Royal Bank of Canada Increases First Republic Bank (NYSE:FRC) Price Target to $212.00

First Republic Bank (NYSE:FRC) had its target price boosted by investment analysts at Royal Bank of Canada from $208.00 to $212.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “sector perform” rating on the bank’s stock. Royal Bank of Canada’s target price points to a potential upside of 3.49% from the company’s previous close.

Several other equities research analysts have also recently weighed in on the stock. Barclays upped their price objective on shares of First Republic Bank from $205.00 to $215.00 and gave the stock an “equal weight” rating in a research report on Thursday. Keefe, Bruyette & Woods upped their price objective on shares of First Republic Bank from $215.00 to $225.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 13th. Maxim Group upped their price objective on shares of First Republic Bank from $210.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, July 14th. Credit Suisse Group upped their price objective on shares of First Republic Bank from $163.00 to $180.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 14th. Finally, Morgan Stanley boosted their target price on First Republic Bank from $180.00 to $190.00 and gave the stock an “equal weight” rating in a research note on Monday, August 2nd. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $193.38.

Shares of First Republic Bank stock opened at $204.85 on Thursday. The firm has a 50-day moving average of $198.83 and a 200-day moving average of $190.43. The stock has a market cap of $35.27 billion, a PE ratio of 29.47, a PEG ratio of 1.58 and a beta of 1.12. First Republic Bank has a 52-week low of $120.03 and a 52-week high of $207.66. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.97.

First Republic Bank (NYSE:FRC) last announced its earnings results on Tuesday, October 12th. The bank reported $1.91 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.84 by $0.07. First Republic Bank had a net margin of 26.82% and a return on equity of 12.40%. During the same period in the previous year, the firm earned $1.61 earnings per share. Equities research analysts predict that First Republic Bank will post 7.45 earnings per share for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in FRC. Liberty Wealth Management LLC increased its stake in shares of First Republic Bank by 18,784.8% in the second quarter. Liberty Wealth Management LLC now owns 6,232 shares of the bank’s stock valued at $33,000 after buying an additional 6,199 shares during the period. RPg Family Wealth Advisory LLC acquired a new position in shares of First Republic Bank in the second quarter valued at approximately $33,000. Clearstead Advisors LLC acquired a new stake in First Republic Bank during the 2nd quarter valued at approximately $40,000. FORA Capital LLC acquired a new stake in First Republic Bank during the 1st quarter valued at approximately $53,000. Finally, CX Institutional increased its position in First Republic Bank by 29.2% during the 2nd quarter. CX Institutional now owns 345 shares of the bank’s stock valued at $65,000 after purchasing an additional 78 shares during the period. 96.75% of the stock is owned by institutional investors.

About First Republic Bank

First Republic Bank engages in the provision of private banking, business banking, real estate lending, and wealth management, including trust and custody services. It operates through the Commercial Banking and Wealth Management segments. The Commercial Banking segment represents most of the operations, including real estate secured lending, retail deposit gathering, private banking activities, mortgage sales and servicing, and managing capital, liquidity, and interest rate risk.

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Analyst Recommendations for First Republic Bank (NYSE:FRC)

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