First Republic Bank (FRC) Sees Unusually-High Trading Volume After Analyst Upgrade
First Republic Bank (NYSE:FRC) saw strong trading volume on Wednesday after Deutsche Bank AG raised their price target on the stock from $83.00 to $85.00. Deutsche Bank AG currently has a hold rating on the stock. 1,280,311 shares traded hands during mid-day trading, an increase of 51% from the previous session’s volume of 847,775 shares.The stock last traded at $77.13 and had previously closed at $77.53.
A number of other brokerages have also commented on FRC. Zacks Investment Research lowered shares of First Republic Bank from a “buy” rating to a “hold” rating in a report on Wednesday, October 5th. Barclays PLC increased their price target on shares of First Republic Bank from $78.00 to $84.00 and gave the stock an “overweight” rating in a report on Thursday, August 11th. FBR & Co reissued a “hold” rating on shares of First Republic Bank in a report on Sunday, July 17th. JPMorgan Chase & Co. reissued a “buy” rating on shares of First Republic Bank in a report on Sunday, July 17th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating on shares of First Republic Bank in a report on Sunday, July 17th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $76.46.
A number of large investors have recently made changes to their positions in FRC. Global X Management Co. LLC boosted its stake in shares of First Republic Bank by 180.5% in the second quarter. Global X Management Co. LLC now owns 1,798 shares of the company’s stock valued at $126,000 after buying an additional 1,157 shares during the last quarter. Springbok Capital Management LLC purchased a new stake in shares of First Republic Bank during the first quarter valued at $190,000. Raymond James Trust N.A. purchased a new stake in shares of First Republic Bank during the second quarter valued at $208,000. Profund Advisors LLC purchased a new stake in shares of First Republic Bank during the second quarter valued at $211,000. Finally, World Asset Management Inc boosted its stake in shares of First Republic Bank by 10.4% in the second quarter. World Asset Management Inc now owns 3,380 shares of the company’s stock valued at $237,000 after buying an additional 319 shares during the last quarter. 98.24% of the stock is owned by institutional investors and hedge funds.
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The stock has a market capitalization of $11.56 billion, a price-to-earnings ratio of 21.65 and a beta of 1.06. The firm’s 50 day moving average is $76.56 and its 200 day moving average is $71.59.
First Republic Bank (NYSE:FRC) last released its earnings results on Thursday, July 14th. The company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.91 by $0.06. First Republic Bank had a net margin of 27.20% and a return on equity of 12.59%. The firm had revenue of $535.10 million for the quarter, compared to the consensus estimate of $568.53 million. During the same quarter in the previous year, the firm earned $0.73 earnings per share. Equities analysts expect that First Republic Bank will post $3.91 earnings per share for the current fiscal year.
About First Republic Bank
First Republic Bank is a commercial bank and trust company. The Bank specializes in providing services, including private banking, private business banking, real estate lending and wealth management services, including trust and custody services, to clients in selected metropolitan areas in the United States.
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