Maxim Group Reiterates “Buy” Rating for First Republic Bank (FRC)
First Republic Bank (NYSE:FRC)‘s stock had its “buy” rating reaffirmed by Maxim Group in a research report issued on Thursday. They presently have a $110.00 price target on the bank’s stock. Maxim Group’s price target indicates a potential upside of 25.27% from the company’s previous close.
The analysts wrote, “In 4Q17, FRC issued 2.875 million shares of common stock. Effective January 1, 2018, the new tax law lowered the corporate tax rate to 21%, from 35%.””
FRC has been the subject of several other reports. BMO Capital Markets dropped their target price on First Republic Bank from $96.00 to $92.00 and set a “market perform” rating for the company in a research note on Monday, October 16th. Royal Bank of Canada reiterated a “hold” rating on shares of First Republic Bank in a research note on Friday, September 29th. Barclays upped their target price on First Republic Bank from $98.00 to $101.00 and gave the company an “equal weight” rating in a research note on Tuesday. Jefferies Group reiterated a “buy” rating and issued a $111.00 target price on shares of First Republic Bank in a research note on Thursday, October 19th. Finally, Zacks Investment Research lowered First Republic Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $103.00.
First Republic Bank (NYSE:FRC) last issued its quarterly earnings data on Friday, October 13th. The bank reported $1.14 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.16 by ($0.02). The company had revenue of $670.30 million during the quarter, compared to analysts’ expectations of $678.25 million. First Republic Bank had a net margin of 26.85% and a return on equity of 12.06%. The firm’s revenue was up 20.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.00 earnings per share. sell-side analysts forecast that First Republic Bank will post 4.44 EPS for the current year.
A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in 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 acquiring an additional 641,309 shares during the last quarter. BlackRock Inc. increased its stake in 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 acquiring an additional 876,812 shares during the last quarter. Capital World Investors increased its stake in 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 acquiring an additional 490,000 shares during the last quarter. JPMorgan Chase & Co. increased its stake in First Republic Bank by 0.7% during the third quarter. JPMorgan Chase & Co. now owns 6,792,426 shares of the bank’s stock worth $703,966,000 after acquiring an additional 46,862 shares during the last quarter. Finally, State Street Corp increased its stake in 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 acquiring an additional 1,010,648 shares during the last quarter. Institutional investors own 98.75% of the company’s stock.
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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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