First Republic Bank (FRC) Receives Average Recommendation of “Buy” from Brokerages
First Republic Bank (NYSE:FRC) has been assigned an average recommendation of “Buy” from the fifteen analysts that are currently covering the company. Seven analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $100.55.
A number of equities analysts have recently issued reports on the stock. Royal Bank of Canada raised their target price on shares of First Republic Bank from $95.00 to $98.00 and gave the stock a “sector perform” rating in a research report on Friday, March 10th. Zacks Investment Research lowered shares of First Republic Bank from a “buy” rating to a “hold” rating in a research report on Tuesday, February 28th. JMP Securities assumed coverage on shares of First Republic Bank in a research report on Thursday, February 2nd. They issued an “outperform” rating and a $111.00 price objective on the stock. Jefferies Group LLC reiterated a “buy” rating and issued a $105.00 price objective on shares of First Republic Bank in a research report on Friday, March 31st. Finally, Maxim Group raised their target price on First Republic Bank from $100.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, January 17th.
Shares of First Republic Bank (NYSE:FRC) traded up 0.27% during trading on Monday, hitting $90.74. 802,489 shares of the company traded hands. First Republic Bank has a 52 week low of $63.97 and a 52 week high of $97.43. The company has a market capitalization of $14.26 billion, a price-to-earnings ratio of 22.63 and a beta of 1.03. The company has a 50 day moving average price of $93.17 and a 200 day moving average price of $88.18.
First Republic Bank (NYSE:FRC) last announced its earnings results on Thursday, April 13th. The bank reported $1.01 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.01. The business had revenue of $601.14 million for the quarter, compared to analyst estimates of $626.14 million. First Republic Bank had a net margin of 27.98% and a return on equity of 12.38%. During the same period last year, the firm posted $0.88 earnings per share. On average, analysts expect that First Republic Bank will post $4.52 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, May 11th. Investors of record on Thursday, April 27th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, April 25th. This is a positive change from First Republic Bank’s previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a yield of 0.75%. First Republic Bank’s payout ratio is 16.49%.
A number of institutional investors have recently added to or reduced their stakes in FRC. 1st Global Advisors Inc. bought a new position in First Republic Bank during the third quarter valued at approximately $209,000. CIBC Asset Management Inc raised its position in First Republic Bank by 2.5% in the third quarter. CIBC Asset Management Inc now owns 6,987 shares of the bank’s stock valued at $539,000 after buying an additional 172 shares during the period. Bank of Montreal Can raised its position in First Republic Bank by 722.9% in the third quarter. Bank of Montreal Can now owns 364,106 shares of the bank’s stock valued at $28,077,000 after buying an additional 319,860 shares during the period. GW&K Investment Management LLC raised its position in First Republic Bank by 17.0% in the third quarter. GW&K Investment Management LLC now owns 424,053 shares of the bank’s stock valued at $32,699,000 after buying an additional 61,656 shares during the period. Finally, Sarasin & Partners LLP bought a new position in First Republic Bank during the third quarter valued at approximately $42,181,000. 97.08% of the stock is currently owned by hedge funds and other institutional investors.
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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