First Republic Bank (FRC) Receives Buy Rating from Jefferies Group LLC
Several other equities research analysts have also recently issued reports on FRC. Maxim Group restated a buy rating and issued a $110.00 target price (up previously from $105.00) on shares of First Republic Bank in a report on Friday, July 14th. BidaskClub upgraded shares of First Republic Bank from a hold rating to a buy rating in a report on Saturday, July 1st. Barclays PLC restated an equal weight rating and issued a $110.00 target price (up previously from $101.00) on shares of First Republic Bank in a report on Wednesday, July 12th. Morgan Stanley dropped their target price on shares of First Republic Bank from $102.00 to $98.00 and set an equal weight rating on the stock in a report on Tuesday, June 6th. Finally, Keefe, Bruyette & Woods set a $90.00 target price on shares of First Republic Bank and gave the stock a hold rating in a report on Friday, May 26th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $104.54.
First Republic Bank (FRC) traded up 0.79% during midday trading on Friday, hitting $96.50. 1,304,744 shares of the company were exchanged. First Republic Bank has a 1-year low of $72.40 and a 1-year high of $104.17. The stock has a 50 day moving average of $97.82 and a 200-day moving average of $96.18. The stock has a market capitalization of $15.22 billion, a price-to-earnings ratio of 23.54 and a beta of 1.01.
First Republic Bank (NYSE:FRC) last posted its quarterly earnings results on Friday, July 14th. The bank reported $1.06 EPS for the quarter, missing the Zacks’ consensus estimate of $1.09 by ($0.03). First Republic Bank had a net margin of 27.37% and a return on equity of 12.16%. The firm had revenue of $641.30 million for the quarter, compared to analysts’ expectations of $671.27 million. During the same quarter in the previous year, the company earned $0.97 EPS. The company’s quarterly revenue was up 19.8% compared to the same quarter last year. Equities analysts expect that First Republic Bank will post $4.45 earnings per share for the current year.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Barnett & Company Inc. bought a new position in First Republic Bank in the second quarter worth approximately $100,000. Parallel Advisors LLC raised its position in First Republic Bank by 628.2% in the first quarter. Parallel Advisors LLC now owns 1,085 shares of the bank’s stock worth $101,000 after acquiring an additional 936 shares during the period. Israel Discount Bank of New York bought a new position in First Republic Bank in the first quarter worth approximately $107,000. Whittier Trust Co. of Nevada Inc. raised its position in First Republic Bank by 100.6% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 1,071 shares of the bank’s stock worth $107,000 after acquiring an additional 537 shares during the period. Finally, Shine Investment Advisory Services Inc. bought a new position in First Republic Bank in the second quarter worth approximately $128,000.
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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