First Bank (NASDAQ:FRBA) Sees Large Decline in Short Interest

First Bank (NASDAQ:FRBA) was the recipient of a large decline in short interest in August. As of August 31st, there was short interest totalling 74,700 shares, a decline of 17.6% from the August 15th total of 90,700 shares. Based on an average trading volume of 54,900 shares, the days-to-cover ratio is currently 1.4 days. Approximately 0.4% of the company’s stock are short sold.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FRBA. BlackBarn Capital Partners LP acquired a new position in First Bank in the 4th quarter worth approximately $1,764,000. Dimensional Fund Advisors LP increased its stake in shares of First Bank by 4.8% in the second quarter. Dimensional Fund Advisors LP now owns 834,690 shares of the bank’s stock worth $10,633,000 after acquiring an additional 38,256 shares during the period. Denali Advisors LLC purchased a new position in shares of First Bank during the first quarter worth $293,000. Quadrature Capital Ltd acquired a new position in First Bank during the first quarter valued at $283,000. Finally, Bryn Mawr Capital Management LLC boosted 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 last quarter. 64.86% of the stock is currently owned by hedge funds and other institutional investors.

First Bank Stock Performance

Shares of First Bank stock opened at $15.45 on Wednesday. The firm 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 52 week low of $10.51 and a 52 week high of $15.80. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.55. The company has a 50 day moving average price of $14.72 and a 200 day moving average price of $13.25.

First Bank (NASDAQ:FRBA) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $0.47 EPS for the quarter, topping the consensus estimate of $0.40 by $0.07. First Bank had a net margin of 14.48% and a return on equity of 12.38%. The business had revenue of $56.25 million during the quarter, compared to the consensus estimate of $31.95 million. During the same period in the previous year, the firm posted $0.36 earnings per share. Sell-side analysts expect that First Bank will post 1.7 EPS for the current year.

First Bank Announces Dividend

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

Analyst Ratings Changes

Several equities analysts have issued reports on FRBA shares. StockNews.com lowered shares of First Bank from a “buy” rating to a “hold” rating in a report on Friday, July 19th. Piper Sandler boosted their target price on First Bank from $14.00 to $18.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th.

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.