First Republic Bank (FRC) Releases Quarterly Earnings Results, Misses Expectations By $0.02 EPS
First Republic Bank (NYSE:FRC) released its quarterly earnings data on Friday. The bank reported $1.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.16 by ($0.02), MarketWatch Earnings reports. The company had revenue of $670.30 million for the quarter, compared to the consensus estimate of $678.25 million. First Republic Bank had a net margin of 27.37% and a return on equity of 12.16%. The company’s quarterly revenue was up 20.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.00 EPS.
First Republic Bank (NYSE FRC) traded down 7.05% on Friday, reaching $94.97. 3,752,231 shares of the company’s stock traded hands. The firm has a 50-day moving average price of $99.59 and a 200-day moving average price of $97.27. First Republic Bank has a 52 week low of $72.43 and a 52 week high of $105.52. The stock has a market capitalization of $14.98 billion, a price-to-earnings ratio of 23.17 and a beta of 1.01.
TRADEMARK VIOLATION WARNING: “First Republic Bank (FRC) Releases Quarterly Earnings Results, Misses Expectations By $0.02 EPS” was published by American Banking News and is owned by of American Banking News. If you are accessing this piece on another site, it was illegally copied and republished in violation of U.S. and international trademark & copyright legislation. The correct version of this piece can be read at https://www.americanbankingnews.com/2017/10/13/first-republic-bank-frc-posts-earnings-results-misses-estimates-by-0-01-eps.html.
Several equities research analysts recently weighed in on FRC shares. Wedbush restated an “outperform” rating and issued a $121.00 price target on shares of First Republic Bank in a research report on Tuesday, June 27th. BidaskClub upgraded shares of First Republic Bank from a “hold” rating to a “buy” rating in a research report on Saturday, July 1st. Jefferies Group LLC restated a “buy” rating and issued a $109.00 price target on shares of First Republic Bank in a research report on Friday, September 15th. Barclays PLC restated an “equal weight” rating and issued a $110.00 price target (up previously from $101.00) on shares of First Republic Bank in a research report on Wednesday, July 12th. Finally, Zacks Investment Research cut shares of First Republic Bank from a “hold” rating to a “sell” rating in a research report on Monday, September 18th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $104.92.
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.
Receive News & Ratings for First Republic Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Republic Bank and related companies with MarketBeat.com's FREE daily email newsletter.