First Republic Bank (FRC) Reaches New 1-Year High at $74.00
First Republic Bank (NYSE:FRC) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $74.00 and last traded at $73.54, with a volume of 312,129 shares. The stock had previously closed at $73.16.
FRC has been the subject of a number of research analyst reports. FBR & Co raised their price target on shares of First Republic Bank from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Tuesday, April 19th. Canaccord Genuity reiterated a “buy” rating on shares of First Republic Bank in a research note on Sunday, May 8th. Jefferies Group reiterated a “buy” rating and issued a $80.00 price objective on shares of First Republic Bank in a research note on Thursday, July 7th. BMO Capital Markets reiterated 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, JPMorgan Chase & Co. reiterated a “buy” rating on shares of First Republic Bank in a research note on Saturday, July 9th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. First Republic Bank has an average rating of “Buy” and an average price target of $74.92.
The stock’s 50-day moving average is $70.99 and its 200-day moving average is $68.13. The company has a market cap of $10.98 billion and a price-to-earnings ratio of 20.57.
First Republic Bank (NYSE:FRC) last issued its quarterly earnings data on Thursday, July 14th. The company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.06. During the same quarter in the prior year, the firm posted $0.73 EPS. The company had revenue of $535.10 million for the quarter, compared to analysts’ expectations of $568.53 million. On average, analysts predict that First Republic Bank will post $3.91 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 11th. Stockholders of record on Thursday, July 28th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Tuesday, July 26th. This represents a $0.64 annualized dividend and a dividend yield of 0.87%.
A number of hedge funds have added to or reduced their stakes in FRC. Mitsubishi UFJ Kokusai Asset Management CO. LTD. increased its stake in First Republic Bank by 5.7% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 22,175 shares of the company’s stock valued at $1,465,000 after buying an additional 1,186 shares during the period. Utah Retirement Systems boosted its position in shares of First Republic Bank by 0.4% in the fourth quarter. Utah Retirement Systems now owns 25,502 shares of the company’s stock valued at $1,684,000 after buying an additional 100 shares in the last quarter. Bank of Montreal Can boosted its position in shares of First Republic Bank by 45.5% in the fourth quarter. Bank of Montreal Can now owns 32,556 shares of the company’s stock valued at $2,150,000 after buying an additional 10,183 shares in the last quarter. Marshall Wace LLP purchased a new position in shares of First Republic Bank during the fourth quarter valued at about $3,514,000. Finally, BlackRock Advisors LLC boosted its position in shares of First Republic Bank by 18.8% in the fourth quarter. BlackRock Advisors LLC now owns 195,747 shares of the company’s stock valued at $12,931,000 after buying an additional 30,931 shares in the last quarter.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.