First Republic Bank (NYSE:FRC) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Tuesday, March 20th.
According to Zacks, “Shares of First Republic have underperformed the industry over the past six months. Also, its earnings surprise history is not impressive. The bank missed the Zacks Consensus Estimate in three of the trailing four quarters. Though the company remains well positioned for growth, given its simpler business model and non-engagement in additional businesses, escalating costs owing to investments in digital initiatives are expected to hurt the bank’s bottom-line growth further. Additionally, First Republic’s stretched valuation indicates limited upside potential for the stock.”
Several other research analysts have also recently commented on FRC. Maxim Group restated a “buy” rating and issued a $110.00 target price on shares of First Republic Bank in a research report on Thursday, January 4th. Keefe, Bruyette & Woods reiterated a “hold” rating on shares of First Republic Bank in a report on Wednesday, January 17th. Barclays upgraded shares of First Republic Bank from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $93.00 to $110.00 in a report on Tuesday, March 6th. Sandler O’Neill restated a “hold” rating and set a $94.00 target price on shares of First Republic Bank in a report on Wednesday, January 17th. Finally, Royal Bank of Canada restated a “hold” rating on shares of First Republic Bank in a report on Wednesday, January 17th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company’s stock. First Republic Bank currently has a consensus rating of “Hold” and a consensus price target of $102.57.
Shares of First Republic Bank stock traded up $0.73 during trading on Tuesday, reaching $90.24. The company had a trading volume of 1,918,852 shares, compared to its average volume of 1,575,298. The firm has a market cap of $14,297.47, a PE ratio of 20.93, a price-to-earnings-growth ratio of 1.49 and a beta of 0.82. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.94 and a current ratio of 0.94. First Republic Bank has a fifty-two week low of $84.56 and a fifty-two week high of $105.52.
First Republic Bank (NYSE:FRC) last released its quarterly earnings data on Tuesday, January 16th. The bank reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.15 by ($0.05). First Republic Bank had a return on equity of 11.80% and a net margin of 26.02%. The business had revenue of $699.20 million for the quarter, compared to analyst estimates of $688.48 million. During the same quarter last year, the company earned $1.03 EPS. First Republic Bank’s revenue was up 16.6% compared to the same quarter last year. equities analysts predict that First Republic Bank will post 4.77 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Crossmark Global Holdings Inc. bought a new position in shares of First Republic Bank during the 3rd quarter worth about $388,000. Ontario Teachers Pension Plan Board lifted its holdings in First Republic Bank by 75.4% during the 4th quarter. Ontario Teachers Pension Plan Board now owns 605,000 shares of the bank’s stock valued at $52,418,000 after purchasing an additional 260,000 shares during the last quarter. Neuberger Berman Group LLC lifted its holdings in First Republic Bank by 5.3% during the 3rd quarter. Neuberger Berman Group LLC now owns 544,122 shares of the bank’s stock valued at $56,839,000 after purchasing an additional 27,551 shares during the last quarter. Toronto Dominion Bank lifted its holdings in First Republic Bank by 40.0% during the 4th quarter. Toronto Dominion Bank now owns 9,298 shares of the bank’s stock valued at $805,000 after purchasing an additional 2,656 shares during the last quarter. Finally, American International Group Inc. lifted its holdings in First Republic Bank by 95.3% during the 4th quarter. American International Group Inc. now owns 7,570 shares of the bank’s stock valued at $656,000 after purchasing an additional 3,694 shares during the last quarter. Institutional investors own 99.07% of the company’s stock.
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First Republic Bank Company Profile
First Republic Bank, Inc engages in the provision of private banking, private business banking, and private wealth management, including investment, trust and brokerage services through its subsidiaries. Its services includes checking, savings, money market, online and mobile banking, automated teller machine (ATM) card and ATM/debit card, student loan refinancing, residential and personal lending, foreign exchange, business lending by industry, general business loans, commercial real estate and construction loans, business lines of credit, corporate online, treasury services, endowment management, and financial planning.
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