First Republic Bank (FRC) Price Target Increased to $80.00 by Analysts at FBR & Co
First Republic Bank (NYSE:FRC) had its target price lifted by analysts at FBR & Co from $73.00 to $80.00 in a research report issued to clients and investors on Friday, StockTargetPrices.com reports. The brokerage presently has a “mkt perform” rating on the stock. FBR & Co’s price target would suggest a potential upside of 8.12% from the company’s current price.
Several other equities analysts have also recently commented on FRC. Keefe, Bruyette & Woods reaffirmed a “hold” rating on shares of First Republic Bank in a research note on Sunday, July 17th. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of First Republic Bank in a research note on Sunday, July 17th. BMO Capital Markets reiterated a “market perform” rating and set a $71.00 price target on shares of First Republic Bank in a research note on Friday, July 15th. Zacks Investment Research raised shares of First Republic Bank from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a research note on Tuesday, July 19th. Finally, Barclays PLC boosted 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 note on Thursday, August 11th. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $77.00.
Shares of First Republic Bank (NYSE:FRC) opened at 73.99 on Friday. The firm has a market capitalization of $11.09 billion, a P/E ratio of 20.77 and a beta of 1.06. The company’s 50-day moving average is $76.68 and its 200 day moving average is $71.65. First Republic Bank has a 52-week low of $56.32 and a 52-week high of $79.15.
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First Republic Bank (NYSE:FRC) last issued its quarterly earnings data on Thursday, October 13th. The company reported $1.00 EPS for the quarter, beating the consensus estimate of $0.99 by $0.01. The company earned $557.90 million during the quarter, compared to analysts’ expectations of $592.65 million. First Republic Bank had a net margin of 27.20% and a return on equity of 12.59%. First Republic Bank’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.79 earnings per share. Analysts expect that First Republic Bank will post $3.91 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 10th. Investors of record on Thursday, October 27th will be issued a dividend of $0.16 per share. The ex-dividend date is Tuesday, October 25th. This represents a $0.64 dividend on an annualized basis and a yield of 0.86%. First Republic Bank’s dividend payout ratio is currently 18.23%.
A number of large investors have recently bought and sold shares of FRC. Vanguard Group Inc. raised its stake in First Republic Bank by 4.8% in the second quarter. Vanguard Group Inc. now owns 10,719,022 shares of the company’s stock worth $750,225,000 after buying an additional 493,190 shares in the last quarter. State Street Corp raised its stake in First Republic Bank by 1.2% in the second quarter. State Street Corp now owns 3,844,088 shares of the company’s stock worth $269,054,000 after buying an additional 45,136 shares in the last quarter. Aristotle Capital Management LLC raised its stake in First Republic Bank by 1.3% in the second quarter. Aristotle Capital Management LLC now owns 3,247,093 shares of the company’s stock worth $227,264,000 after buying an additional 42,483 shares in the last quarter. Royal Bank of Canada raised its stake in First Republic Bank by 66.9% in the second quarter. Royal Bank of Canada now owns 2,320,272 shares of the company’s stock worth $162,397,000 after buying an additional 929,702 shares in the last quarter. Finally, CAM Group Holding A S raised its stake in First Republic Bank by 2.5% in the second quarter. CAM Group Holding A S now owns 2,008,028 shares of the company’s stock worth $140,542,000 after buying an additional 49,558 shares in the last quarter. Institutional investors own 98.24% of the company’s stock.
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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