$1.09 Earnings Per Share Expected for First Republic Bank (FRC) This Quarter
Brokerages expect First Republic Bank (NYSE:FRC) to post $1.09 earnings per share for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for First Republic Bank’s earnings, with the lowest EPS estimate coming in at $1.02 and the highest estimate coming in at $1.14. First Republic Bank reported earnings per share of $0.89 in the same quarter last year, which would suggest a positive year-over-year growth rate of 22.5%. The firm is scheduled to announce its next quarterly earnings results on Thursday, July 13th.
According to Zacks, analysts expect that First Republic Bank will report full year earnings of $4.51 per share for the current year, with EPS estimates ranging from $4.34 to $4.65. For the next year, analysts anticipate that the business will post earnings of $5.35 per share, with EPS estimates ranging from $5.01 to $5.60. Zacks’ earnings per share averages are a mean average based on a survey of sell-side research firms that that provide coverage for First Republic Bank.
First Republic Bank (NYSE:FRC) last posted its quarterly earnings results on Thursday, April 13th. The bank reported $1.01 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $1.01. First Republic Bank had a return on equity of 10.88% and a net margin of 29.41%. The firm had revenue of $601.14 million for the quarter, compared to the consensus estimate of $626.14 million. During the same period in the previous year, the business earned $0.88 earnings per share.
Several equities research analysts have recently weighed in on the company. Zacks Investment Research raised First Republic Bank from a “hold” rating to a “buy” rating and set a $105.00 price objective for the company in a research note on Wednesday, March 1st. Jefferies Group LLC reaffirmed a “buy” rating and issued a $105.00 target price on shares of First Republic Bank in a research report on Friday, March 31st. Morgan Stanley decreased their target price on First Republic Bank from $102.00 to $98.00 and set an “equal weight” rating for the company in a research report on Tuesday, June 6th. BMO Capital Markets reaffirmed a “hold” rating and issued a $97.00 target price on shares of First Republic Bank in a research report on Friday, May 26th. Finally, Deutsche Bank AG raised their target price on First Republic Bank from $98.00 to $101.00 and gave the stock a “hold” rating in a research report on Tuesday, April 18th. Nine research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $99.62.
A number of large investors have recently added to or reduced their stakes in FRC. Comerica Bank increased its stake in First Republic Bank by 4.4% in the fourth quarter. Comerica Bank now owns 11,597 shares of the bank’s stock worth $1,078,000 after buying an additional 484 shares during the period. Raymond James Financial Services Advisors Inc. increased its stake in First Republic Bank by 7.0% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 9,284 shares of the bank’s stock worth $855,000 after buying an additional 605 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in First Republic Bank by 2.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 530,960 shares of the bank’s stock worth $48,922,000 after buying an additional 10,574 shares during the last quarter. Keybank National Association OH increased its stake in First Republic Bank by 0.9% in the fourth quarter. Keybank National Association OH now owns 2,946 shares of the bank’s stock worth $271,000 after buying an additional 25 shares during the last quarter. Finally, Brown Advisory Inc. increased its stake in First Republic Bank by 17.2% in the fourth quarter. Brown Advisory Inc. now owns 4,789 shares of the bank’s stock worth $441,000 after buying an additional 703 shares during the last quarter. 98.62% of the stock is currently owned by institutional investors and hedge funds.
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First Republic Bank (FRC) traded down 0.77% during mid-day trading on Friday, hitting $99.10. The company had a trading volume of 1,158,636 shares. The stock’s 50 day moving average price is $94.76 and its 200 day moving average price is $93.36. First Republic Bank has a 52-week low of $63.97 and a 52-week high of $101.99. The firm has a market cap of $15.58 billion, a P/E ratio of 24.72 and a beta of 1.02.
First Republic Bank Company Profile
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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