Barclays PLC Reiterates $81.00 Price Target for First Republic Bank (FRC)
First Republic Bank (NYSE:FRC) has been assigned a $81.00 target price by investment analysts at Barclays PLC in a report issued on Saturday. The brokerage presently has a a “buy” rating on the stock. Barclays PLC’s price target points to a potential upside of 10.47% from the stock’s current price.
Several other research analysts have also recently weighed in on the stock. Jefferies Group reissued a “buy” rating and issued a $80.00 price target on shares of First Republic Bank in a report on Thursday, July 7th. Zacks Investment Research raised shares of First Republic Bank from a “hold” rating to a “buy” rating and set a $86.00 price target on the stock in a report on Tuesday, October 4th. Deutsche Bank AG increased their price target on shares of First Republic Bank from $83.00 to $85.00 and gave the company a “hold” rating in a report on Tuesday, October 11th. BMO Capital Markets reissued a “hold” rating and issued a $70.00 price target on shares of First Republic Bank in a report on Thursday, July 7th. Finally, FBR & Co increased their price target on shares of First Republic Bank from $70.00 to $73.00 and gave the company a “mkt perform” rating in a report on Friday, July 15th. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. First Republic Bank currently has a consensus rating of “Buy” and a consensus target price of $77.00.
Shares of First Republic Bank (NYSE:FRC) traded down 0.80% on Friday, hitting $72.73. The stock had a trading volume of 390,963 shares. The company has a 50 day moving average of $76.66 and a 200-day moving average of $71.69. First Republic Bank has a 12-month low of $56.32 and a 12-month high of $79.15. The firm has a market capitalization of $10.90 billion, a P/E ratio of 20.41 and a beta of 1.06.
First Republic Bank (NYSE:FRC) last released its quarterly earnings results on Thursday, October 13th. The company reported $1.00 earnings per share for the quarter, beating the Thomson Reuters’ 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 net margin of 27.68% and a return on equity of 12.95%. The business’s revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.79 EPS. Equities analysts predict that First Republic Bank will post $3.91 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Shareholders of record on Thursday, October 27th will be given a $0.16 dividend. The ex-dividend date is Tuesday, October 25th. This represents a $0.64 dividend on an annualized basis and a yield of 0.87%. First Republic Bank’s dividend payout ratio is currently 17.34%.
Hedge funds have recently modified their holdings of the stock. Aperio Group LLC raised its stake in shares of First Republic Bank by 54.3% in the first quarter. Aperio Group LLC now owns 35,088 shares of the company’s stock worth $2,338,000 after buying an additional 12,355 shares in the last quarter. Nisa Investment Advisors L.L.C. raised its stake in shares of First Republic Bank by 19.2% in the first quarter. Nisa Investment Advisors L.L.C. now owns 15,500 shares of the company’s stock worth $1,033,000 after buying an additional 2,500 shares in the last quarter. Pacad Investment Ltd. bought a new stake in shares of First Republic Bank during the first quarter worth $353,000. Ngam Advisors L.P. raised its stake in shares of First Republic Bank by 28.9% in the first quarter. Ngam Advisors L.P. now owns 13,153 shares of the company’s stock worth $876,000 after buying an additional 2,949 shares in the last quarter. Finally, TIAA CREF Investment Management LLC raised its stake in shares of First Republic Bank by 40.4% in the first quarter. TIAA CREF Investment Management LLC now owns 576,741 shares of the company’s stock worth $38,434,000 after buying an additional 165,852 shares in the last quarter. Hedge funds and other institutional investors own 98.21% 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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