Equities research analysts expect First Republic Bank (NYSE:FRC) to post earnings of $1.21 per share for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for First Republic Bank’s earnings, with the highest EPS estimate coming in at $1.25 and the lowest estimate coming in at $1.18. First Republic Bank reported earnings of $1.14 per share in the same quarter last year, which indicates a positive year over year growth rate of 6.1%. The firm is expected to announce its next earnings report on Friday, October 12th.
On average, analysts expect that First Republic Bank will report full-year earnings of $4.78 per share for the current fiscal year, with EPS estimates ranging from $4.71 to $4.82. For the next year, analysts forecast that the business will post earnings of $5.55 per share, with EPS estimates ranging from $5.35 to $5.75. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side analysts that follow First Republic Bank.
First Republic Bank (NYSE:FRC) last released its quarterly earnings data on Friday, July 13th. The bank reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.05. The firm had revenue of $744.11 million for the quarter, compared to analyst estimates of $734.03 million. First Republic Bank had a net margin of 24.80% and a return on equity of 11.73%.
Several research firms recently weighed in on FRC. Citigroup began coverage on shares of First Republic Bank in a research note on Monday, June 18th. They set a “buy” rating and a $120.00 price objective on the stock. Wells Fargo & Co increased their price objective on shares of First Republic Bank from $95.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday, June 26th. BMO Capital Markets increased their price objective on shares of First Republic Bank from $96.00 to $102.00 and gave the stock a “market perform” rating in a research note on Friday, July 13th. Jefferies Financial Group reiterated a “hold” rating and set a $96.00 price objective on shares of First Republic Bank in a research note on Monday, July 16th. Finally, Wedbush reiterated an “outperform” rating on shares of First Republic Bank in a research note on Friday, July 13th. Ten equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $102.46.
FRC traded up $1.14 on Tuesday, hitting $106.20. 870,700 shares of the company’s stock were exchanged, compared to its average volume of 1,204,902. The firm has a market cap of $16.49 billion, a price-to-earnings ratio of 24.48, a price-to-earnings-growth ratio of 1.79 and a beta of 0.80. First Republic Bank has a twelve month low of $84.56 and a twelve month high of $106.75. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.59.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 9th. Shareholders of record on Thursday, July 26th were paid a $0.18 dividend. The ex-dividend date of this dividend was Wednesday, July 25th. This represents a $0.72 annualized dividend and a dividend yield of 0.68%. First Republic Bank’s payout ratio is currently 16.71%.
Several large investors have recently made changes to their positions in FRC. Whittier Trust Co. of Nevada Inc. increased its stake in shares of First Republic Bank by 58.5% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 2,286 shares of the bank’s stock valued at $212,000 after purchasing an additional 844 shares during the period. Visionary Asset Management Inc. bought a new position in shares of First Republic Bank in the second quarter valued at approximately $225,000. Gofen & Glossberg LLC IL bought a new position in shares of First Republic Bank in the second quarter valued at approximately $265,000. Brookmont Capital Management boosted its holdings in shares of First Republic Bank by 31.7% in the second quarter. Brookmont Capital Management now owns 2,937 shares of the bank’s stock valued at $284,000 after acquiring an additional 707 shares in the last quarter. Finally, D.A. Davidson & CO. bought a new position in shares of First Republic Bank in the second quarter valued at approximately $297,000.
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.
Further Reading: Leveraged Buyout (LBO)
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