock. Finally, DA Davidson assumed coverage on First Bank in a report on Tuesday, May 5th. They set a buy rating and a $11.00 price objective on the stock. One research analyst has rated the stock with a sell rating and three have given a buy rating to the company. First Bank currently has a consensus rating of Buy and a consensus target price of $9.50.
First Bank (NASDAQ:FRBA) last posted its quarterly earnings results on Monday, April 27th. The bank reported $0.25 earnings per share for the quarter, beating the Zacks’ 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 for the quarter, compared to analysts’ expectations of $16.90 million. On average, research analysts expect that First Bank will post 0.85 earnings per share for the current fiscal year.
Several hedge funds have recently modified their holdings of FRBA. Citigroup Inc. grew its holdings in shares of First Bank by 50.0% during the first quarter. Citigroup Inc. now owns 4,992 shares of the bank’s stock worth $35,000 after buying an additional 1,663 shares during the last quarter. California Public Employees Retirement System purchased a new position in shares of First Bank during the fourth quarter worth about $131,000. Private Advisor Group LLC grew its holdings in shares of 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 buying an additional 1,813 shares during the last quarter. Barclays PLC grew its holdings in shares of 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 buying an additional 8,171 shares during the last quarter. Finally, UBS Group AG grew its holdings in shares of 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 buying an additional 2,560 shares during the last quarter. 47.61% of the stock is currently 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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