First Republic Bank (FRC) Announces Earnings Results, Beats Estimates By $0.01 EPS
First Republic Bank (NYSE:FRC) issued its quarterly earnings results on Thursday. The company reported $1.00 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.01. The firm had revenue of $557.90 million for the quarter, compared to analysts’ expectations of $592.65 million. First Republic Bank had a return on equity of 12.59% and a net margin of 27.20%. First Republic Bank’s revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the business posted $0.79 EPS.
Shares of First Republic Bank (NYSE:FRC) opened at 73.99 on Friday. The firm has a market capitalization of $11.09 billion, a price-to-earnings ratio of 20.77 and a beta of 1.06. First Republic Bank has a 12-month low of $56.32 and a 12-month high of $79.15. The company has a 50-day moving average price of $76.68 and a 200 day moving average price of $71.65.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Investors of record on Thursday, October 27th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, October 25th. This represents a $0.64 annualized dividend and a yield of 0.86%. First Republic Bank’s dividend payout ratio (DPR) is currently 18.23%.
A number of brokerages recently weighed in on FRC. FBR & Co reissued a “hold” rating on shares of First Republic Bank in a research note on Sunday, July 17th. Keefe, Bruyette & Woods reissued a “hold” rating on shares of First Republic Bank in a research note on Sunday, July 17th. JPMorgan Chase & Co. reissued a “buy” rating on shares of First Republic Bank in a research note on Sunday, July 17th. BMO Capital Markets reiterated a “market perform” rating and set a $71.00 price target on shares of First Republic Bank in a research note on Friday, July 15th. Finally, Zacks Investment Research raised First Republic Bank from a “hold” rating to a “buy” rating and set a $80.00 target price on the stock in a research note on Tuesday, July 19th. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. First Republic Bank presently has an average rating of “Buy” and an average price target of $76.46.
A number of hedge funds have recently added to or reduced their stakes in FRC. 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 valued at $126,000 after buying an additional 1,157 shares during the last quarter. Springbok Capital Management LLC purchased a new stake in First Republic Bank during the first quarter valued at $190,000. Capstone Asset Management Co. purchased a new stake in First Republic Bank during the third quarter valued at $204,000. Raymond James Trust N.A. purchased a new stake in First Republic Bank during the second quarter valued at $208,000. Finally, Profund Advisors LLC purchased a new stake in First Republic Bank during the second quarter valued at $211,000. 98.24% of the stock is owned by institutional investors and hedge funds.
First Republic Bank Company Profile
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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