First Republic Bank (NYSE:FRC) Issues Quarterly Earnings Results, Beats Estimates By $0.10 EPS

First Republic Bank (NYSE:FRC) announced its earnings results on Friday. The bank reported $2.02 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.92 by $0.10, MarketWatch Earnings reports. First Republic Bank had a return on equity of 12.47% and a net margin of 27.09%. The firm had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same period in the previous year, the business earned $1.60 EPS. The firm’s revenue for the quarter was up 27.3% on a year-over-year basis.

Shares of NYSE FRC traded down $8.46 during midday trading on Friday, reaching $192.06. 2,056,326 shares of the company were exchanged, compared to its average volume of 885,053. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.80. First Republic Bank has a 1 year low of $143.60 and a 1 year high of $222.86. The stock has a fifty day simple moving average of $209.35 and a 200 day simple moving average of $203.40. The stock has a market cap of $33.86 billion, a P/E ratio of 26.49, a PEG ratio of 1.43 and a beta of 1.09.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 10th. Shareholders of record on Thursday, January 27th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.46%. The ex-dividend date is Wednesday, January 26th. First Republic Bank’s payout ratio is 12.14%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in shares of First Republic Bank by 3.3% during the 3rd quarter. BlackRock Inc. now owns 12,318,306 shares of the bank’s stock valued at $2,375,954,000 after acquiring an additional 397,082 shares during the period. Capital International Investors raised its position in shares of First Republic Bank by 2.1% during the 2nd quarter. Capital International Investors now owns 8,387,088 shares of the bank’s stock worth $1,569,801,000 after purchasing an additional 172,562 shares during the last quarter. Geode Capital Management LLC raised its position in shares of First Republic Bank by 2.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,186,743 shares of the bank’s stock worth $613,049,000 after purchasing an additional 84,241 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of First Republic Bank by 11.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,001,736 shares of the bank’s stock worth $561,834,000 after purchasing an additional 297,720 shares during the last quarter. Finally, WCM Investment Management LLC raised its position in shares of First Republic Bank by 8.2% during the 3rd quarter. WCM Investment Management LLC now owns 2,791,538 shares of the bank’s stock worth $538,432,000 after purchasing an additional 211,905 shares during the last quarter. 94.69% of the stock is currently owned by hedge funds and other institutional investors.

Several analysts have weighed in on FRC shares. JPMorgan Chase & Co. boosted their price target on First Republic Bank from $240.00 to $250.00 and gave the company an “overweight” rating in a research note on Wednesday, December 15th. Royal Bank of Canada boosted their price target on First Republic Bank from $208.00 to $212.00 and gave the company a “sector perform” rating in a research note on Thursday, October 14th. Morgan Stanley started coverage on First Republic Bank in a research note on Tuesday. They set an “equal weight” rating and a $225.00 price target on the stock. Barclays boosted their price target on First Republic Bank from $215.00 to $223.00 and gave the company an “equal weight” rating in a research note on Monday, January 3rd. Finally, UBS Group started coverage on First Republic Bank in a report on Wednesday. They issued a “neutral” rating and a $210.00 price objective for the company. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, First Republic Bank has a consensus rating of “Hold” and a consensus target price of $207.08.

First Republic Bank Company Profile

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.

Further Reading: Net Income

Earnings History for First Republic Bank (NYSE:FRC)

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