First Republic Bank (NYSE:FRC) had its price objective raised by Maxim Group from $83.00 to $86.00 in a research report released on Friday morning. The brokerage currently has a buy rating on the stock.
Several other research analysts have also recently issued reports on the company. Jefferies Group restated a buy rating and issued a $80.00 price objective on shares of First Republic Bank in a research note on Thursday, July 7th. Zacks Investment Research upgraded First Republic Bank from a hold rating to a buy rating and set a $86.00 price objective for the company in a research note on Tuesday, October 4th. Deutsche Bank AG raised their price objective on First Republic Bank from $83.00 to $85.00 and gave the stock a hold rating in a research note on Tuesday, October 11th. BMO Capital Markets restated a hold rating and issued a $70.00 price objective on shares of First Republic Bank in a research note on Thursday, July 7th. Finally, Barclays PLC raised their target price on First Republic Bank from $78.00 to $84.00 and gave the stock an overweight rating in a report on Thursday, August 11th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has an average rating of Buy and a consensus price target of $77.00.
Shares of First Republic Bank (NYSE:FRC) opened at 74.28 on Friday. First Republic Bank has a one year low of $56.32 and a one year high of $79.15. The stock’s 50 day moving average price is $76.57 and its 200 day moving average price is $71.87. The stock has a market capitalization of $11.13 billion, a PE ratio of 20.85 and a beta of 1.06.
First Republic Bank (NYSE:FRC) last announced its quarterly earnings data on Thursday, October 13th. The company reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.01. First Republic Bank had a return on equity of 12.95% and a net margin of 27.68%. The firm earned $557.90 million during the quarter, compared to analysts’ expectations of $592.65 million. During the same period last year, the business posted $0.79 earnings per share. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. Equities research analysts predict that First Republic Bank will post $3.91 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Investors of record on Thursday, October 27th will be issued a dividend of $0.16 per share. The ex-dividend date is Tuesday, October 25th. This represents a $0.64 annualized dividend and a yield of 0.86%. First Republic Bank’s payout ratio is 17.34%.
A number of large investors have recently made changes to their positions in the company. Ownership Capital B.V. boosted its stake in shares of First Republic Bank by 15.0% in the second quarter. Ownership Capital B.V. now owns 851,341 shares of the company’s stock valued at $59,585,000 after buying an additional 111,328 shares during the last quarter. First Republic Investment Management Inc. boosted its stake in shares of First Republic Bank by 99.6% in the first quarter. First Republic Investment Management Inc. now owns 764,592 shares of the company’s stock valued at $50,953,000 after buying an additional 381,494 shares during the last quarter. GW&K Investment Management LLC boosted its stake in shares of First Republic Bank by 9.7% in the second quarter. GW&K Investment Management LLC now owns 362,397 shares of the company’s stock valued at $25,364,000 after buying an additional 32,104 shares during the last quarter. Pacad Investment Ltd. purchased a new stake in shares of First Republic Bank during the first quarter valued at approximately $353,000. Finally, Hartford Investment Management Co. boosted its stake in shares of First Republic Bank by 34.0% in the second quarter. Hartford Investment Management Co. now owns 4,156 shares of the company’s stock valued at $291,000 after buying an additional 1,054 shares during the last quarter. 98.21% of the stock is currently owned by hedge funds and other institutional investors.
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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