First Republic Bank’s (FRC) “Buy” Rating Reaffirmed at Jefferies Group LLC
Jefferies Group LLC reiterated their buy rating on shares of First Republic Bank (NYSE:FRC) in a research note published on Thursday morning. Jefferies Group LLC currently has a $111.00 target price on the bank’s stock. Jefferies Group also issued estimates for First Republic Bank’s Q4 2017 earnings at $1.12 EPS, FY2017 earnings at $4.34 EPS, Q1 2018 earnings at $1.08 EPS, Q2 2018 earnings at $1.16 EPS, Q3 2018 earnings at $1.25 EPS, Q4 2018 earnings at $1.31 EPS, FY2018 earnings at $4.80 EPS and FY2019 earnings at $5.40 EPS.
FRC has been the subject of a number of other research reports. BMO Capital Markets reduced their price target on First Republic Bank from $96.00 to $92.00 and set a market perform rating for the company in a research report on Monday. Royal Bank Of Canada reaffirmed a hold rating on shares of First Republic Bank in a research report on Friday, September 29th. BidaskClub downgraded First Republic Bank from a hold rating to a sell rating in a research report on Tuesday, July 25th. Maxim Group reaffirmed a buy rating and set a $110.00 price target (up previously from $105.00) on shares of First Republic Bank in a research report on Friday, July 14th. Finally, Barclays PLC reaffirmed an equal weight rating and set a $110.00 price target (up previously from $101.00) on shares of First Republic Bank in a research report on Wednesday, July 12th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $102.93.
Shares of First Republic Bank (NYSE:FRC) traded up 2.91% during trading on Thursday, reaching $100.29. 1,504,227 shares of the company traded hands. The stock has a market cap of $15.84 billion, a P/E ratio of 23.65 and a beta of 1.01. The stock’s 50 day moving average price is $99.62 and its 200-day moving average price is $97.42. First Republic Bank has a 12 month low of $72.43 and a 12 month high of $105.52.
First Republic Bank (NYSE:FRC) last released its quarterly earnings results on Friday, October 13th. The bank reported $1.14 earnings per share for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.02). First Republic Bank had a return on equity of 12.06% and a net margin of 26.85%. The firm had revenue of $670.30 million for the quarter, compared to analyst estimates of $678.25 million. During the same period last year, the company earned $1.00 EPS. The company’s revenue was up 20.1% compared to the same quarter last year. On average, equities research analysts expect that First Republic Bank will post $4.38 EPS for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Investors of record on Thursday, October 26th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date is Wednesday, October 25th. First Republic Bank’s dividend payout ratio (DPR) is presently 16.04%.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Barnett & Company Inc. bought a new stake in First Republic Bank in the 2nd quarter valued at $100,000. Whittier Trust Co. of Nevada Inc. raised its stake in First Republic Bank by 100.6% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,071 shares of the bank’s stock valued at $107,000 after acquiring an additional 537 shares during the period. Shine Investment Advisory Services Inc. bought a new stake in First Republic Bank in the 2nd quarter valued at $128,000. Parallel Advisors LLC raised its stake in First Republic Bank by 21.4% in the 2nd quarter. Parallel Advisors LLC now owns 1,317 shares of the bank’s stock valued at $132,000 after acquiring an additional 232 shares during the period. Finally, Creative Planning raised its stake in First Republic Bank by 21.3% in the 2nd quarter. Creative Planning now owns 1,407 shares of the bank’s stock valued at $141,000 after acquiring an additional 247 shares during the period. Institutional investors and hedge funds own 97.72% of the company’s stock.
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.
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