Zacks: Analysts Expect FIRST REPUBLIC BANK (FRC) Will Post Quarterly Sales of $687.58 Million
Equities analysts expect FIRST REPUBLIC BANK (NYSE:FRC) to announce sales of $687.58 million for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for FIRST REPUBLIC BANK’s earnings, with estimates ranging from $653.30 million to $731.00 million. FIRST REPUBLIC BANK posted sales of $557.88 million in the same quarter last year, which would indicate a positive year over year growth rate of 23.2%. The business is expected to announce its next earnings results on Thursday, October 12th.
According to Zacks, analysts expect that FIRST REPUBLIC BANK will report full year sales of $687.58 million for the current fiscal year, with estimates ranging from $2.58 billion to $2.84 billion. For the next fiscal year, analysts forecast that the firm will post sales of $3.12 billion per share, with estimates ranging from $2.98 billion to $3.30 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for FIRST REPUBLIC BANK.
FIRST REPUBLIC BANK (NYSE:FRC) last released its earnings results on Friday, July 14th. The bank reported $1.06 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.09 by $0.03. FIRST REPUBLIC BANK had a net margin of 27.37% and a return on equity of 12.16%. The company had revenue of $641.30 million during the quarter, compared to the consensus estimate of $671.27 million. During the same quarter in the previous year, the business posted $0.97 EPS. The firm’s quarterly revenue was up 19.8% on a year-over-year basis.
FRC has been the subject of several research analyst reports. Jefferies Group LLC reaffirmed a “buy” rating and set a $109.00 target price on shares of FIRST REPUBLIC BANK in a report on Sunday, June 11th. Barclays PLC reduced their target price on shares of FIRST REPUBLIC BANK from $102.00 to $100.00 and set an “overweight” rating for the company in a report on Tuesday, April 11th. Morgan Stanley reaffirmed an “equal weight” rating and set a $104.00 target price (up previously from $102.00) on shares of FIRST REPUBLIC BANK in a report on Thursday, July 6th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $98.00 target price on shares of FIRST REPUBLIC BANK in a report on Friday, July 7th. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $96.00 target price on shares of FIRST REPUBLIC BANK in a report on Sunday, July 16th. Ten research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $104.54.
FIRST REPUBLIC BANK (FRC) traded down 0.30% during midday trading on Friday, hitting $100.07. 161,405 shares of the company traded hands. The stock’s 50-day moving average price is $99.96 and its 200 day moving average price is $95.02. FIRST REPUBLIC BANK has a 12-month low of $70.21 and a 12-month high of $104.17. The company has a market capitalization of $15.78 billion, a price-to-earnings ratio of 24.41 and a beta of 0.99.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 10th. Shareholders of record on Thursday, July 27th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date of this dividend is Tuesday, July 25th. FIRST REPUBLIC BANK’s dividend payout ratio is currently 16.59%.
Hedge funds have recently bought and sold shares of the stock. Parallel Advisors LLC increased its stake in 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 purchased a new stake in shares of FIRST REPUBLIC BANK during the first quarter worth $107,000. Whittier Trust Co. of Nevada Inc. increased its stake in shares of FIRST REPUBLIC BANK by 100.6% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 1,071 shares of the bank’s stock worth $107,000 after buying an additional 537 shares during the period. Creative Planning increased 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 during the period. Finally, Toronto Dominion Bank increased its stake in shares of FIRST REPUBLIC BANK by 49.7% in the first quarter. Toronto Dominion Bank now owns 1,944 shares of the bank’s stock worth $182,000 after buying an additional 645 shares during the period. 98.66% of the stock is 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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