First Bank (FRBA) Declares $0.06 Dividend
First Bank said on January 25, 2023 that its board of directors declared a regular quarterly dividend of $0.06 per share ($0.24 annualized). Shareholders of record as of February 9, 2023 will receive the payment on February 24, 2023. Previously, the company paid $0.06 per share.
At the current share price of $13.53 / share, the stock's dividend yield is 1.77%. Looking back five years and taking a sample every week, the average dividend yield has been 1.26%, the lowest has been 0.78%, and the highest has been 1.89%. The standard deviation of yields is 0.35 (n=236).
The current dividend yield is 1.47 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.13. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 1.00%, demonstrating that it has increased its dividend over time.
Analyst Price Forecast Suggests 33.19% Upside
As of February 1, 2023, the average one-year price target for First Bank is $18.02. The forecasts range from a low of $17.17 to a high of $19.95. The average price target represents an increase of 33.19% from its latest reported closing price of $13.53.
The projected annual revenue for First Bank is $109MM, an increase of 14.83%. The projected annual EPS is $2.11, an increase of 13.49%.
Fund Sentiment
There are 189 funds or institutions reporting positions in First Bank. This is a decrease of 8 owner(s) or 4.06%.
Average portfolio weight of all funds dedicated to US:FRBA is 0.1061%, a decrease of 0.2561%. Total shares owned by institutions decreased in the last three months by 3.10% to 9,324K shares.
What are large shareholders doing?
Patriot Financial Partners Gp holds 1,594,437 shares representing 8.20% ownership of the company. No change in the last quarter.
Banc Funds Co holds 1,179,721 shares representing 6.06% ownership of the company. In it's prior filing, the firm reported owning 1,142,453 shares, representing an increase of 3.16%. The firm increased its portfolio allocation in FRBA by 2.93% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 503,770 shares representing 2.59% ownership of the company. No change in the last quarter.
Wellington Management Group Llp holds 499,687 shares representing 2.57% ownership of the company. In it's prior filing, the firm reported owning 395,187 shares, representing an increase of 20.91%. The firm decreased its portfolio allocation in FRBA by 81.82% over the last quarter.
IWM - iShares Russell 2000 ETF holds 346,189 shares representing 1.78% ownership of the company. In it's prior filing, the firm reported owning 364,849 shares, representing a decrease of 5.39%. The firm increased its portfolio allocation in FRBA by 0.48% over the last quarter.
First Bank Background Information
(This description is provided by the company.)
First Bank is a New Jersey state-chartered bank with 18 full-service branches in Cinnaminson, Cranbury, Delanco, Denville, Ewing, Flemington, Hamilton, Hamilton Square, Lawrence, Mercerville, Pennington, Randolph, Somerset and Williamstown, New Jersey; and Doylestown, Trevose, Warminster and West Chester, Pennsylvania. With $2.3 billion in assets as of September 30, 2020, First Bank offers a full range of deposit and loan products to individuals and businesses throughout the New York City to Philadelphia corridor.
This story originally appeared on Fintel.