First Republic Bank (FRC) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of First Republic Bank (NYSE:FRC) from a hold rating to a buy rating in a research note published on Wednesday morning. The brokerage currently has $93.00 price objective on the stock.
According to Zacks, “First Republic’s growth prospects look encouraging following management’s comments in its Investor Day that reflected bullish tone. It continues to expect EPS growth including 50% loan growth from existing clients and has two product initiatives for high potential clients. Moreover, though the unsettled economic environment and stringent regulatory issues remain concerns, the latest capital raising move will aid the company in reducing its total debt burden to some extent. Notably, the company’s third-quarter 2016 earnings beat the Zacks Consensus Estimate, driven by higher revenue and a decline in provisions. The bank is well positioned for growth, given its simpler business model and non-engagement in additional businesses, as compared to most large banking institutions. Further, consistent growth in loans and deposits, as well as rising fee income, will continue to support organic growth.”
Other research analysts have also issued reports about the company. Morgan Stanley lowered First Republic Bank from an overweight rating to an equal weight rating in a research report on Wednesday. They noted that the move was a valuation call. Barclays PLC raised their price objective on First Republic Bank from $78.00 to $84.00 and gave the company an overweight rating in a research report on Thursday, August 11th. Jefferies Group reissued a buy rating and issued a $85.00 price objective on shares of First Republic Bank in a research report on Wednesday, October 19th. Maxim Group raised their price objective on First Republic Bank from $83.00 to $86.00 and gave the company a buy rating in a research report on Friday, October 14th. Finally, FBR & Co raised their price objective on First Republic Bank from $73.00 to $80.00 and gave the company a mkt perform rating in a research report 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 company. First Republic Bank has a consensus rating of Buy and a consensus price target of $80.10.
First Republic Bank (NYSE:FRC) traded up 1.87% on Wednesday, hitting $82.82. The stock had a trading volume of 439,469 shares. The company’s 50-day moving average is $76.77 and its 200-day moving average is $73.04. The stock has a market cap of $12.43 billion, a P/E ratio of 22.13 and a beta of 0.93. First Republic Bank has a one year low of $56.32 and a one year high of $86.32.
First Republic Bank (NYSE:FRC) last posted its quarterly earnings data on Thursday, October 13th. The company reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.01. First Republic Bank had a return on equity of 12.95% and a net margin of 27.68%. The business had revenue of $557.90 million for the quarter, compared to analysts’ expectations of $592.65 million. During the same quarter last year, the firm earned $0.79 earnings per share. The business’s revenue was up 10.6% on a year-over-year basis. On average, analysts anticipate that First Republic Bank will post $3.93 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, November 10th. Stockholders of record on Thursday, October 27th were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 0.79%. The ex-dividend date of this dividend was Tuesday, October 25th. First Republic Bank’s dividend payout ratio is currently 17.34%.
Several institutional investors have recently bought and sold shares of the stock. Global X Management Co. LLC boosted 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 valued at $126,000 after buying an additional 1,157 shares in the last quarter. Tower Research Capital LLC TRC raised 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 last quarter. National Asset Management Inc. acquired a new stake in First Republic Bank during the third quarter valued at about $203,000. Capstone Asset Management Co. acquired a new stake in First Republic Bank during the third quarter valued at about $204,000. Finally, 1st Global Advisors Inc. acquired a new stake in First Republic Bank during the third quarter valued at about $209,000. Institutional investors and hedge funds own 98.56% of the company’s stock.
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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