First Republic Bank (FRC) Releases Earnings Results, Misses Estimates By $0.14 EPS
First Republic Bank (NYSE:FRC) posted its earnings results on Tuesday. The bank reported $1.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.24 by ($0.14), Bloomberg Earnings reports. The company had revenue of $699.20 million for the quarter, compared to analyst estimates of $688.48 million. First Republic Bank had a return on equity of 12.06% and a net margin of 26.85%. The business’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.03 EPS.
Shares of First Republic Bank (FRC) opened at $91.06 on Tuesday. First Republic Bank has a 12 month low of $84.56 and a 12 month high of $105.52. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 1.55. The firm has a market cap of $14,365.31, a PE ratio of 21.48, a price-to-earnings-growth ratio of 1.43 and a beta of 0.96.
A number of analysts have recently issued reports on the stock. Piper Jaffray Companies set a $99.00 target price on shares of First Republic Bank and gave the stock a “hold” rating in a research note on Sunday, October 15th. Jefferies Group raised their target price on shares of First Republic Bank from $109.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, September 29th. Barclays cut shares of First Republic Bank from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $108.00 to $104.00 in a research note on Tuesday, October 10th. Wells Fargo & Co cut their target price on shares of First Republic Bank from $100.00 to $95.00 and set a “market perform” rating for the company in a research note on Monday, October 16th. Finally, Maxim Group restated a “buy” rating and set a $110.00 target price on shares of First Republic Bank in a research note on Thursday, January 4th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $103.00.
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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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