Brokerages Expect FIRST REPUBLIC BANK (FRC) Will Post Quarterly Sales of $655.82 Million
Equities analysts expect FIRST REPUBLIC BANK (NYSE:FRC) to announce $655.82 million in sales for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for FIRST REPUBLIC BANK’s earnings. The lowest sales estimate is $632.50 million and the highest is $682.00 million. FIRST REPUBLIC BANK posted sales of $535.08 million in the same quarter last year, which would indicate a positive year over year growth rate of 22.6%. The firm is scheduled to issue its next quarterly earnings results on Thursday, July 13th.
On average, analysts expect that FIRST REPUBLIC BANK will report full-year sales of $655.82 million for the current financial year, with estimates ranging from $2.60 billion to $2.79 billion. For the next financial year, analysts expect that the firm will report sales of $3.08 billion per share, with estimates ranging from $2.95 billion to $3.22 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that that provide coverage for FIRST REPUBLIC BANK.
FIRST REPUBLIC BANK (NYSE:FRC) last announced its quarterly earnings data on Thursday, April 13th. The bank reported $1.01 earnings per share for the quarter, meeting the consensus estimate of $1.01. FIRST REPUBLIC BANK had a net margin of 27.99% and a return on equity of 12.16%. The firm had revenue of $601.14 million for the quarter, compared to analyst estimates of $626.14 million. During the same quarter in the prior year, the business earned $0.88 earnings per share.
FRC has been the subject of several research analyst reports. Zacks Investment Research raised shares of FIRST REPUBLIC BANK from a “sell” rating to a “hold” rating in a research report on Wednesday. BidaskClub raised shares of FIRST REPUBLIC BANK from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $109.00 target price on shares of FIRST REPUBLIC BANK in a research report on Sunday, June 11th. Royal Bank Of Canada raised their target price on shares of FIRST REPUBLIC BANK from $95.00 to $98.00 and gave the stock a “sector perform” rating in a research report on Friday, March 10th. Finally, Morgan Stanley dropped their target price on shares of 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. Nine analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $99.62.
FIRST REPUBLIC BANK (FRC) opened at 99.10 on Friday. FIRST REPUBLIC BANK has a one year low of $63.97 and a one year high of $101.99. The firm has a market cap of $15.58 billion, a price-to-earnings ratio of 24.72 and a beta of 1.02. The stock’s 50 day moving average is $94.76 and its 200 day moving average is $93.36.
Several institutional investors have recently added to or reduced their stakes in the company. Comerica Bank increased its position in FIRST REPUBLIC BANK by 4.4% in the fourth quarter. Comerica Bank now owns 11,597 shares of the bank’s stock valued at $1,078,000 after buying an additional 484 shares during the period. Raymond James Financial Services Advisors Inc. increased its position 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 valued at $855,000 after buying an additional 605 shares during the period. Dimensional Fund Advisors LP increased its position 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 valued at $48,922,000 after buying an additional 10,574 shares during the period. Keybank National Association OH increased its position 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 valued at $271,000 after buying an additional 25 shares during the period. Finally, Brown Advisory Inc. increased its position in FIRST REPUBLIC BANK by 17.2% in the fourth quarter. Brown Advisory Inc. now owns 4,789 shares of the bank’s stock valued at $441,000 after buying an additional 703 shares during the period. 98.62% of the stock is currently owned by hedge funds and other institutional investors.
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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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