First Republic Bank (FRC) Given New $86.00 Price Target at Maxim Group
First Republic Bank (NYSE:FRC) had its target price hoisted by investment analysts at Maxim Group from $83.00 to $86.00 in a research note issued on Friday. The brokerage presently has a “buy” rating on the stock. Maxim Group’s target price suggests a potential upside of 16.23% from the stock’s current price.
Other equities analysts have also issued research reports about the company. JPMorgan Chase & Co. reissued a “buy” rating on shares of First Republic Bank in a report on Saturday, July 9th. FBR & Co restated a “hold” rating on shares of First Republic Bank in a research report on Sunday, July 17th. Keefe, Bruyette & Woods restated a “hold” rating on shares of First Republic Bank in a research report on Sunday, July 17th. Barclays PLC raised their price objective on shares of First Republic Bank from $78.00 to $84.00 and gave the company an “overweight” rating in a research report on Thursday, August 11th. Finally, Zacks Investment Research upgraded shares of First Republic Bank from a “hold” rating to a “buy” rating and set a $82.00 price objective for the company in a research report on Tuesday, August 16th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $77.23.
Shares of First Republic Bank (NYSE:FRC) opened at 73.99 on Friday. The firm has a market capitalization of $11.09 billion, a PE ratio of 20.77 and a beta of 1.06. The stock has a 50 day moving average price of $76.68 and a 200 day moving average price of $71.65. First Republic Bank has a 52 week low of $56.32 and a 52 week high of $79.15.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/14/first-republic-bank-frc-given-new-86-00-price-target-at-maxim-group.html
First Republic Bank (NYSE:FRC) last released its quarterly earnings results on Thursday, October 13th. The company reported $1.00 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.01. First Republic Bank had a return on equity of 12.59% and a net margin of 27.20%. The firm had revenue of $557.90 million for the quarter, compared to analyst estimates of $592.65 million. During the same quarter last year, the company posted $0.79 earnings per share. The business’s revenue was up 10.6% on a year-over-year basis. Equities analysts forecast that First Republic Bank will post $3.91 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Thursday, October 27th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Tuesday, October 25th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.86%. First Republic Bank’s dividend payout ratio (DPR) is 18.23%.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Private Trust Co. NA boosted its position in shares of First Republic Bank by 34.5% in the third quarter. Private Trust Co. NA now owns 13,259 shares of the company’s stock worth $1,022,000 after buying an additional 3,400 shares during the period. Howland Capital Management LLC boosted its position in shares of First Republic Bank by 17.9% in the third quarter. Howland Capital Management LLC now owns 126,502 shares of the company’s stock worth $9,755,000 after buying an additional 19,225 shares during the period. Capstone Asset Management Co. acquired a new position in shares of First Republic Bank during the third quarter worth $204,000. Daiwa SB Investments Ltd. boosted its position in shares of First Republic Bank by 29.7% in the third quarter. Daiwa SB Investments Ltd. now owns 83,000 shares of the company’s stock worth $6,400,000 after buying an additional 19,000 shares during the period. Finally, Raymond James Trust N.A. boosted its position in shares of First Republic Bank by 0.6% in the third quarter. Raymond James Trust N.A. now owns 2,984 shares of the company’s stock worth $230,000 after buying an additional 18 shares during the period. 98.24% of the stock is owned by institutional investors and hedge funds.
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.
Receive News & Ratings for First Republic Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Republic Bank and related companies with MarketBeat.com's FREE daily email newsletter.