First Republic Bank (FRC) Lowered to “Hold” at Zacks Investment Research
According to Zacks, “First Republic’s estimates have been stable lately ahead of its third-quarter 2016 earnings release. The company has positive record of earnings surprises in recent quarters. The company is well positioned for growth, given its simpler business model and non-engagement in additional businesses. Also, an eventual rise in interest rates is projected to bolster net interest income going forward. Further, with improving economy, the company should benefit from continued rise in loans and deposits. However, margin pressure is expected to continue until there is a significant rise in interest rate. Also, rising expenses will deter bottom-line expansion, resulting mainly from stringent regulatory norms. Moreover, stricter regulatory capital requirements are likely to limit flexibility in business operations.”
A number of other brokerages have also recently weighed in on FRC. Barclays PLC lifted their price objective on shares of First Republic Bank from $78.00 to $84.00 and gave the company an overweight rating in a report on Thursday, August 11th. BMO Capital Markets reiterated a market perform rating and set a $71.00 price target on shares of First Republic Bank in a report on Friday, July 15th. FBR & Co reiterated a hold rating on shares of First Republic Bank in a report on Sunday, July 17th. Keefe, Bruyette & Woods reiterated a hold rating on shares of First Republic Bank in a report on Sunday, July 17th. Finally, JPMorgan Chase & Co. reiterated a buy rating on shares of First Republic Bank in a report on Sunday, July 17th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. First Republic Bank presently has an average rating of Buy and a consensus target price of $75.23.
First Republic Bank (NYSE:FRC) traded down 0.24% during mid-day trading on Wednesday, hitting $78.00. 296,131 shares of the stock were exchanged. The company has a 50 day moving average price of $76.03 and a 200 day moving average price of $71.26. The firm has a market cap of $11.69 billion, a price-to-earnings ratio of 21.89 and a beta of 1.06. First Republic Bank has a 52-week low of $56.32 and a 52-week high of $78.77.
First Republic Bank (NYSE:FRC) last announced its quarterly earnings data on Thursday, July 14th. The company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.06. The firm earned $535.10 million during the quarter, compared to analysts’ expectations of $568.53 million. First Republic Bank had a net margin of 27.20% and a return on equity of 12.59%. During the same quarter in the previous year, the business posted $0.73 earnings per share. On average, analysts anticipate that First Republic Bank will post $3.91 EPS for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FRC. Global X Management Co. LLC raised its position in First Republic Bank by 180.5% in the second quarter. Global X Management Co. LLC now owns 1,798 shares of the company’s stock worth $126,000 after buying an additional 1,157 shares during the period. Springbok Capital Management LLC purchased a new position in First Republic Bank during the first quarter worth about $190,000. Raymond James Trust N.A. purchased a new position in First Republic Bank during the second quarter worth about $208,000. Profund Advisors LLC purchased a new position in First Republic Bank during the second quarter worth about $211,000. Finally, World Asset Management Inc raised its position in First Republic Bank by 10.4% in the second quarter. World Asset Management Inc now owns 3,380 shares of the company’s stock worth $237,000 after buying an additional 319 shares during the period. Institutional investors own 98.24% of the company’s stock.
About First Republic Bank
First Republic Bank is a commercial bank and trust company. The Bank specializes in providing services, including private banking, private business banking, real estate lending and wealth management services, including trust and custody services, to clients in selected metropolitan areas in the United States.
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