First Republic Bank (NYSE:FRC) – Investment analysts at Wedbush lifted their FY2021 EPS estimates for shares of First Republic Bank in a note issued to investors on Tuesday, November 5th. Wedbush analyst D. Chiaverini now anticipates that the bank will earn $5.76 per share for the year, up from their prior estimate of $5.70. Wedbush has a “Outperform” rating and a $119.00 price target on the stock.
First Republic Bank (NYSE:FRC) last issued its quarterly earnings data on Tuesday, October 15th. The bank reported $1.31 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.21 by $0.10. First Republic Bank had a net margin of 22.69% and a return on equity of 11.23%. The firm had revenue of $837.19 million for the quarter, compared to analysts’ expectations of $830.60 million. During the same quarter in the prior year, the business earned $1.19 EPS.
Several other equities analysts have also recently weighed in on the stock. JPMorgan Chase & Co. increased their price objective on shares of First Republic Bank from $118.00 to $125.00 and gave the stock an “overweight” rating in a research note on Tuesday. Credit Suisse Group reduced their target price on shares of First Republic Bank from $105.00 to $98.00 and set a “neutral” rating for the company in a report on Thursday, July 18th. Maxim Group increased their target price on shares of First Republic Bank from $110.00 to $116.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Wells Fargo & Co lowered shares of First Republic Bank from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $112.00 to $100.00 in a report on Wednesday, October 2nd. They noted that the move was a valuation call. Finally, BMO Capital Markets increased their target price on shares of First Republic Bank from $97.00 to $103.00 and gave the stock a “market perform” rating in a report on Wednesday, October 16th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and five have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $107.00.
Shares of NYSE:FRC traded up $0.21 during trading on Friday, hitting $110.22. The company’s stock had a trading volume of 931,403 shares, compared to its average volume of 1,239,723. The company has a 50-day moving average of $101.18 and a 200-day moving average of $98.22. First Republic Bank has a 12 month low of $79.42 and a 12 month high of $111.67. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a market cap of $18.47 billion, a price-to-earnings ratio of 22.91, a P/E/G ratio of 3.71 and a beta of 0.90.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 0.69%. The ex-dividend date is Wednesday, October 30th. First Republic Bank’s dividend payout ratio is 15.80%.
Institutional investors and hedge funds have recently made changes to their positions in the business. Patten Group Inc. grew its holdings in First Republic Bank by 1.3% during the 2nd quarter. Patten Group Inc. now owns 37,966 shares of the bank’s stock valued at $3,707,000 after buying an additional 470 shares in the last quarter. Insight Wealth Strategies LLC purchased a new stake in First Republic Bank during the 2nd quarter valued at approximately $409,000. Parallel Advisors LLC boosted its position in shares of First Republic Bank by 47.1% during the 2nd quarter. Parallel Advisors LLC now owns 1,562 shares of the bank’s stock valued at $153,000 after acquiring an additional 500 shares during the last quarter. Sumitomo Life Insurance Co. boosted its position in shares of First Republic Bank by 3.7% during the 2nd quarter. Sumitomo Life Insurance Co. now owns 16,375 shares of the bank’s stock valued at $1,599,000 after acquiring an additional 585 shares during the last quarter. Finally, Janney Montgomery Scott LLC bought a new position in shares of First Republic Bank during the 2nd quarter valued at approximately $610,000.
About First Republic Bank
First Republic Bank, together with its subsidiaries, provides private banking, private business banking, real estate lending, and wealth management services to clients in metropolitan areas in the United States. It operates through two segments, Commercial Banking and Wealth Management. The company offers deposit products, such as checking, money market checking, savings, passbook deposits, and individual retirement accounts, as well as certificates of deposit.
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