First Republic Bank (FRC) Receives “Hold” Rating from Keefe, Bruyette & Woods
First Republic Bank (NYSE:FRC)‘s stock had its “hold” rating reaffirmed by equities researchers at Keefe, Bruyette & Woods in a report issued on Friday.
FRC has been the subject of a number of other reports. Jefferies Group reissued a “buy” rating and set a $80.00 price target on shares of First Republic Bank in a research report on Thursday, July 7th. JPMorgan Chase & Co. raised their price target on shares of First Republic Bank from $80.00 to $83.00 and gave the stock an “overweight” 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. Zacks Investment Research raised shares of First Republic Bank from a “hold” rating to a “buy” rating and set a $80.00 target price for the company in a report on Tuesday, July 19th. Finally, Barclays PLC lifted their target price on shares of First Republic Bank from $78.00 to $84.00 and gave the company an “overweight” rating in a report on Thursday, August 11th. Six equities 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 a consensus rating of “Buy” and an average price target of $77.23.
Shares of First Republic Bank (NYSE:FRC) traded up 1.05% during trading on Friday, hitting $74.77. 225,325 shares of the company were exchanged. The firm has a market capitalization of $11.20 billion, a PE ratio of 20.99 and a beta of 1.06. The firm’s 50-day moving average price is $76.68 and its 200 day moving average price is $71.65. 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 posted its quarterly earnings results on Thursday, October 13th. The company reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.01. First Republic Bank had a net margin of 27.20% and a return on equity of 12.59%. The company earned $557.90 million during the quarter, compared to analyst estimates of $592.65 million. During the same period last year, the firm posted $0.79 EPS. First Republic Bank’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, equities research analysts expect that First Republic Bank will post $3.91 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Shareholders of record on Thursday, October 27th will be paid a dividend of $0.16 per share. The ex-dividend date is Tuesday, October 25th. This represents a $0.64 annualized dividend and a yield of 0.86%. First Republic Bank’s dividend payout ratio (DPR) is presently 18.23%.
A number of large investors have recently made changes to their positions in FRC. Emerald Acquisition Ltd. acquired a new stake in shares of First Republic Bank during the second quarter valued at about $73,509,000. Fiera Capital Corp acquired a new stake in shares of First Republic Bank during the second quarter valued at about $67,938,000. Royal Bank of Canada boosted 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 valued at $162,397,000 after buying an additional 929,702 shares during the period. Baillie Gifford & Co. boosted its stake in shares of First Republic Bank by 7.7% in the fourth quarter. Baillie Gifford & Co. now owns 12,538,164 shares of the company’s stock valued at $828,271,000 after buying an additional 896,770 shares during the period. Finally, Norges Bank acquired a new stake in shares of First Republic Bank during the fourth quarter valued at about $57,668,000. 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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