First Republic Bank Sees Large Growth in Short Interest (FRC)
First Republic Bank (NYSE:FRC) saw a significant growth in short interest in the month of July. As of July 31st, there was short interest totalling 3,675,504 shares, a growth of 95.9% from the July 15th total of 1,876,219 shares, AnalystRatingsNetwork reports. Based on an average daily volume of 2,993,658 shares, the days-to-cover ratio is currently 1.2 days. Approximately 0.0% of the shares of the company are sold short.
Several analysts have recently commented on the stock. Analysts at Keefe, Bruyette & Woods cut their price target on shares of First Republic Bank from $60.00 to $56.00 in a research note on Friday, July 18th. Separately, analysts at BMO Capital Markets reiterated a “market perform” rating on shares of First Republic Bank in a research note on Thursday, July 17th. They now have a $43.00 price target on the stock, down previously from $58.00. Finally, analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of First Republic Bank in a research note on Thursday, July 17th. They now have a $58.00 price target on the stock, down previously from $62.50. Six equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $53.25.
First Republic Bank (NYSE:FRC) opened at 48.16 on Tuesday. First Republic Bank has a one year low of $43.37 and a one year high of $56.18. The stock has a 50-day moving average of $49.38 and a 200-day moving average of $51.49. The company has a market cap of $6.649 billion and a P/E ratio of 16.26.
First Republic Bank (NYSE:FRC) last issued its quarterly earnings data on Wednesday, July 16th. The company reported $0.76 EPS for the quarter, meeting the Thomson Reuters 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 in the prior year, the company posted $0.77 earnings per share. The company’s quarterly revenue was up 17.2% on a year-over-year basis. Analysts expect that First Republic Bank will post $2.95 EPS 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.
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