First Republic Bank (NYSE:FRC)‘s stock had its “neutral” rating reissued by stock analysts at Bank of America in a research report issued on Tuesday, February 5th. They presently have a $104.00 price target on the bank’s stock, up from their prior price target of $98.00. Bank of America‘s target price indicates a potential downside of 1.37% from the stock’s current price.
A number of other equities research analysts also recently weighed in on FRC. ValuEngine raised shares of First Republic Bank from a “hold” rating to a “buy” rating in a report on Wednesday, January 16th. Wells Fargo & Co boosted their target price on shares of First Republic Bank from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Wednesday, January 16th. Maxim Group reiterated a “buy” rating and issued a $110.00 target price on shares of First Republic Bank in a report on Tuesday, January 15th. Zacks Investment Research upgraded shares of First Republic Bank from a “sell” rating to a “hold” rating in a report on Monday, January 14th. Finally, Morgan Stanley decreased their price objective on shares of First Republic Bank from $95.00 to $94.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 8th. Twelve analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $102.47.
Shares of FRC traded up $0.46 during midday trading on Tuesday, hitting $105.44. 937,647 shares of the stock traded hands, compared to its average volume of 1,157,112. First Republic Bank has a 1-year low of $79.42 and a 1-year high of $106.75. The company has a market cap of $16.35 billion, a price-to-earnings ratio of 21.92, a price-to-earnings-growth ratio of 1.57 and a beta of 0.93. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.99 and a current ratio of 0.99.
First Republic Bank (NYSE:FRC) last announced its earnings results on Tuesday, January 15th. The bank reported $1.29 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.24 by $0.05. The company had revenue of $810.75 million during the quarter, compared to the consensus estimate of $812.10 million. First Republic Bank had a net margin of 23.88% and a return on equity of 11.62%. First Republic Bank’s revenue was up 16.0% compared to the same quarter last year. During the same period last year, the firm earned $1.10 earnings per share. Analysts predict that First Republic Bank will post 5.34 EPS for the current year.
Several hedge funds have recently modified their holdings of FRC. Capital Research Global Investors bought a new position in shares of First Republic Bank during the 3rd quarter valued at about $675,106,000. Capital International Investors purchased a new position in First Republic Bank during the 3rd quarter valued at about $462,618,000. BlackRock Inc. increased its holdings in First Republic Bank by 7.8% during the 4th quarter. BlackRock Inc. now owns 13,031,329 shares of the bank’s stock valued at $1,132,423,000 after acquiring an additional 948,394 shares in the last quarter. Select Equity Group L.P. increased its holdings in First Republic Bank by 44.7% during the 3rd quarter. Select Equity Group L.P. now owns 2,858,783 shares of the bank’s stock valued at $274,443,000 after acquiring an additional 882,986 shares in the last quarter. Finally, Parnassus Investments CA increased its holdings in First Republic Bank by 18.6% during the 4th quarter. Parnassus Investments CA now owns 5,601,934 shares of the bank’s stock valued at $486,808,000 after acquiring an additional 878,285 shares in the last quarter.
First Republic Bank Company Profile
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 of 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, and passbook deposits, as well as certificates of deposit.
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