First Republic Bank’s Neutral Rating Reaffirmed at Zacks (FRC)
First Republic Bank (NYSE:FRC)‘s stock had its “neutral” rating reaffirmed by Zacks in a research report issued to clients and investors on Wednesday. They currently have a $55.00 price target on the stock. Zacks‘s target price indicates a potential upside of 5.14% from the stock’s previous close.
Zacks’ analyst wrote, “First Republic’s first-quarter earnings outpaced the Zacks Consensus Estimate, but came below the prior-year quarter figure. Results were driven by organic growth of the company as revenues, deposits and loans moved north. However, these positives were offset by undisciplined expense management. Based on strong capital position, the company enhanced shareholder value by declaring a dividend hike. We expect First Republic’s strong fundamentals and earnings strength to drive growth in the upcoming quarters. However, the unsettled economy, a still low interest rate environment and stringent regulatory issues are matters of concern.”
Shares of First Republic Bank (NYSE:FRC) traded up 0.97% on Wednesday, hitting $52.82. The stock had a trading volume of 637,214 shares. First Republic Bank has a 1-year low of $36.71 and a 1-year high of $56.18. The stock has a 50-day moving average of $51.20 and a 200-day moving average of $51.53. The company has a market cap of $7.269 billion and a price-to-earnings ratio of 17.55.
First Republic Bank (NYSE:FRC) last announced its earnings results on Wednesday, April 16th. The company reported $0.67 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.72 by $0.05. During the same quarter last year, the company posted $0.72 earnings per share. On average, analysts predict that First Republic Bank will post $3.06 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Deutsche Bank reiterated a “hold” rating on shares of First Republic Bank in a research note on Wednesday, April 30th. They now have a $57.00 price target on the stock, up previously from $56.00. Separately, analysts at FIG Partners upgraded shares of First Republic Bank from a “market perform” rating to an “outperform” rating in a research note on Thursday, April 17th. They now have a $59.00 price target on the stock, up previously from $58.00. Finally, analysts at Barclays raised their price target on shares of First Republic Bank from $60.00 to $62.00 in a research note on Wednesday, April 9th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. First Republic Bank currently has a consensus rating of “Hold” and a consensus price target of $56.40.
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.
To view Zacks’ full report, visit Zacks’ official website.
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