Wedbush Reiterates Outperform Rating for First Republic Bank (FRC)
First Republic Bank (NYSE:FRC)‘s stock had its “outperform” rating reissued by analysts at Wedbush in a note issued to investors on Tuesday, Marketbeat Ratings reports. They presently have a $121.00 price objective on the bank’s stock. Wedbush’s price target indicates a potential upside of 20.33% from the stock’s previous close.
Several other equities analysts have also issued reports on FRC. Zacks Investment Research upgraded First Republic Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, June 21st. Jefferies Group LLC restated a “buy” rating and set a $109.00 target price on shares of First Republic Bank in a research report on Friday, May 5th. 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. BidaskClub upgraded First Republic Bank from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Finally, BMO Capital Markets restated a “hold” rating and set a $97.00 target price on shares of First Republic Bank in a research report on Friday, May 26th. Nine analysts have rated the stock with a hold rating and seven have given a buy rating to the company. First Republic Bank has an average rating of “Hold” and a consensus price target of $101.14.
First Republic Bank (FRC) opened at 100.56 on Tuesday. The company has a market cap of $15.81 billion, a price-to-earnings ratio of 25.08 and a beta of 1.02. First Republic Bank has a 52-week low of $65.99 and a 52-week high of $103.69. The stock’s 50 day moving average is $96.01 and its 200 day moving average is $93.89.
First Republic Bank (NYSE:FRC) last posted its earnings results on Thursday, April 13th. The bank reported $1.01 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.01. The company had revenue of $601.14 million during the quarter, compared to analyst estimates of $626.14 million. First Republic Bank had a return on equity of 12.16% and a net margin of 27.99%. During the same period in the previous year, the company earned $0.88 EPS. Equities research analysts forecast that First Republic Bank will post $4.50 earnings per share for the current year.
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A number of large investors have recently added to or reduced their stakes in the stock. Keybank National Association OH boosted its stake in shares of 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 in the last quarter. Jaffetilchin Investment Partners LLC boosted its stake in shares of First Republic Bank by 1.1% in the first quarter. Jaffetilchin Investment Partners LLC now owns 2,473 shares of the bank’s stock worth $232,000 after buying an additional 28 shares in the last quarter. Creative Planning boosted its stake in shares of First Republic Bank by 5.5% in the first quarter. Creative Planning now owns 1,160 shares of the bank’s stock worth $109,000 after buying an additional 60 shares in the last quarter. Pacer Advisors Inc. boosted its stake in shares of First Republic Bank by 3.3% in the first quarter. Pacer Advisors Inc. now owns 2,725 shares of the bank’s stock worth $256,000 after buying an additional 88 shares in the last quarter. Finally, Pinnacle Associates Ltd. boosted its stake in shares of First Republic Bank by 2.9% in the first quarter. Pinnacle Associates Ltd. now owns 6,430 shares of the bank’s stock worth $603,000 after buying an additional 180 shares in the last quarter. Hedge funds and other institutional investors own 98.62% of the company’s stock.
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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