First Republic Bank (FRC) Lowered to Sell at Zacks Investment Research
First Republic Bank (NYSE:FRC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Monday.
According to Zacks, “First Republic’s shares outperformed the industry over the last six months. The bank has a decent earnings surprise history. It surpassed the Zacks Consensus Estimate in two of the trailing four quarters. The bank is well positioned for growth, given its simpler business model and non-engagement in additional businesses, as compared to most large banking institutions. Also, consistent growth in loans and deposits along with gradual ease of pressure on the margins will support the company’s organic growth. However, operating costs are expected to remain on the higher side in the near term due to investments in digital initiatives.”
Several other research firms also recently commented on FRC. BMO Capital Markets reissued a “hold” rating and set a $97.00 target price on shares of First Republic Bank in a research report on Friday, May 26th. Keefe, Bruyette & Woods set a $90.00 target price on shares of First Republic Bank and gave the stock a “hold” rating in a research report on Friday, May 26th. Morgan Stanley lowered their target price on shares of First Republic Bank from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Tuesday, June 6th. BidaskClub raised shares of First Republic Bank from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $109.00 target price on shares of First Republic Bank in a research report on Sunday, June 11th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $104.54.
First Republic Bank (FRC) traded up 0.368% during midday trading on Monday, reaching $96.855. The company’s stock had a trading volume of 21,906 shares. First Republic Bank has a 12 month low of $72.40 and a 12 month high of $104.17. The stock’s 50-day moving average price is $97.82 and its 200-day moving average price is $96.18. The firm has a market capitalization of $15.28 billion, a price-to-earnings ratio of 23.629 and a beta of 1.01.
First Republic Bank (NYSE:FRC) last announced its quarterly earnings data on Friday, July 14th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate 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 for the quarter, compared to analysts’ expectations of $671.27 million. During the same quarter in the prior year, the business posted $0.97 earnings per share. First Republic Bank’s revenue was up 19.8% on a year-over-year basis. Analysts predict that First Republic Bank will post $4.45 EPS for the current year.
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Hedge funds have recently added to or reduced their stakes in the stock. Bank of Nova Scotia acquired a new stake in First Republic Bank during the first quarter worth about $483,000. Barnett & Company Inc. bought a new position in First Republic Bank during the second quarter worth about $100,000. Whittier Trust Co. of Nevada Inc. lifted its stake in First Republic Bank by 100.6% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 1,071 shares of the bank’s stock worth $107,000 after purchasing an additional 537 shares during the period. Parallel Advisors LLC lifted its stake in First Republic Bank by 628.2% during the first quarter. Parallel Advisors LLC now owns 1,085 shares of the bank’s stock worth $101,000 after purchasing an additional 936 shares during the period. Finally, Israel Discount Bank of New York bought a new position in First Republic Bank during the first quarter worth about $107,000. 99.92% of the stock is currently owned by institutional investors and hedge funds.
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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