First Republic Bank (FRC) Announces $0.17 Quarterly Dividend
First Republic Bank (NYSE:FRC) announced a quarterly dividend on Monday, October 16th, Wall Street Journal reports. Shareholders of record on Thursday, October 26th will be given a dividend of 0.17 per share by the bank on Thursday, November 9th. This represents a $0.68 dividend on an annualized basis and a yield of 0.70%. The ex-dividend date is Wednesday, October 25th.
First Republic Bank has increased its dividend by an average of 20.5% per year over the last three years and has raised its dividend annually for the last 4 consecutive years. First Republic Bank has a payout ratio of 15.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect First Republic Bank to earn $5.14 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 13.2%.
First Republic Bank (NYSE FRC) traded up 1.78% during mid-day trading on Monday, reaching $96.66. The company’s stock had a trading volume of 2,960,871 shares. The company’s 50-day moving average price is $99.63 and its 200 day moving average price is $97.34. First Republic Bank has a 52 week low of $72.43 and a 52 week high of $105.52. The firm has a market capitalization of $15.25 billion, a price-to-earnings ratio of 23.58 and a beta of 1.01.
First Republic Bank (NYSE:FRC) last issued its earnings results on Friday, October 13th. The bank reported $1.14 earnings per share for the quarter, missing the consensus estimate of $1.16 by ($0.02). First Republic Bank had a return on equity of 12.06% and a net margin of 26.85%. The company had revenue of $670.30 million for the quarter, compared to analyst estimates of $678.25 million. During the same quarter in the previous year, the company posted $1.00 earnings per share. The company’s quarterly revenue was up 20.1% compared to the same quarter last year. On average, equities analysts forecast that First Republic Bank will post $4.40 earnings per share for the current fiscal year.
Several research analysts have weighed in on FRC shares. Wedbush restated an “outperform” rating and set a $121.00 target price on shares of First Republic Bank in a research report on Tuesday, June 27th. Jefferies Group LLC reiterated a “buy” rating and issued a $109.00 price target on shares of First Republic Bank in a research report on Friday, September 15th. Zacks Investment Research lowered shares of First Republic Bank from a “hold” rating to a “sell” rating in a research report on Monday, September 18th. BidaskClub upgraded shares of First Republic Bank from a “hold” rating to a “buy” rating in a research report on Saturday, July 1st. Finally, Barclays PLC reiterated an “equal weight” rating and issued a $110.00 price target (up from $101.00) on shares of First Republic Bank in a research report on Wednesday, July 12th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company. First Republic Bank has an average rating of “Hold” and a consensus price target of $103.57.
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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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