State Street Corp Strengthens Stake in First Bank (NASDAQ:FRBA)

State Street Corp has enhanced its investment in First Bank (NASDAQ:FRBA) by 6.2% during the third quarter, as detailed in its latest filing with the Securities and Exchange Commission. Following this acquisition, State Street Corp now holds a total of 384,047 shares of First Bank after adding 22,452 new shares in the quarter. The current value of State Street Corp's stake in First Bank is approximately $5,838,000.

In addition to State Street Corp, various other institutional investors are adjusting their holdings in First Bank. Notably, Allspring Global Investments Holdings LLC entered a new position in the second quarter with an investment valued at $71,000. In the third quarter, SG Americas Securities LLC also initiated a position, worth about $113,000. HSBC Holdings PLC made a new investment during the second quarter, valued around $162,000, while Fourthstone LLC acquired shares worth roughly $199,000 in the same quarter. Furthermore, Bryn Mawr Capital Management LLC significantly increased its shareholding by 1,377.1% during the second quarter and now possesses 21,935 shares valued at $279,000 after buying an extra 20,450 shares during this timeframe. Collectively, institutional investors and hedge funds own about 64.86% of First Bank's stock.

Recent Trading Activity of First Bank

On December 29, shares of NASDAQ FRBA opened at $14.01. The bank showcases a debt-to-equity ratio of 0.55, along with a quick ratio of 1.08 and a current ratio of 1.08. First Bank has a market capitalization of $274.16 million and a price-to-earnings ratio of 8.81, with a beta of 0.94. The stock price has been fluctuating with a 50-day simple moving average of $14.59 and a 200-day simple moving average of $14.37, while it has experienced a 52-week low of $11.20 and a 52-week high at $15.87.

In terms of performance, First Bank released its quarterly earnings on October 23, where it reported earnings of $0.34 per share. This figure fell short of analyst expectations, which predicted $0.40 per share, marking a miss of $0.06. The bank's revenue for that quarter was reported at $58.64 million, which considerably exceeded the consensus estimate of $32.96 million. First Bank had a net margin of 18.19% and a return on equity of 11.80%. Comparing this with the same quarter last year, when it reported $0.42 earnings per share, shows a year-over-year decline. Analysts forecast an average earnings per share of 1.65 for the current fiscal year.

Dividend Announcement of First Bank

The bank also announced a quarterly dividend recently, which was paid out on November 22. Shareholders who were on record as of November 8 received a dividend of $0.06 per share. The ex-dividend date for this transaction was also November 8. This dividend translates to an annualized payment of $0.24, yielding 1.71%. Currently, First Bank's dividend payout ratio stands at 15.09%.

Analyst Ratings for First Bank

The stock has been a subject of various research analyses. Piper Sandler reaffirmed an "overweight" rating on First Bank shares, adjusting its target price to $17.00 from the previous $18.00 in a report dated October 30. StockNews.com elevated its rating on First Bank from "hold" to "buy" in a recent report.

Company Overview

First Bank offers a range of banking products tailored for small to mid-sized businesses and individuals. Its services include various deposit options such as non-interest-bearing demand accounts, interest-bearing demand accounts, money market accounts, savings accounts, certificates of deposit, and commercial checking accounts.

StateStreet, FirstBank, Investment