First Republic Bank (FRC) Stock Rating Reaffirmed by BMO Capital Markets
First Republic Bank (NYSE:FRC)‘s stock had its “hold” rating reiterated by stock analysts at BMO Capital Markets in a research report issued on Friday. They currently have a $97.00 target price on the bank’s stock. BMO Capital Markets’ price objective would indicate a potential upside of 4.04% from the company’s current price.
Several other brokerages also recently issued reports on FRC. Jefferies Group LLC restated a “buy” rating and set a $109.00 price objective on shares of First Republic Bank in a research report on Monday, May 15th. Zacks Investment Research downgraded First Republic Bank from a “buy” rating to a “hold” rating in a report on Tuesday, February 28th. Barclays PLC dropped their price objective on First Republic Bank from $102.00 to $100.00 and set an “overweight” rating for the company in a report on Tuesday, April 11th. Royal Bank of Canada upped their price objective on First Republic Bank from $95.00 to $98.00 and gave the stock a “sector perform” rating in a report on Friday, March 10th. Finally, Piper Jaffray Companies dropped their price objective on First Republic Bank from $97.00 to $92.00 and set a “neutral” rating for the company in a report on Monday, April 17th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. First Republic Bank has a consensus rating of “Buy” and a consensus target price of $97.31.
Shares of First Republic Bank (NYSE:FRC) opened at 93.23 on Friday. First Republic Bank has a 52 week low of $63.97 and a 52 week high of $97.43. The stock has a 50 day moving average price of $92.05 and a 200-day moving average price of $91.22. The stock has a market cap of $14.66 billion, a P/E ratio of 23.26 and a beta of 1.03.
First Republic Bank (NYSE:FRC) last announced its quarterly earnings results on Thursday, April 13th. The bank reported $1.01 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.01. The business had revenue of $601.14 million for the quarter, compared to analyst estimates of $626.14 million. First Republic Bank had a return on equity of 12.38% and a net margin of 27.98%. During the same quarter in the previous year, the company earned $0.88 EPS. Equities analysts predict that First Republic Bank will post $4.50 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 11th. Investors of record on Thursday, April 27th were paid a dividend of $0.17 per share. This is a positive change from First Republic Bank’s previous quarterly dividend of $0.16. The ex-dividend date was Tuesday, April 25th. This represents a $0.68 annualized dividend and a yield of 0.73%. First Republic Bank’s dividend payout ratio is 16.49%.
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Large investors have recently added to or reduced their stakes in the company. Huntington National Bank raised its stake in shares of First Republic Bank by 1,304.6% in the third quarter. Huntington National Bank now owns 6,391 shares of the bank’s stock valued at $493,000 after buying an additional 5,936 shares during the last quarter. Decatur Capital Management Inc. purchased a new stake in shares of First Republic Bank during the third quarter valued at approximately $2,094,000. Sloane Robinson LLP purchased a new stake in shares of First Republic Bank during the third quarter valued at approximately $16,910,000. Peak Asset Management LLC purchased a new stake in shares of First Republic Bank during the third quarter valued at approximately $211,000. Finally, Barrett Asset Management LLC raised its stake in shares of First Republic Bank by 6.6% in the third quarter. Barrett Asset Management LLC now owns 285,645 shares of the bank’s stock valued at $22,026,000 after buying an additional 17,660 shares during the last quarter. Hedge funds and other institutional investors own 97.08% 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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