First Republic Bank (NYSE:FRC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday.
According to Zacks, “Shares of First Republic have underperformed the industry over the last six months. Also, its earnings surprise history is not impressive. The bank missed the Zacks Consensus Estimate in two of the trailing four quarters. Escalating costs owing to investments in digital initiatives are expected to hurt the bank’s bottom-line growth further. Also, First Republic’s stretched valuation indicates limited upside potential for the stock. However, it remains well positioned for growth, given simpler business model and non-engagement in additional businesses. Also, the company's strong capital position keeps it well poised to undertake acquisitions going forward. Further, its organic growth remains solid and is likely to benefit from the improving economic scenario.”
FRC has been the topic of a number of other reports. Piper Jaffray Companies reaffirmed a “hold” rating and set a $99.00 price objective on shares of First Republic Bank in a research report on Friday, September 1st. Barclays cut First Republic Bank from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $108.00 to $104.00 in a research report on Tuesday, October 10th. Jefferies Group lifted their price objective on First Republic Bank from $109.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, September 29th. Raymond James Financial lowered their price objective on First Republic Bank from $108.00 to $105.00 and set an “outperform” rating on the stock in a research report on Monday, October 16th. Finally, BidaskClub cut First Republic Bank from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 19th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $102.93.
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). The firm had revenue of $670.30 million during the quarter, compared to analysts’ expectations of $678.25 million. First Republic Bank had a return on equity of 12.06% and a net margin of 26.85%. The company’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.00 earnings per share. equities analysts forecast that First Republic Bank will post 4.36 earnings per share for the current year.
A number of institutional investors and hedge funds have recently modified their holdings of FRC. Capital One National Association bought a new stake in First Republic Bank during the 4th quarter valued at approximately $908,000. Beese Fulmer Investment Management Inc. increased its stake in First Republic Bank by 0.4% in the 4th quarter. Beese Fulmer Investment Management Inc. now owns 65,068 shares of the bank’s stock worth $4,298,000 after acquiring an additional 245 shares during the last quarter. Personal Capital Advisors Corp increased its stake in First Republic Bank by 24.0% in the 4th quarter. Personal Capital Advisors Corp now owns 32,679 shares of the bank’s stock worth $2,159,000 after acquiring an additional 6,322 shares during the last quarter. Dearborn Partners LLC increased its stake in First Republic Bank by 11.0% in the 4th quarter. Dearborn Partners LLC now owns 36,200 shares of the bank’s stock worth $2,391,000 after acquiring an additional 3,600 shares during the last quarter. Finally, KAMES CAPITAL plc bought a new stake in First Republic Bank in the 4th quarter worth approximately $32,175,000. 99.14% of the stock is currently owned by institutional investors.
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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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