First Republic Bank (FRC) Announces Quarterly Earnings Results
First Republic Bank (NYSE:FRC) issued its earnings results on Tuesday. The bank reported $1.10 EPS for the quarter, missing the consensus estimate of $1.24 by ($0.14), Bloomberg Earnings reports. The firm had revenue of $699.20 million during the quarter, compared to analyst estimates of $688.48 million. First Republic Bank had a net margin of 26.85% and a return on equity of 12.06%. First Republic Bank’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.03 earnings per share.
Shares of First Republic Bank (NYSE:FRC) opened at $91.06 on Tuesday. The stock has a market cap of $14,365.31, a P/E ratio of 21.48, a P/E/G ratio of 1.43 and a beta of 0.96. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 1.55. First Republic Bank has a 1-year low of $84.56 and a 1-year high of $105.52.
Several brokerages have recently commented on FRC. Barclays cut shares of First Republic Bank from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $108.00 to $104.00 in a research report on Tuesday, October 10th. Royal Bank of Canada restated a “hold” rating on shares of First Republic Bank in a research report on Friday, September 29th. Jefferies Group boosted their target price on shares of First Republic Bank from $109.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, September 29th. Zacks Investment Research cut shares of First Republic Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, October 17th. Finally, Raymond James Financial dropped their target price on shares of First Republic Bank from $108.00 to $105.00 and set an “outperform” rating for the company in a research report on Monday, October 16th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $103.00.
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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