First Republic Bank (FRC) Expected to Post Quarterly Sales of $687.58 Million
Equities analysts forecast that First Republic Bank (NYSE:FRC) will 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 company is expected to report its next earnings results on Thursday, October 12th.
On average, analysts expect that First Republic Bank will report full year sales of $687.58 million for the current financial year, with estimates ranging from $2.58 billion to $2.84 billion. For the next year, analysts expect that the firm will post sales of $3.12 billion per share, with estimates ranging from $2.98 billion to $3.30 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow First Republic Bank.
First Republic Bank (NYSE:FRC) last posted its quarterly earnings results on Friday, July 14th. The bank reported $1.06 EPS 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 business had revenue of $641.30 million during the quarter, compared to analysts’ expectations of $671.27 million. During the same quarter in the previous year, the business posted $0.97 EPS. The company’s quarterly revenue was up 19.8% on a year-over-year basis.
Several equities research analysts recently commented on the company. Piper Jaffray Companies reissued a “hold” rating and issued a $99.00 price target on shares of First Republic Bank in a research note on Friday, September 1st. BidaskClub cut First Republic Bank from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 19th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $90.00 price target on shares of First Republic Bank in a research note on Thursday, July 27th. BMO Capital Markets reissued a “hold” rating and issued a $96.00 price target on shares of First Republic Bank in a research note on Sunday, July 16th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $109.00 price target on shares of First Republic Bank in a research note on Friday, July 14th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the stock. First Republic Bank has an average rating of “Hold” and a consensus price target of $104.54.
First Republic Bank (FRC) opened at 96.50 on Friday. The company has a 50-day moving average of $97.82 and a 200 day moving average of $96.18. The stock has a market cap of $15.22 billion, a price-to-earnings ratio of 23.54 and a beta of 1.01. First Republic Bank has a 12-month low of $72.40 and a 12-month high of $104.17.
A number of institutional investors and hedge funds have recently bought and sold shares of FRC. Capstone Asset Management Co. lifted its holdings in First Republic Bank by 27.1% in the 1st quarter. Capstone Asset Management Co. now owns 3,372 shares of the bank’s stock worth $316,000 after purchasing an additional 720 shares during the last quarter. Canada Pension Plan Investment Board lifted its holdings in First Republic Bank by 61.1% in the 1st quarter. Canada Pension Plan Investment Board now owns 3,098 shares of the bank’s stock worth $291,000 after purchasing an additional 1,175 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in First Republic Bank by 112.7% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 10,520 shares of the bank’s stock worth $1,035,000 after purchasing an additional 5,574 shares during the last quarter. World Asset Management Inc lifted its holdings in First Republic Bank by 24.8% in the 1st quarter. World Asset Management Inc now owns 6,661 shares of the bank’s stock worth $625,000 after purchasing an additional 1,325 shares during the last quarter. Finally, Karp Capital Management Corp lifted its holdings in First Republic Bank by 92.1% in the 1st quarter. Karp Capital Management Corp now owns 48,678 shares of the bank’s stock worth $4,566,000 after purchasing an additional 23,342 shares during the last quarter.
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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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