First Republic Bank (NYSE:FRC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “First Republic’s estimates have been stable lately ahead of its third-quarter 2016 earnings release. The company has positive record of earnings surprises in recent quarters. The company is well positioned for growth, given its simpler business model and non-engagement in additional businesses. Also, an eventual rise in interest rates is projected to bolster net interest income going forward. Further, with improving economy, the company should benefit from continued rise in loans and deposits. However, margin pressure is expected to continue until there is a significant rise in interest rate. Also, rising expenses will deter bottom-line expansion, resulting mainly from stringent regulatory norms. Moreover, stricter regulatory capital requirements are likely to limit flexibility in business operations.”
Several other analysts have also recently issued reports on FRC. FBR & Co reissued a “hold” rating on shares of First Republic Bank in a research report on Sunday, July 17th. Keefe, Bruyette & Woods reissued a “hold” rating on shares of First Republic Bank in a research report on Sunday, July 17th. JPMorgan Chase & Co. reissued a “buy” rating on shares of First Republic Bank in a research report on Sunday, July 17th. BMO Capital Markets reiterated a “market perform” rating and set a $71.00 price target on shares of First Republic Bank in a research report on Friday, July 15th. Finally, Barclays PLC increased their price target on shares of First Republic Bank from $78.00 to $84.00 and gave the stock an “overweight” rating in a research report on Thursday, August 11th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $75.23.
Shares of First Republic Bank (NYSE:FRC) traded up 2.13% during mid-day trading on Wednesday, reaching $78.50. 361,613 shares of the company’s stock traded hands. The firm’s 50-day moving average is $75.89 and its 200 day moving average is $71.21. The firm has a market cap of $11.76 billion, a price-to-earnings ratio of 22.03 and a beta of 1.06. First Republic Bank has a one year low of $56.32 and a one year high of $78.77.
First Republic Bank (NYSE:FRC) last issued its quarterly earnings results on Thursday, July 14th. The company reported $0.97 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.06. The business had revenue of $535.10 million for the quarter, compared to analysts’ expectations of $568.53 million. First Republic Bank had a net margin of 27.20% and a return on equity of 12.59%. During the same quarter in the prior year, the company earned $0.73 earnings per share. Analysts predict that First Republic Bank will post $3.91 earnings per share for the current year.
A number of institutional investors have recently made changes to their positions in the stock. Aperio Group LLC raised its position in shares of First Republic Bank by 54.3% in the first quarter. Aperio Group LLC now owns 35,088 shares of the company’s stock worth $2,338,000 after buying an additional 12,355 shares during the period. Nisa Investment Advisors L.L.C. raised its position in shares of First Republic Bank by 19.2% in the first quarter. Nisa Investment Advisors L.L.C. now owns 15,500 shares of the company’s stock worth $1,033,000 after buying an additional 2,500 shares during the period. Pacad Investment Ltd. acquired a new position in shares of First Republic Bank during the first quarter worth about $353,000. Ngam Advisors L.P. raised its position in shares of First Republic Bank by 28.9% in the first quarter. Ngam Advisors L.P. now owns 13,153 shares of the company’s stock worth $876,000 after buying an additional 2,949 shares during the period. Finally, TIAA CREF Investment Management LLC raised its position in shares of First Republic Bank by 40.4% in the first quarter. TIAA CREF Investment Management LLC now owns 576,741 shares of the company’s stock worth $38,434,000 after buying an additional 165,852 shares during the period. Institutional investors own 98.24% of the company’s stock.
First Republic Bank Company Profile
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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