First Republic Bank (FRC) Given Consensus Recommendation of “Hold” by Brokerages
First Republic Bank (NYSE:FRC) has earned an average rating of “Hold” from the sixteen brokerages that are covering the company, MarketBeat Ratings reports. Nine research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $102.33.
A number of research firms have commented on FRC. Jefferies Group LLC restated a “buy” rating and issued a $109.00 price target on shares of First Republic Bank in a report on Monday, May 15th. Morgan Stanley reduced their price target on shares of First Republic Bank from $102.00 to $98.00 and set an “equal weight” rating for the company in a report on Tuesday, June 6th. Keefe, Bruyette & Woods set a $90.00 price target on shares of First Republic Bank and gave the stock a “hold” rating in a report on Friday, May 26th. BMO Capital Markets restated a “hold” rating and issued a $97.00 price target on shares of First Republic Bank in a report on Friday, May 26th. Finally, Deutsche Bank AG raised their price target on shares of First Republic Bank from $98.00 to $101.00 and gave the stock a “hold” rating in a report on Tuesday, April 18th.
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First Republic Bank (FRC) opened at 100.56 on Friday. First Republic Bank has a 52 week low of $65.99 and a 52 week high of $103.69. The company has a 50-day moving average of $96.01 and a 200-day moving average of $93.89. The firm has a market capitalization of $15.81 billion, a price-to-earnings ratio of 25.08 and a beta of 1.02.
First Republic Bank (NYSE:FRC) last announced its earnings results on Thursday, April 13th. The bank reported $1.01 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.01. First Republic Bank had a net margin of 27.99% and a return on equity of 12.16%. The business had revenue of $601.14 million during the quarter, compared to the consensus estimate of $626.14 million. During the same quarter last year, the firm earned $0.88 earnings per share. On average, equities analysts forecast that First Republic Bank will post $4.50 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of Nova Scotia acquired a new position in shares of First Republic Bank during the first quarter worth about $483,000. Parallel Advisors LLC boosted its position in shares of First Republic Bank by 628.2% in the first quarter. Parallel Advisors LLC now owns 1,085 shares of the bank’s stock worth $101,000 after buying an additional 936 shares in the last quarter. Israel Discount Bank of New York acquired a new position in shares of First Republic Bank during the first quarter worth about $107,000. Israel Discount Bank of New York GFN acquired a new position in shares of First Republic Bank during the fourth quarter worth about $106,000. Finally, Creative Planning boosted its position 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. 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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