First Republic Bank (FRC) Sees Unusually-High Trading Volume
First Republic Bank (NYSE:FRC) saw strong trading volume on Tuesday . 513,157 shares changed hands during trading, a decline of 2% from the previous session’s volume of 521,660 shares.The stock last traded at $76.65 and had previously closed at $75.67.
A number of equities analysts recently issued reports on the company. Jefferies Group restated a “buy” rating and set a $80.00 price objective on shares of First Republic Bank in a report on Thursday, July 7th. JPMorgan Chase & Co. boosted their price objective on First Republic Bank from $80.00 to $83.00 and gave the company an “overweight” rating in a report on Friday, July 15th. Keefe, Bruyette & Woods boosted their price objective on First Republic Bank from $70.00 to $73.00 and gave the company a “market perform” rating in a report on Friday, July 15th. BMO Capital Markets reiterated a “market perform” rating and set a $71.00 price target on shares of First Republic Bank in a report on Friday, July 15th. Finally, Zacks Investment Research upgraded First Republic Bank from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a report on Tuesday, July 19th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. First Republic Bank currently has a consensus rating of “Buy” and an average price target of $74.92.
The stock’s 50-day moving average is $72.49 and its 200 day moving average is $69.00. The firm has a market cap of $11.48 billion and a P/E ratio of 21.50.
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. The business earned $535.10 million during the quarter, compared to analysts’ expectations of $568.53 million. During the same quarter in the previous year, the company posted $0.73 earnings per share. On average, equities research analysts predict that First Republic Bank will post $3.91 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 11th. Investors of record on Thursday, July 28th were given a $0.16 dividend. The ex-dividend date was Tuesday, July 26th. This represents a $0.64 annualized dividend and a yield of 0.84%.
A hedge fund recently raised its stake in First Republic Bank stock. Utah Retirement Systems raised its stake in First Republic Bank (NYSE:FRC) by 0.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 25,502 shares of the company’s stock after buying an additional 100 shares during the period. Utah Retirement Systems’ holdings in First Republic Bank were worth $1,684,000 as of its most recent SEC filing.
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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