BidaskClub lowered shares of FIRST REPUBLIC BANK (NYSE:FRC) from a buy rating to a hold rating in a research report sent to investors on Thursday, July 13th.
FRC has been the subject of several other research reports. Royal Bank Of Canada restated a hold rating and set a $98.00 target price on shares of FIRST REPUBLIC BANK in a research note on Friday, July 7th. Keefe, Bruyette & Woods set a $90.00 price objective on FIRST REPUBLIC BANK and gave the stock a hold rating in a research report on Friday, May 26th. Jefferies Group LLC reiterated a buy rating and issued a $109.00 price objective on shares of FIRST REPUBLIC BANK in a research report on Sunday, June 11th. Zacks Investment Research upgraded FIRST REPUBLIC BANK from a sell rating to a hold rating in a research report on Wednesday, June 21st. Finally, Deutsche Bank AG raised their target price on FIRST REPUBLIC BANK from $98.00 to $101.00 and gave the stock a hold rating in a research report on Tuesday, April 18th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $104.54.
FIRST REPUBLIC BANK (NYSE FRC) opened at 101.60 on Thursday. The firm has a 50-day moving average of $100.93 and a 200-day moving average of $95.64. FIRST REPUBLIC BANK has a 52-week low of $71.66 and a 52-week high of $104.17. The firm has a market cap of $16.02 billion, a PE ratio of 24.79 and a beta of 0.99.
FIRST REPUBLIC BANK (NYSE:FRC) last issued its earnings results on Friday, July 14th. The bank reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.09 by $0.03. The firm had revenue of $641.30 million during 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%. The business’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.97 earnings per share. Equities analysts anticipate that FIRST REPUBLIC BANK will post $4.45 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 10th. Shareholders of record on Thursday, July 27th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date of this dividend is Tuesday, July 25th. FIRST REPUBLIC BANK’s dividend payout ratio (DPR) is presently 16.59%.
A number of institutional investors have recently made changes to their positions in FRC. Bank of Nova Scotia acquired a new position in shares of FIRST REPUBLIC BANK during the first quarter worth $483,000. Barnett & Company Inc. purchased a new position in FIRST REPUBLIC BANK during the second quarter valued at approximately $100,000. Whittier Trust Co. of Nevada Inc. increased 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 valued at $107,000 after buying an additional 537 shares during the last quarter. Parallel Advisors LLC increased 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 valued at $101,000 after buying an additional 936 shares during the last quarter. Finally, Israel Discount Bank of New York purchased a new position in FIRST REPUBLIC BANK during the first quarter valued at approximately $107,000. 99.64% of the stock is currently 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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