Morgan Stanley lowered shares of First Republic Bank (NYSE:FRC) from an overweight rating to an equal weight rating in a research note issued to investors on Wednesday. The analysts noted that the move was a valuation call.

A number of other analysts also recently issued reports on FRC. Zacks Investment Research downgraded First Republic Bank from a buy rating to a hold rating in a research note on Monday. Jefferies Group reaffirmed a buy rating and issued a $85.00 price objective on shares of First Republic Bank in a research note on Wednesday, October 19th. Barclays PLC set a $81.00 price objective on First Republic Bank and gave the stock a buy rating in a research note on Saturday, October 15th. Keefe, Bruyette & Woods reaffirmed a hold rating on shares of First Republic Bank in a research note on Friday, October 14th. Finally, Maxim Group lifted their price objective on First Republic Bank from $83.00 to $86.00 and gave the stock a buy rating in a research note on Friday, October 14th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of Buy and a consensus price target of $80.10.

Shares of First Republic Bank (NYSE:FRC) traded up 1.87% during mid-day trading on Wednesday, reaching $82.82. The company’s stock had a trading volume of 439,469 shares. The company’s 50-day moving average price is $76.77 and its 200-day moving average price is $73.04. The stock has a market capitalization of $12.43 billion, a P/E ratio of 22.13 and a beta of 0.93. First Republic Bank has a 12-month low of $56.32 and a 12-month high of $86.32.

First Republic Bank (NYSE:FRC) last issued its earnings results on Thursday, October 13th. The company reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.01. The company had revenue of $557.90 million for the quarter, compared to the consensus estimate of $592.65 million. First Republic Bank had a return on equity of 12.95% and a net margin of 27.68%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the company earned $0.79 EPS. On average, equities research analysts forecast that First Republic Bank will post $3.93 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 10th. Shareholders of record on Thursday, October 27th were paid a dividend of $0.16 per share. The ex-dividend date was Tuesday, October 25th. This represents a $0.64 annualized dividend and a yield of 0.79%. First Republic Bank’s dividend payout ratio (DPR) is 17.34%.

A number of large investors have recently bought and sold shares of 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 valued at $126,000 after buying an additional 1,157 shares during the period. Springbok Capital Management LLC acquired a new stake in First Republic Bank during the first quarter valued at about $190,000. Tower Research Capital LLC TRC boosted its stake in First Republic Bank by 4,565.5% in the third quarter. Tower Research Capital LLC TRC now owns 2,566 shares of the company’s stock valued at $197,000 after buying an additional 2,511 shares during the period. National Asset Management Inc. acquired a new stake in First Republic Bank during the third quarter valued at about $203,000. Finally, Capstone Asset Management Co. acquired a new stake in First Republic Bank during the third quarter valued at about $204,000. 98.56% of the stock is owned by institutional investors.

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.

5 Day Chart for NYSE:FRC

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