First Republic Bank (FRC) Price Target Raised to $86.00 at Maxim Group
First Republic Bank (NYSE:FRC) had its target price upped by equities research analysts at Maxim Group from $83.00 to $86.00 in a research note issued on Friday. The firm presently has a “buy” rating on the stock. Maxim Group’s price target suggests a potential upside of 16.23% from the stock’s current price.
FRC has been the subject of a number of other research reports. Jefferies Group restated a “buy” rating and set a $80.00 price objective on shares of First Republic Bank in a research report on Thursday, July 7th. JPMorgan Chase & Co. boosted their price objective on First Republic Bank from $80.00 to $83.00 and gave the company an “overweight” rating in a research report on Friday, July 15th. Keefe, Bruyette & Woods boosted their price objective on First Republic Bank from $70.00 to $73.00 and gave the company a “market perform” rating in a research report on Friday, July 15th. BMO Capital Markets reiterated a “market perform” rating and set a $71.00 price target on shares of First Republic Bank in a research report on Friday, July 15th. Finally, Zacks Investment Research upgraded First Republic Bank from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a research report on Tuesday, July 19th. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $77.23.
First Republic Bank (NYSE:FRC) opened at 73.99 on Friday. The stock has a 50 day moving average price of $76.68 and a 200-day moving average price of $71.65. The stock has a market cap of $11.09 billion, a PE ratio of 20.77 and a beta of 1.06. First Republic Bank has a 12 month low of $56.32 and a 12 month high of $79.15.
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First Republic Bank (NYSE:FRC) last released its quarterly earnings data on Thursday, October 13th. The company reported $1.00 earnings per share (EPS) for the quarter, beating 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 business earned $557.90 million during the quarter, compared to analyst estimates of $592.65 million. During the same quarter in the previous year, the firm posted $0.79 EPS. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, analysts expect that First Republic Bank will post $3.91 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Thursday, October 27th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date is Tuesday, October 25th. First Republic Bank’s dividend payout ratio (DPR) is presently 18.23%.
Large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of 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 during the period. State Street Corp raised its stake in shares of 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 during the period. Aristotle Capital Management LLC raised its stake in shares of 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 during the period. Royal Bank of Canada raised its stake in shares of 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 during the period. Finally, CAM Group Holding A S raised its stake in shares of 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 during the period. 98.24% of the stock is currently owned by institutional investors.
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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