First Republic Bank’s (FRC) “Buy” Rating Reaffirmed at Jefferies Group LLC
First Republic Bank (NYSE:FRC)‘s stock had its “buy” rating reaffirmed by research analysts at Jefferies Group LLC in a report released on Friday. They currently have a $109.00 target price on the bank’s stock. Jefferies Group LLC’s price target indicates a potential upside of 12.95% from the company’s previous close.
A number of other equities research analysts also recently issued reports on FRC. BMO Capital Markets reissued a “hold” rating and issued a $97.00 price target on shares of First Republic Bank in a report on Friday, May 26th. 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. Morgan Stanley lowered their price target on shares of First Republic Bank from $102.00 to $98.00 and set an “equal weight” rating on the stock in a report on Tuesday, June 6th. Zacks Investment Research downgraded shares of First Republic Bank from a “hold” rating to a “sell” rating in a report on Tuesday, June 6th. Finally, BidaskClub raised shares of First Republic Bank from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $104.54.
Shares of First Republic Bank (NYSE FRC) traded up 0.79% during trading on Friday, hitting $96.50. 1,304,744 shares of the stock traded hands. The stock has a 50-day moving average of $97.82 and a 200 day moving average of $96.18. The company has a market cap of $15.22 billion, a P/E ratio of 23.54 and a beta of 1.01. First Republic Bank has a 1-year low of $72.40 and a 1-year high of $104.17.
First Republic Bank (NYSE:FRC) last announced its quarterly earnings results on Friday, July 14th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.03). First Republic Bank had a return on equity of 12.16% and a net margin of 27.37%. The firm had revenue of $641.30 million during the quarter, compared to analysts’ expectations of $671.27 million. During the same period in the previous year, the company posted $0.97 earnings per share. The company’s quarterly revenue was up 19.8% compared to the same quarter last year. On average, equities research analysts predict that First Republic Bank will post $4.45 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently modified their holdings of the business. Highwater Wealth Management LLC bought a new position in First Republic Bank during the second quarter valued at approximately $256,000. Barings LLC grew its position in First Republic Bank by 262.3% during the first quarter. Barings LLC now owns 29,708 shares of the bank’s stock valued at $2,787,000 after acquiring an additional 21,508 shares during the last quarter. Majedie Asset Management Ltd grew its position in First Republic Bank by 0.6% during the first quarter. Majedie Asset Management Ltd now owns 308,078 shares of the bank’s stock valued at $28,901,000 after acquiring an additional 1,777 shares during the last quarter. Renaissance Technologies LLC bought a new position in First Republic Bank during the first quarter valued at approximately $19,569,000. Finally, Utah Retirement Systems grew its position in First Republic Bank by 2.1% during the second quarter. Utah Retirement Systems now owns 28,602 shares of the bank’s stock valued at $2,863,000 after acquiring an additional 600 shares during the last quarter.
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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