Osaic Holdings Increases Stake in First Bank to $3.08 Million

Osaic Holdings Inc. has significantly increased its investment in First Bank (NASDAQ:FRBA), raising its holdings by an astounding 4,782.0% during the second quarter of 2023. According to the firm’s recent 13F filing with the United States Securities and Exchange Commission (SEC), Osaic now holds 199,236 shares of First Bank, valued at approximately $3,082,000 as of the latest filing.

In addition to Osaic’s investment, several other institutional investors have also made changes to their positions in First Bank. For example, Strs Ohio acquired a new stake worth about $469,000 in the first quarter, while Goldman Sachs Group Inc. increased its holdings by 1.2%, now owning 78,677 shares valued at $1,165,000. Other notable investors include Nuveen LLC and HSBC Holdings PLC, which purchased stakes valued at $500,000 and $480,000, respectively. American Century Companies Inc. also raised its stake by 14.2% during the second quarter, owning 251,561 shares worth $3,892,000. Overall, institutional investors now hold 64.86% of First Bank’s shares.

Analyst Ratings and Price Performance

Recent reviews from equity research analysts have varied regarding First Bank’s stock performance. On October 20, 2023, DA Davidson downgraded the bank from a “strong-buy” rating to a “hold” rating. Conversely, Zacks Research upgraded the stock from “hold” to “strong-buy” shortly thereafter. Weiss Ratings maintained a “buy (b)” rating, indicating a generally favorable outlook. Currently, First Bank enjoys a consensus rating of “Buy” with an average price target set at $18.25.

As of October 20, 2023, shares of First Bank opened at $16.80. The bank’s financial ratios indicate a current ratio and quick ratio of 1.14, and a debt-to-equity ratio of 0.78. Over the past 52 weeks, the stock has seen a low of $12.74 and a high of $18.11.

First Bank recently reported its earnings for the third quarter on October 22, 2023. The bank posted an earnings per share (EPS) of $0.47, exceeding analysts’ expectations of $0.46 by $0.01. The total revenue for the quarter reached $37.97 million, surpassing the anticipated $36.76 million. First Bank’s net margin stands at 17.27%, with a return on equity of 10.02%. Analysts forecast an EPS of 1.78 for the current fiscal year.

Dividend Announcement

In a move to reward its shareholders, First Bank announced a quarterly dividend of $0.06 per share, which was distributed on November 21, 2023. Shareholders of record on November 7, 2023, received this dividend, marking an annualized payout of $0.24 with a yield of 1.4%. The bank’s current dividend payout ratio is 14.46%.

First Bank provides a wide array of banking products and services tailored for small to mid-sized businesses and individual clients. Its offerings include various deposit accounts, loan products, and commercial banking services, aimed at meeting diverse financial needs.