$687.58 Million in Sales Expected for FIRST REPUBLIC BANK (FRC) This Quarter
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 before the market opens on Friday, October 13th.
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 have recently issued reports on the company. Jefferies Group LLC lifted their price target on FIRST REPUBLIC BANK from $109.00 to $120.00 and gave the company a “buy” rating in a report on Friday, September 29th. BidaskClub lowered FIRST REPUBLIC BANK from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. Royal Bank Of Canada reiterated a “hold” rating on shares of FIRST REPUBLIC BANK in a report on Friday, September 29th. Maxim Group reiterated a “buy” rating and set a $110.00 price target (up from $105.00) on shares of FIRST REPUBLIC BANK in a report on Friday, July 14th. Finally, Piper Jaffray Companies reiterated a “hold” rating and set a $99.00 price target on shares of FIRST REPUBLIC BANK in a report on Friday, July 14th. 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’s stock. The stock has an average rating of “Hold” and a consensus price target of $105.42.
FIRST REPUBLIC BANK (NYSE:FRC) opened at 104.51 on Thursday. The company has a 50-day moving average of $98.43 and a 200 day moving average of $96.75. The stock has a market cap of $16.49 billion, a price-to-earnings ratio of 25.50 and a beta of 1.01. FIRST REPUBLIC BANK has a 12-month low of $72.40 and a 12-month high of $105.52.
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Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of FIRST REPUBLIC BANK by 5.2% during the second quarter. Vanguard Group Inc. now owns 12,886,696 shares of the bank’s stock worth $1,289,958,000 after buying an additional 641,309 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of FIRST REPUBLIC BANK by 8.9% during the second quarter. BlackRock Inc. now owns 10,708,811 shares of the bank’s stock worth $1,071,954,000 after buying an additional 876,812 shares during the last quarter. Capital World Investors lifted its holdings in shares of FIRST REPUBLIC BANK by 6.5% during the second quarter. Capital World Investors now owns 8,068,025 shares of the bank’s stock worth $807,609,000 after buying an additional 490,000 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of FIRST REPUBLIC BANK by 13.3% during the second quarter. JPMorgan Chase & Co. now owns 6,745,564 shares of the bank’s stock worth $675,230,000 after buying an additional 793,964 shares during the last quarter. Finally, State Street Corp lifted its holdings in shares of FIRST REPUBLIC BANK by 20.3% during the second quarter. State Street Corp now owns 5,995,443 shares of the bank’s stock worth $600,135,000 after buying an additional 1,010,648 shares during the last quarter. Institutional investors own 97.73% of the company’s stock.
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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