First Republic Bank (NYSE:FRC) had its price target lifted by Citigroup from $111.00 to $119.00 in a report released on Wednesday, BenzingaRatingsTable reports. Citigroup currently has a buy rating on the bank’s stock.
Other equities analysts also recently issued reports about the company. Raymond James downgraded First Republic Bank to a hold rating in a research report on Monday, July 8th. Bank of America raised their price objective on First Republic Bank from $99.00 to $105.00 and gave the stock a neutral rating in a research report on Wednesday. Credit Suisse Group lowered their price objective on First Republic Bank from $105.00 to $98.00 and set a neutral rating for the company in a research report on Thursday, July 18th. UBS Group raised their price objective on First Republic Bank from $100.00 to $105.00 and gave the stock a neutral rating in a research report on Wednesday. Finally, Wells Fargo & Co downgraded First Republic Bank from an outperform rating to a market perform rating and lowered their price objective for the stock from $112.00 to $100.00 in a research report on Wednesday, October 2nd. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $104.69.
Shares of FRC traded up $0.73 during mid-day trading on Wednesday, reaching $104.18. 776,340 shares of the company were exchanged, compared to its average volume of 1,179,880. First Republic Bank has a 52 week low of $79.42 and a 52 week high of $107.75. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.01 and a current ratio of 1.02. The stock has a market capitalization of $17.40 billion, a PE ratio of 21.66, a PEG ratio of 3.52 and a beta of 0.89. The business has a 50 day simple moving average of $94.56 and a two-hundred day simple moving average of $97.76.
First Republic Bank (NYSE:FRC) last issued its quarterly earnings data on Tuesday, October 15th. The bank reported $1.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.21 by $0.10. First Republic Bank had a return on equity of 11.23% and a net margin of 22.69%. The company had revenue of $837.19 million during the quarter, compared to the consensus estimate of $830.60 million. During the same period last year, the company earned $1.19 earnings per share. On average, analysts predict that First Republic Bank will post 5.02 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be issued a $0.19 dividend. The ex-dividend date of this dividend is Wednesday, October 30th. This represents a $0.76 dividend on an annualized basis and a yield of 0.73%. First Republic Bank’s payout ratio is currently 15.80%.
A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. increased its holdings in First Republic Bank by 3.0% in the second quarter. BlackRock Inc. now owns 12,147,623 shares of the bank’s stock worth $1,186,214,000 after purchasing an additional 350,766 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in First Republic Bank by 1.5% in the second quarter. JPMorgan Chase & Co. now owns 5,918,481 shares of the bank’s stock worth $567,345,000 after purchasing an additional 87,873 shares in the last quarter. Royal Bank of Canada increased its holdings in First Republic Bank by 3.4% in the second quarter. Royal Bank of Canada now owns 3,476,401 shares of the bank’s stock worth $339,471,000 after purchasing an additional 113,032 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in First Republic Bank by 8.1% in the second quarter. Canada Pension Plan Investment Board now owns 2,144,779 shares of the bank’s stock worth $209,438,000 after purchasing an additional 161,331 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in First Republic Bank by 1.0% in the second quarter. Northern Trust Corp now owns 1,737,582 shares of the bank’s stock worth $169,676,000 after purchasing an additional 17,404 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 in 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, passbook deposits, and individual retirement accounts, as well as certificates of deposit.
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