Barclays PLC restated their equal weight rating on shares of First Republic Bank (NYSE:FRC) in a research report report published on Wednesday morning. Barclays PLC currently has a $110.00 price objective on the bank’s stock, up from their prior price objective of $101.00.
FRC has been the subject of several other research reports. BMO Capital Markets reaffirmed a hold rating and issued a $98.00 price objective on shares of First Republic Bank in a research note on Wednesday, March 22nd. Jefferies Group LLC reaffirmed a buy rating and issued a $109.00 price objective on shares of First Republic Bank in a research note on Sunday, June 11th. Morgan Stanley reaffirmed an equal weight rating and issued a $104.00 price objective (up previously from $102.00) on shares of First Republic Bank in a research note on Thursday, July 6th. Royal Bank Of Canada reaffirmed a hold rating and issued a $98.00 price objective on shares of First Republic Bank in a research note on Friday, July 7th. Finally, Zacks Investment Research raised shares of First Republic Bank from a sell rating to a hold rating in a research note on Wednesday, June 21st. Ten investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. First Republic Bank has an average rating of Hold and a consensus target price of $104.54.
First Republic Bank (FRC) opened at 100.76 on Wednesday. The stock has a market capitalization of $15.84 billion, a price-to-earnings ratio of 25.13 and a beta of 0.99. First Republic Bank has a 12 month low of $70.00 and a 12 month high of $104.17. The company has a 50 day moving average price of $96.01 and a 200 day moving average price of $93.89.
First Republic Bank (NYSE:FRC) last issued its earnings results on Friday, July 14th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by $0.03. The company had revenue of $641.30 million for the quarter, compared to analyst estimates of $671.27 million. First Republic Bank had a net margin of 27.37% and a return on equity of 12.16%. The company’s quarterly revenue was up 19.8% on a year-over-year basis. During the same period last year, the business earned $0.97 EPS. Equities research analysts predict that First Republic Bank will post $4.47 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 10th. Stockholders of record on Thursday, July 27th will be issued a dividend of $0.17 per share. The ex-dividend date is Tuesday, July 25th. This represents a $0.68 annualized dividend and a dividend yield of 0.67%. First Republic Bank’s payout ratio is 16.59%.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in First Republic Bank by 4,249.4% in the first quarter. BlackRock Inc. now owns 9,831,999 shares of the bank’s stock valued at $922,340,000 after buying an additional 9,605,945 shares during the last quarter. MARSHALL WACE ASIA Ltd bought a new position in First Republic Bank during the first quarter valued at about $130,807,000. Marshall Wace North America L.P. bought a new position in First Republic Bank during the first quarter valued at about $130,807,000. JPMorgan Chase & Co. increased its position in First Republic Bank by 26.2% in the first quarter. JPMorgan Chase & Co. now owns 5,951,600 shares of the bank’s stock valued at $558,320,000 after buying an additional 1,236,848 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in First Republic Bank by 3.3% in the first quarter. Vanguard Group Inc. now owns 12,245,387 shares of the bank’s stock valued at $1,148,739,000 after buying an additional 389,007 shares during the last quarter. Institutional investors own 98.66% of the company’s stock.
About First Republic Bank
First Republic Bank is a commercial bank and trust company. The Bank specializes in providing services, including private banking, private business banking, real estate lending and wealth management services, including trust and custody services, to clients in selected metropolitan areas in the United States.
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