According to Zacks, “First Republic Bank’s estimates have been stable lately ahead of its third-quarter 2016 earnings release. Despite entry into the competitive market with larger players, the bank is well positioned for growth, given its simpler business model and non-engagement in additional businesses as compared to most large banking institutions. Also, an eventual rise in interest rates is projected to bolster net interest income growth going forward. Further, with improving economy, the company should benefit from continued rise in loans and deposits record. However, margin pressure, escalating costs and the stringent regulatory landscape remain concerns for First Republic.”
Several other research firms have also recently commented on FRC. Keefe, Bruyette & Woods reissued a hold rating on shares of First Republic Bank in a report on Sunday, July 17th. JPMorgan Chase & Co. reissued a buy rating on shares of First Republic Bank in a report on Sunday, July 17th. FBR & Co reissued a hold rating on shares of First Republic Bank in a report on Sunday, July 17th. BMO Capital Markets reissued a hold rating and issued a $70.00 price target on shares of First Republic Bank in a report on Thursday, July 7th. Finally, Barclays PLC raised their price target on First Republic Bank from $78.00 to $84.00 and gave the company an overweight rating in a report on Thursday, August 11th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company presently has an average rating of Buy and an average price target of $75.23.
First Republic Bank (NYSE:FRC) opened at 77.74 on Tuesday. The firm has a 50-day moving average price of $76.17 and a 200-day moving average price of $71.31. First Republic Bank has a one year low of $56.32 and a one year high of $78.77. The firm has a market capitalization of $11.65 billion, a P/E ratio of 21.82 and a beta of 1.06.
First Republic Bank (NYSE:FRC) last posted its quarterly earnings results on Thursday, July 14th. The company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.91 by $0.06. The business earned $535.10 million during the quarter, compared to analysts’ expectations of $568.53 million. First Republic Bank had a return on equity of 12.59% and a net margin of 27.20%. During the same period last year, the firm earned $0.73 EPS. Equities analysts anticipate that First Republic Bank will post $3.91 earnings per share for the current year.
A number of hedge funds have recently added to or reduced their stakes in FRC. Aviva PLC raised its stake in First Republic Bank by 2.8% in the first quarter. Aviva PLC now owns 73,447 shares of the company’s stock worth $4,895,000 after buying an additional 1,977 shares in the last quarter. A.R. Schmeidler & Co. Inc. acquired a new stake in First Republic Bank during the first quarter worth approximately $6,870,000. M&T Bank Corp raised its stake in First Republic Bank by 25.7% in the first quarter. M&T Bank Corp now owns 14,187 shares of the company’s stock worth $945,000 after buying an additional 2,898 shares in the last quarter. BlackRock Japan Co. Ltd raised its stake in First Republic Bank by 2.0% in the first quarter. BlackRock Japan Co. Ltd now owns 184,139 shares of the company’s stock worth $12,271,000 after buying an additional 3,523 shares in the last quarter. Finally, BlackRock Group LTD raised its stake in First Republic Bank by 6.6% in the first quarter. BlackRock Group LTD now owns 834,007 shares of the company’s stock worth $55,578,000 after buying an additional 51,857 shares in the last quarter. 98.24% of the stock is 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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