First Republic Bank (FRC) Receives Average Rating of “Hold” from Brokerages
First Republic Bank (NYSE:FRC) has been assigned an average recommendation of “Hold” from the fifteen brokerages that are currently covering the firm, MarketBeat.com reports. Ten equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $104.50.
Several research analysts recently commented on the stock. BMO Capital Markets reiterated a “hold” rating and issued a $96.00 target price on shares of First Republic Bank in a report on Sunday, July 16th. BidaskClub downgraded shares of First Republic Bank from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. Piper Jaffray Companies reiterated a “hold” rating and issued a $99.00 target price on shares of First Republic Bank in a report on Friday, July 14th. Maxim Group reiterated a “buy” rating and issued a $110.00 target price (up previously from $105.00) on shares of First Republic Bank in a report on Friday, July 14th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $109.00 target price on shares of First Republic Bank in a report on Friday, July 14th.
Shares of First Republic Bank (NYSE:FRC) traded up 1.29% during mid-day trading on Tuesday, reaching $101.49. The company had a trading volume of 157,248 shares. The stock has a market capitalization of $16.00 billion, a P/E ratio of 24.76 and a beta of 0.99. First Republic Bank has a 52-week low of $70.21 and a 52-week high of $104.17. The company’s 50-day moving average is $100.28 and its 200 day moving average is $95.15.
First Republic Bank (NYSE:FRC) last released its quarterly earnings results on Friday, July 14th. The bank reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.09 by $0.03. The business had revenue of $641.30 million for the quarter, compared to the consensus estimate of $671.27 million. First Republic Bank had a net margin of 27.37% and a return on equity of 12.16%. The firm’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.97 EPS. Analysts anticipate that First Republic Bank will post $4.46 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 10th. Stockholders of record on Thursday, July 27th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, July 25th. This represents a $0.68 annualized dividend and a dividend yield of 0.68%. First Republic Bank’s dividend payout ratio (DPR) is currently 16.59%.
Several hedge funds have recently modified their holdings of FRC. Jaffetilchin Investment Partners LLC raised 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 valued at $232,000 after buying an additional 28 shares during the period. Somerset Trust Co raised its position in First Republic Bank by 0.4% in the second quarter. Somerset Trust Co now owns 9,186 shares of the bank’s stock worth $919,000 after buying an additional 40 shares during the period. Creative Planning raised its position in 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. Xact Kapitalforvaltning AB raised its position in First Republic Bank by 0.3% in the second quarter. Xact Kapitalforvaltning AB now owns 19,486 shares of the bank’s stock worth $1,951,000 after buying an additional 65 shares during the period. Finally, Pacer Advisors Inc. raised its position in 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 during the period. Institutional investors and hedge funds own 98.83% 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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