First Republic Bank Rating Lowered to Market Perform at FIG Partners (FRC)
Shares of First Republic Bank (NYSE:FRC) opened at 46.70 on Thursday. First Republic Bank has a 52 week low of $42.02 and a 52 week high of $56.18. The stock’s 50-day moving average is $53.77 and its 200-day moving average is $52.21. The company has a market cap of $6.427 billion and a P/E ratio of 18.46.
First Republic Bank (NYSE:FRC) last posted its quarterly earnings results on Wednesday, July 16th. The company reported $0.76 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.76. The company had revenue of $388.80 million for the quarter, compared to the consensus estimate of $410.56 million. During the same quarter last year, the company posted $0.77 earnings per share. First Republic Bank’s revenue was up 17.2% compared to the same quarter last year. Analysts expect that First Republic Bank will post $3.07 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, August 15th. Stockholders of record on Friday, August 1st will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.20%.
A number of other firms have also recently commented on FRC. Analysts at Raymond James upgraded shares of First Republic Bank from an “outperform” rating to a “strong-buy” rating in a research note on Thursday. They now have a $55.00 price target on the stock, down previously from $58.00. Separately, analysts at Morgan Stanley reiterated an “overweight” rating on shares of First Republic Bank in a research note on Thursday. They now have a $51.00 price target on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of First Republic Bank in a research note on Wednesday, June 4th. They now have a $55.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. First Republic Bank has a consensus rating of “Buy” and an average price target of $55.93.
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.
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