First Republic Bank Rating Reiterated by Zacks (FRC)
First Republic Bank (NYSE:FRC)‘s stock had its “neutral” rating reiterated by Zacks in a research report issued to clients and investors on Tuesday. They currently have a $51.00 target price on the stock. Zacks‘s price target points to a potential upside of 4.29% from the stock’s previous close.
Zacks’ analyst wrote, “First Republic’s second-quarter 2014 earnings came in line with the Zacks Consensus Estimate and the prior-year quarter figure as well. Results reflected the company’s organic growth based on increase in revenues as well as deposits and loans. However, these positives were offset by a rise in expenses and provision for credit losses. We remain optimistic about the company’s prospects as its total assets are expected to reach at least $50 billion by 2015. Further, First Republic’s strong fundamentals and earnings strength are expected to drive growth in the coming 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 down 0.70% during mid-day trading on Tuesday, hitting $48.56. 374,042 shares of the company’s stock traded hands. First Republic Bank has a 52-week low of $44.23 and a 52-week high of $56.18. The stock’s 50-day moving average is $47.97 and its 200-day moving average is $51.45. The company has a market cap of $6.705 billion and a P/E ratio of 16.41.
First Republic Bank (NYSE:FRC) last released its earnings data 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. On average, analysts predict that First Republic Bank will post $2.95 EPS for the current fiscal year.
A number of other firms have also recently commented on FRC. 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. Seven investment 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 stock has a consensus rating of “Buy” and an average target price of $53.12.
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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