Piper Jaffray Companies Reaffirms Hold Rating for First Republic Bank (FRC)
First Republic Bank (NYSE:FRC)‘s stock had its “hold” rating restated by stock analysts at Piper Jaffray Companies in a report released on Friday. They presently have a $99.00 price target on the bank’s stock. Piper Jaffray Companies’ target price indicates a potential upside of 2.01% from the stock’s current price.
A number of other equities research analysts have also recently commented on FRC. Jefferies Group LLC reaffirmed a “buy” rating and set a $109.00 price objective on shares of First Republic Bank in a research note on Friday, May 5th. BMO Capital Markets reaffirmed a “hold” rating and set a $97.00 price objective on shares of First Republic Bank in a research note on Friday, May 26th. Keefe, Bruyette & Woods set a $90.00 price objective on shares of First Republic Bank and gave the stock a “hold” rating in a research note on Friday, May 26th. Morgan Stanley dropped their price objective on shares of First Republic Bank from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research note on Tuesday, June 6th. Finally, Zacks Investment Research cut shares of First Republic Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, June 6th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $104.54.
Shares of First Republic Bank (NYSE FRC) traded up 0.63% during mid-day trading on Friday, reaching $97.66. 203,172 shares of the company traded hands. First Republic Bank has a 52 week low of $72.40 and a 52 week high of $104.17. The firm has a 50-day moving average price of $99.27 and a 200 day moving average price of $96.20. The firm has a market capitalization of $15.41 billion, a price-to-earnings ratio of 23.83 and a beta of 0.99.
First Republic Bank (NYSE:FRC) last issued its quarterly earnings data on Friday, July 14th. The bank reported $1.06 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by $0.03. The firm had revenue of $641.30 million for the quarter, compared to analyst estimates of $671.27 million. First Republic Bank had a return on equity of 12.16% and a net margin of 27.37%. First Republic Bank’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.97 EPS. On average, analysts anticipate that First Republic Bank will post $4.45 earnings per share for the current year.
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Hedge funds and other institutional investors have recently made changes to their positions in the stock. Teza Capital Management LLC acquired a new position in shares of First Republic Bank during the first quarter worth about $549,000. Highwater Wealth Management LLC purchased a new position in shares of First Republic Bank during the second quarter worth $256,000. Boston Family Office LLC raised its position in shares of First Republic Bank by 0.5% in the first quarter. Boston Family Office LLC now owns 123,922 shares of the bank’s stock worth $11,625,000 after buying an additional 652 shares during the last quarter. Barings LLC raised its position in shares of First Republic Bank by 262.3% in the first quarter. Barings LLC now owns 29,708 shares of the bank’s stock worth $2,787,000 after buying an additional 21,508 shares during the last quarter. Finally, Gerber Kawasaki Wealth & Investment Management raised its position in shares of First Republic Bank by 5.7% in the first quarter. Gerber Kawasaki Wealth & Investment Management now owns 57,599 shares of the bank’s stock worth $5,289,000 after buying an additional 3,112 shares during the last quarter.
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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