First Republic Bank’s (FRC) “Buy” Rating Reiterated at Jefferies Group LLC
First Republic Bank (NYSE:FRC)‘s stock had its “buy” rating reaffirmed by stock analysts at Jefferies Group LLC in a report released on Thursday. They presently have a $111.00 target price on the bank’s stock. Jefferies Group LLC’s price target suggests a potential upside of 10.68% from the company’s current price. Jefferies Group also issued estimates for First Republic Bank’s Q4 2017 earnings at $1.12 EPS, FY2017 earnings at $4.34 EPS, Q1 2018 earnings at $1.08 EPS, Q2 2018 earnings at $1.16 EPS, Q3 2018 earnings at $1.25 EPS, Q4 2018 earnings at $1.31 EPS, FY2018 earnings at $4.80 EPS and FY2019 earnings at $5.40 EPS.
Several other research firms also recently weighed in on FRC. Barclays PLC downgraded First Republic Bank from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $108.00 to $104.00 in a research note on Tuesday, October 10th. Royal Bank Of Canada restated a “hold” rating on shares of First Republic Bank in a research note on Friday, September 29th. Morgan Stanley restated an “equal weight” rating and issued a $104.00 price target (up previously from $102.00) on shares of First Republic Bank in a research note on Thursday, July 6th. BidaskClub downgraded First Republic Bank from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. Finally, Maxim Group restated a “buy” rating and issued a $110.00 price target (up previously from $105.00) on shares of First Republic Bank in a research note on Friday, July 14th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $102.93.
Shares of First Republic Bank (FRC) traded up 2.91% during midday trading on Thursday, reaching $100.29. The company’s stock had a trading volume of 1,504,227 shares. The stock has a 50-day moving average price of $99.62 and a 200-day moving average price of $97.42. First Republic Bank has a 52-week low of $72.43 and a 52-week high of $105.52. The stock has a market cap of $15.84 billion, a price-to-earnings ratio of 23.65 and a beta of 1.01.
First Republic Bank (NYSE:FRC) last announced its earnings results on Friday, October 13th. The bank reported $1.14 earnings per share (EPS) 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 firm had revenue of $670.30 million during the quarter, compared to the consensus estimate of $678.25 million. During the same period in the prior year, the company posted $1.00 EPS. The firm’s revenue was up 20.1% on a year-over-year basis. Equities research analysts anticipate that First Republic Bank will post $4.38 earnings per share for the current fiscal year.
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A number of institutional investors and hedge funds have recently modified their holdings of the business. Douglas Lane & Associates LLC boosted its stake in First Republic Bank by 3.9% during the 3rd quarter. Douglas Lane & Associates LLC now owns 405,096 shares of the bank’s stock valued at $42,316,000 after purchasing an additional 15,226 shares during the last quarter. Diamond Hill Capital Management Inc. boosted its stake in First Republic Bank by 0.3% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 1,605,471 shares of the bank’s stock valued at $167,708,000 after purchasing an additional 4,494 shares during the last quarter. Toronto Dominion Bank boosted its stake in First Republic Bank by 8.9% during the 2nd quarter. Toronto Dominion Bank now owns 2,117 shares of the bank’s stock valued at $212,000 after purchasing an additional 173 shares during the last quarter. WINTON GROUP Ltd purchased a new stake in First Republic Bank during the 2nd quarter valued at $462,000. Finally, Colony Group LLC boosted its stake in First Republic Bank by 0.9% during the 2nd quarter. Colony Group LLC now owns 25,889 shares of the bank’s stock valued at $2,591,000 after purchasing an additional 219 shares during the last quarter. Institutional investors and hedge funds own 97.72% of the company’s stock.
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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