DA Davidson Lowers First Bank Earnings Estimates

First Bank (NASDAQ:FRBA) faced a revision in earnings estimates from analysts at DA Davidson. In a report published on Thursday, December 19th, DA Davidson analyst M. Navas adjusted the forecast for First Bank’s earnings per share (EPS) for fiscal year 2025 down to $1.60, lowering it from a previous estimate of $1.65. Meanwhile, the consensus among analysts for the current full-year earnings figures stands at $1.65 per share.

Additionally, several other brokerages have shared their insights on First Bank. StockNews.com upgraded First Bank’s rating from “hold” to “buy” on December 13th, while Piper Sandler maintained an “overweight” rating but revised the target price down to $17.00, which was previously set at $18.00.

First Bank Stock Performance

On Friday, shares of First Bank opened at $14.01. The bank has a market capitalization of $274.16 million and presents a price-to-earnings (PE) ratio of 8.81, with a beta of 0.94. The stock has a 50-day moving average price of $14.74 and a 200-day moving average price of $14.26. Notably, the company has a debt-to-equity ratio of 0.55, both a quick ratio and a current ratio of 1.08. In terms of trading range, First Bank's stock hit a 52-week low of $11.20 and a high of $15.87.

In its latest earnings report released on October 23rd, First Bank reported earnings of $0.34 per share for the quarter, falling short of analysts’ expectations which had set the consensus at $0.40. The bank's net margin was recorded at 18.19%, and it achieved a return on equity of 11.80%. The revenue for the quarter was reported at $58.64 million, significantly higher than the consensus estimate of $32.96 million. This time last year, First Bank reported earnings of $0.42 per share.

Institutional Investors' Role

Institutional investment activity around First Bank has been noteworthy. Wellington Management Group LLP increased its holdings in First Bank by 24% in the third quarter, owning 835,748 shares valued at approximately $12.7 million after obtaining an additional 161,761 shares. Dimensional Fund Advisors LP also upped their stake in First Bank by 4.8% during the second quarter, bringing its total to 834,690 shares valued at about $10.63 million. Additionally, Geode Capital Management LLC and State Street Corp both raised their positions, demonstrating strong institutional interest in First Bank, which is owned 64.86% by various hedge funds and institutional investors.

Dividend Announcement

First Bank recently announced a quarterly dividend payment. Stockholders on record as of November 8th received a dividend payout of $0.06 per share, with the payment made on November 22nd. This indicates an annualized dividend of $0.24, corresponding to a dividend yield of 1.71%. The ex-dividend date was also November 8th. The current dividend payout ratio stands at 15.09%.

Company Overview

First Bank is engaged in providing a variety of banking products and services, primarily catering to small to mid-sized businesses as well as individual clients. The bank’s services encompass various deposit accounts including non-interest-bearing demand deposits, interest-bearing demand accounts, savings accounts, and certificates of deposit along with commercial checking accounts.

FirstBank, Earnings, Estimates