First Bank (NASDAQ:FRBA) Issues Quarterly Earnings Results, Misses Expectations By $0.06 EPS

First Bank (NASDAQ:FRBA) released its earnings results on Wednesday. The bank reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.06), RTT News reports. First Bank had a net margin of 14.48% and a return on equity of 12.38%. The company had revenue of $58.64 million for the quarter, compared to the consensus estimate of $32.96 million. During the same quarter in the previous year, the company posted $0.42 earnings per share.

First Bank Price Performance

NASDAQ:FRBA traded down $0.24 during trading hours on Friday, hitting $13.99. 29,214 shares of the company’s stock traded hands, compared to its average volume of 48,501. The firm has a market cap of $273.77 million, a P/E ratio of 12.59 and a beta of 0.93. First Bank has a 52 week low of $10.51 and a 52 week high of $15.87. The business’s fifty day simple moving average is $15.04 and its two-hundred day simple moving average is $13.60. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.55.

First Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, November 8th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.72%. The ex-dividend date of this dividend is Friday, November 8th. First Bank’s dividend payout ratio (DPR) is presently 21.24%.

Analysts Set New Price Targets

FRBA has been the subject of a number of recent research reports. StockNews.com cut First Bank from a “buy” rating to a “hold” rating in a report on Friday, July 19th. Piper Sandler increased their price target on First Bank from $14.00 to $18.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th.

About First Bank

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.