Other equities research analysts have also recently issued reports about the company. JPMorgan Chase & Co. reaffirmed a buy rating on shares of First Republic Bank in a research note on Saturday, July 9th. FBR & Co reissued a hold rating on shares of First Republic Bank in a research note on Sunday, July 17th. Barclays PLC boosted their target price on First Republic Bank from $78.00 to $84.00 and gave the stock an overweight rating in a research note on Thursday, August 11th. Zacks Investment Research raised First Republic Bank from a hold rating to a buy rating and set a $82.00 target price for the company in a research note on Tuesday, August 16th. Finally, BMO Capital Markets reiterated a market perform rating and set a $71.00 price target on shares of First Republic Bank in a research note on Friday, July 15th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $77.00.
First Republic Bank (NYSE:FRC) opened at 74.28 on Friday. The firm has a market capitalization of $11.13 billion, a price-to-earnings ratio of 20.85 and a beta of 1.06. The stock has a 50 day moving average price of $76.57 and a 200-day moving average price of $71.87. First Republic Bank has a one year low of $56.32 and a one year high of $79.15.
First Republic Bank (NYSE:FRC) last issued its quarterly earnings data on Thursday, October 13th. The company reported $1.00 earnings per share for the quarter, beating the Zacks’ 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 business earned $557.90 million during the quarter, compared to analysts’ expectations of $592.65 million. During the same period in the previous year, the firm posted $0.79 earnings per share. The company’s revenue was up 10.6% on a year-over-year basis. On average, analysts predict that First Republic Bank will post $3.91 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Thursday, October 27th will be issued a dividend of $0.16 per share. The ex-dividend date of this dividend is Tuesday, October 25th. This represents a $0.64 annualized dividend and a dividend yield of 0.86%. First Republic Bank’s payout ratio is 17.34%.
A number of hedge funds have recently bought and sold shares of FRC. Aperio Group LLC boosted its stake in 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 last quarter. Nisa Investment Advisors L.L.C. boosted its stake in 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 last quarter. Pacad Investment Ltd. acquired a new stake in First Republic Bank during the first quarter worth $353,000. Ngam Advisors L.P. boosted its stake in 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 last quarter. Finally, TIAA CREF Investment Management LLC boosted its stake in 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 last quarter. 98.21% of the stock is currently owned by institutional investors and hedge funds.
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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