Q2 2019 EPS Estimates for First Republic Bank (FRC) Decreased by FIG Partners
First Republic Bank (NYSE:FRC) – Research analysts at FIG Partners dropped their Q2 2019 EPS estimates for shares of First Republic Bank in a report issued on Wednesday. FIG Partners analyst T. Coffey now expects that the bank will post earnings per share of $1.33 for the quarter, down from their prior estimate of $1.43. FIG Partners also issued estimates for First Republic Bank’s FY2019 earnings at $5.54 EPS.
Other analysts also recently issued reports about the stock. Sandler O’Neill reaffirmed a “hold” rating and set a $94.00 price objective on shares of First Republic Bank in a report on Wednesday. Royal Bank of Canada reaffirmed a “hold” rating on shares of First Republic Bank in a report on Wednesday. Keefe, Bruyette & Woods reaffirmed a “hold” rating on shares of First Republic Bank in a report on Wednesday. Wells Fargo & Co decreased their price objective on shares of First Republic Bank from $100.00 to $95.00 and set a “market perform” rating for the company in a report on Monday, October 16th. Finally, BMO Capital Markets reduced their price target on shares of First Republic Bank from $96.00 to $92.00 and set a “market perform” rating for the company in a report on Monday, October 16th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company’s stock. First Republic Bank has an average rating of “Hold” and an average target price of $102.21.
First Republic Bank (NYSE:FRC) last posted its quarterly earnings data on Tuesday, January 16th. The bank reported $1.10 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.15 by ($0.05). The firm had revenue of $699.20 million for the quarter, compared to the consensus estimate of $688.48 million. First Republic Bank had a return on equity of 12.05% and a net margin of 26.02%. First Republic Bank’s quarterly revenue was up 16.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.03 earnings per share.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 8th. Shareholders of record on Thursday, January 25th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 0.79%. The ex-dividend date of this dividend is Wednesday, January 24th. First Republic Bank’s dividend payout ratio (DPR) is presently 15.78%.
A number of institutional investors have recently modified their holdings of FRC. Prudential Financial Inc. boosted its holdings in First Republic Bank by 6.6% in the 2nd quarter. Prudential Financial Inc. now owns 8,748 shares of the bank’s stock valued at $876,000 after purchasing an additional 540 shares during the period. TIAA CREF Investment Management LLC lifted its holdings in shares of First Republic Bank by 6.0% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 448,534 shares of the bank’s stock worth $44,898,000 after acquiring an additional 25,551 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of First Republic Bank by 4.9% during the 2nd quarter. Ameriprise Financial Inc. now owns 663,051 shares of the bank’s stock worth $66,372,000 after acquiring an additional 31,261 shares during the period. Amalgamated Bank lifted its holdings in shares of First Republic Bank by 78.7% during the 2nd quarter. Amalgamated Bank now owns 15,598 shares of the bank’s stock worth $1,561,000 after acquiring an additional 6,869 shares during the period. Finally, BT Investment Management Ltd bought a new position in shares of First Republic Bank during the 2nd quarter worth about $1,225,000. 98.75% of the stock is owned by hedge funds and other 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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