The First Bank (FRBA) Stock Rating Upgraded by Zacks Investment Research

The First Bank (FRBA) Stock Rating Upgraded by 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 to clients and investors on Tuesday. The brokerage currently has a $9.50 target price on the stock. Zacks Investment Research’s price objective indicates a potential upside of 11.63% 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. “

Shares of First Bank (NASDAQ:FRBA) opened at 8.51 on Tuesday. The company has a market cap of $96.95 million, a P/E ratio of 19.30 and a beta of 0.32. The company’s 50-day moving average price is $8.36 and its 200 day moving average price is $7.45. First Bank has a 52 week low of $6.14 and a 52 week high of $8.99.

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Punch & Associates Investment Management Inc. raised its position in First Bank by 13.6% in the second quarter. Punch & Associates Investment Management Inc. now owns 269,249 shares of the company’s stock valued at $1,869,000 after buying an additional 32,334 shares in the last quarter. Emerald Mutual Fund Advisers Trust increased its stake in First Bank by 1,253.3% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 188,963 shares of the company’s stock valued at $1,311,000 after buying an additional 175,000 shares in the last quarter. Banc Funds Co. LLC increased its stake in First Bank by 103.8% in the second quarter. Banc Funds Co. LLC now owns 873,734 shares of the company’s stock valued at $6,064,000 after buying an additional 445,000 shares in the last quarter. Finally, FJ Capital Management LLC increased its stake in First Bank by 283.8% in the second quarter. FJ Capital Management LLC now owns 1,040,000 shares of the company’s stock valued at $7,218,000 after buying an additional 769,000 shares in the last quarter. Hedge funds and other institutional investors own 39.44% of the company’s stock.

About First Bank

First Bank (the Bank) is a commercial bank. The Bank provides a range of lending, deposit and other financial products and services. The Bank operates through Community Banking segment, which encompasses its primary business, which includes providing a range of commercial and retail and related banking services.

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