Osaic Holdings Boosts Stake in First Bank by Over 4,700%

Osaic Holdings Inc. significantly increased its investment in First Bank (NASDAQ:FRBA) during the second quarter, raising its stake by an impressive 4,782%. According to the company’s latest 13F filing with the Securities and Exchange Commission, Osaic now owns 199,236 shares of First Bank, having purchased an additional 195,155 shares during this period. The total value of Osaic Holdings’ position in First Bank amounts to approximately $3.08 million.

Other institutional investors have also adjusted their holdings in First Bank. For instance, Strs Ohio acquired a new stake valued at around $469,000 in the first quarter. Meanwhile, Goldman Sachs Group Inc. increased its holdings by 1.2%, now owning 78,677 shares worth approximately $1.165 million after acquiring an additional 964 shares. Other firms, including Nuveen LLC and HSBC Holdings PLC, also entered the market or expanded their stakes in First Bank during the same time frame, reflecting growing confidence among institutional investors. Currently, institutional shareholders own 64.86% of the company’s stock.

Analysts Offer Mixed Ratings on First Bank

Recent evaluations from equities research analysts present a varied outlook for First Bank. On October 20, DA Davidson downgraded the bank’s rating from “strong-buy” to “hold.” Conversely, Zacks Research upgraded First Bank from “hold” to “strong-buy” on October 27. Additionally, Weiss Ratings reaffirmed a “buy (b)” rating in a recent report. Currently, one analyst rates the stock as a Strong Buy, two as Buy, and one as Hold, leading to a consensus rating of “Buy” with an average price target of $18.25, according to MarketBeat.

First Bank’s Recent Performance and Dividend Announcement

Trading at $16.80 per share on Friday, First Bank has demonstrated resilience in the market. The bank’s current ratio stands at 1.14, with a quick ratio of 1.14 and a debt-to-equity ratio of 0.78. Over the last year, the stock has fluctuated between a low of $12.74 and a high of $18.11.

In its most recent earnings report released on October 22, First Bank announced earnings per share (EPS) of $0.47, slightly exceeding the consensus estimate of $0.46. The bank reported revenues of $37.97 million for the quarter, surpassing expectations of $36.76 million. The net margin was recorded at 17.27%, with a return on equity of 10.02%. Analysts anticipate First Bank will achieve an EPS of $1.78 for the current fiscal year.

Additionally, First Bank has declared a quarterly dividend of $0.06, which was paid on November 21 to shareholders who were on record as of November 7. This dividend represents an annual yield of 1.4% and a payout ratio of 14.46%.

First Bank offers a variety of banking products and services tailored for small to mid-sized businesses and individual clients. The institution provides various deposit options, including demand accounts and money market accounts, as well as a broad range of loan products, from commercial and industrial loans to residential mortgages.

As investor interest continues to grow, First Bank remains a focal point for both institutional and retail investors alike, signaling a robust presence in the financial sector.