First Republic Bank (FRC) Sees Strong Trading Volume Following Analyst Upgrade
First Republic Bank (NYSE:FRC) shares saw strong trading volume on Wednesday after Deutsche Bank AG raised their price target on the stock from $83.00 to $85.00. Deutsche Bank AG currently has a hold rating on the stock. 1,280,311 shares traded hands during trading, an increase of 51% from the previous session’s volume of 847,775 shares.The stock last traded at $77.13 and had previously closed at $77.53.
Other analysts also recently issued research reports about the stock. JPMorgan Chase & Co. reissued a “buy” rating on shares of First Republic Bank in a research report on Saturday, July 9th. FBR & Co reissued a “hold” rating on shares of First Republic Bank in a research report on Sunday, July 17th. Keefe, Bruyette & Woods reissued a “hold” rating on shares of First Republic Bank in a research report on Sunday, July 17th. Barclays PLC lifted their price target on shares of First Republic Bank from $78.00 to $84.00 and gave the company an “overweight” rating in a research report on Thursday, August 11th. Finally, Zacks Investment Research raised shares of First Republic Bank from a “hold” rating to a “buy” rating and set a $82.00 price target for the company in a research report on Tuesday, August 16th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $76.46.
Large investors have recently added to or reduced their stakes in the company. Global X Management Co. LLC boosted its stake 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 last quarter. Springbok Capital Management LLC purchased a new stake in shares of First Republic Bank during the first quarter worth about $190,000. Capstone Asset Management Co. purchased a new stake in shares of First Republic Bank during the third quarter worth about $204,000. Raymond James Trust N.A. purchased a new stake in shares of First Republic Bank during the second quarter worth about $208,000. Finally, Profund Advisors LLC purchased a new stake in shares of First Republic Bank during the second quarter worth about $211,000. Institutional investors own 98.24% of the company’s stock.
The stock’s 50 day moving average price is $76.67 and its 200 day moving average price is $71.63. The stock has a market cap of $11.56 billion, a price-to-earnings ratio of 21.65 and a beta of 1.06.
First Republic Bank (NYSE:FRC) last posted its quarterly earnings data on Thursday, July 14th. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.06. The business earned $535.10 million during the quarter, compared to the consensus estimate of $568.53 million. First Republic Bank had a return on equity of 12.59% and a net margin of 27.20%. During the same quarter in the prior year, the company earned $0.73 earnings per share. On average, equities analysts anticipate that First Republic Bank will post $3.91 earnings per share for the current fiscal year.
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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