First Bank (NASDAQ:FRBA) Upgraded at Zacks Investment Research
First Bank (NASDAQ:FRBA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday, Zacks.com reports. The firm presently has a $7.50 price objective on the bank’s stock. Zacks Investment Research‘s price target indicates a potential upside of 13.81% from the stock’s current price.
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. “
Other equities research analysts also recently issued research reports about the company. Boenning Scattergood began coverage on First Bank in a report on Monday, June 8th. They issued an “outperform” rating and a $10.00 price objective for the company. ValuEngine downgraded First Bank from a “hold” rating to a “sell” rating in a report on Thursday, April 2nd. Finally, DA Davidson initiated coverage on First Bank in a report on Tuesday, May 5th. They issued a “buy” rating and a $11.00 price target for the company. One research analyst has rated the stock with a sell rating and three have given a buy rating to the company. First Bank has an average rating of “Buy” and an average target price of $9.50.
First Bank (NASDAQ:FRBA) last released its quarterly earnings data on Monday, April 27th. The bank reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.01. The business had revenue of $17.09 million during the quarter, compared to the consensus estimate of $16.90 million. First Bank had a return on equity of 7.12% and a net margin of 15.59%. As a group, analysts forecast that First Bank will post 0.84 EPS for the current year.
Several institutional investors have recently made changes to their positions in the business. State Street Corp increased its holdings in shares of First Bank by 2.4% in the first quarter. State Street Corp now owns 341,515 shares of the bank’s stock worth $2,370,000 after acquiring an additional 8,019 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of First Bank by 11.3% in the first quarter. Geode Capital Management LLC now owns 213,665 shares of the bank’s stock worth $1,482,000 after acquiring an additional 21,774 shares in the last quarter. Alliancebernstein L.P. boosted its position in shares of First Bank by 7.4% during the first quarter. Alliancebernstein L.P. now owns 198,617 shares of the bank’s stock worth $1,378,000 after buying an additional 13,649 shares during the period. Private Advisor Group LLC boosted its position 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 period. Finally, Citigroup Inc. boosted its position 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 period. Institutional investors own 47.61% 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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