First Republic Bank (NYSE:FRC) declared a quarterly dividend on Tuesday, October 15th, Zacks reports. Stockholders of record on Thursday, October 31st will be given a dividend of 0.19 per share by the bank on Thursday, November 14th. This represents a $0.76 annualized dividend and a dividend yield of 0.73%. The ex-dividend date of this dividend is Wednesday, October 30th.
First Republic Bank has raised its dividend by an average of 6.4% per year over the last three years and has raised its dividend every year for the last 6 years. First Republic Bank has a payout ratio of 15.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect First Republic Bank to earn $5.31 per share next year, which means the company should continue to be able to cover its $0.76 annual dividend with an expected future payout ratio of 14.3%.
First Republic Bank stock opened at $103.62 on Wednesday. First Republic Bank has a fifty-two week low of $79.42 and a fifty-two week high of $107.75. The company has a debt-to-equity ratio of 1.34, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market capitalization of $16.36 billion, a P/E ratio of 21.54, a PEG ratio of 2.82 and a beta of 0.89. The stock has a 50-day simple moving average of $93.70 and a 200-day simple moving average of $97.71.
Several analysts have recently weighed in on FRC shares. Wells Fargo & Co downgraded First Republic Bank from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $112.00 to $100.00 in a report on Wednesday, October 2nd. They noted that the move was a valuation call. Wedbush reissued an “outperform” rating on shares of First Republic Bank in a report on Tuesday, July 16th. Maxim Group boosted their target price on First Republic Bank from $110.00 to $116.00 and gave the company a “buy” rating in a report on Wednesday. Raymond James downgraded First Republic Bank to a “hold” rating in a report on Monday, July 8th. Finally, BMO Capital Markets boosted their target price on First Republic Bank to $103.00 and gave the company a “market perform” rating in a report on Wednesday. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $103.10.
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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