First Republic Bank’s “Outperform” Rating Reaffirmed at BMO Capital Markets (FRC)
First Republic Bank (NYSE:FRC)‘s stock had its “outperform” rating reaffirmed by equities research analysts at BMO Capital Markets in a research note issued to investors on Thursday, Stock Ratings Network.com reports. They currently have a $50.00 price objective on the stock, up from their previous price objective of $46.00. BMO Capital Markets’ target price suggests a potential upside of 9.82% from the company’s current price.
The analysts wrote, “FRC remains one of the few organic growth stories in banking. Near term, we expect loan growth to be robust (up 18% annualized from 2Q) as FRC benefits from a strong housing market. Gain on sale income is expected to decline in 2H13 owing to a lower volume of loans sold (as residential mortgage demand is shifting from long-term fixed-rate product to hybrid ARMs or adjustable-rate mortgages, driven by the recent uptick in long-term rates); however, we believe this is already reflected in Street estimates. We expect its wealth management assets to benefit from positive equity market performance QTD, and deposit growth has been good across its footprint, which will help fund on-balance-sheet loan growth.”
A number of other analysts have also recently weighed in on FRC. Analysts at Keefe, Bruyette & Woods raised their price target on shares of First Republic Bank (NYSE:FRC) from $41.00 to $46.00 in a research note to investors on Monday, July 22nd. Separately, analysts at Sandler O’Neill raised their price target on shares of First Republic Bank (NYSE:FRC) from $41.00 to $44.00 in a research note to investors on Friday, July 19th. They now have a “hold” rating on the stock. Finally, analysts at Raymond James raised their price target on shares of First Republic Bank (NYSE:FRC) from $43.00 to $45.00 in a research note to investors on Friday, July 19th.
Four research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $45.09.
First Republic Bank (NYSE:FRC) traded down 0.31% on Thursday, hitting $45.39. 48,467 shares of the company’s stock traded hands. First Republic Bank has a one year low of $31.42 and a one year high of $46.01. The stock has a 50-day moving average of $44.35 and a 200-day moving average of $39.94. The company has a market cap of $5.987 billion and a P/E ratio of 14.69.
First Republic Bank (NYSE:FRC) last announced its earnings results on Wednesday, July 17th. The company reported $0.77 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.74 by $0.03. During the same quarter in the prior year, the company posted $0.60 earnings per share. On average, analysts predict that First Republic Bank will post $3.14 earnings per share for the current fiscal year.
First Republic Bank is a full-service bank and wealth management firm. First Republic Bank and its subsidiaries provide private banking, private business banking and private wealth management, including investment, trust and brokerage services.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.