First Republic Bank (FRC) Lowered to “Hold” at Zacks Investment Research
According to Zacks, “First Republic’s estimates have been stable lately ahead of its third-quarter 2016 earnings release. The company has positive record of earnings surprises in recent quarters. The company is well positioned for growth, given its simpler business model and non-engagement in additional businesses. Also, an eventual rise in interest rates is projected to bolster net interest income going forward. Further, with improving economy, the company should benefit from continued rise in loans and deposits. However, margin pressure is expected to continue until there is a significant rise in interest rate. Also, rising expenses will deter bottom-line expansion, resulting mainly from stringent regulatory norms. Moreover, stricter regulatory capital requirements are likely to limit flexibility in business operations.”
A number of other research firms also recently issued reports on FRC. Barclays PLC upped their price target on shares of First Republic Bank from $78.00 to $84.00 and gave the company an overweight rating in a research note on Thursday, August 11th. BMO Capital Markets reiterated a market perform rating and set a $71.00 price target on shares of First Republic Bank in a research report on Friday, July 15th. FBR & Co reiterated a hold rating on shares of First Republic Bank in a research report on Sunday, July 17th. Keefe, Bruyette & Woods reiterated a hold rating on shares of First Republic Bank in a research report on Sunday, July 17th. Finally, JPMorgan Chase & Co. reiterated a buy rating on shares of First Republic Bank in a research report on Sunday, July 17th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company has an average rating of Buy and a consensus target price of $75.23.
Shares of First Republic Bank (NYSE:FRC) opened at 78.67 on Wednesday. The company has a market cap of $11.79 billion, a PE ratio of 22.08 and a beta of 1.06. The stock’s 50 day moving average is $76.46 and its 200-day moving average is $71.55. 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 released its quarterly earnings results on Thursday, July 14th. The company reported $0.97 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.06. The company had revenue of $535.10 million for the quarter, compared to the consensus estimate of $568.53 million. First Republic Bank had a net margin of 27.20% and a return on equity of 12.59%. During the same quarter in the prior year, the firm earned $0.73 earnings per share. Equities research analysts expect that First Republic Bank will post $3.91 earnings per share for the current year.
Hedge funds and other institutional investors have recently modified their holdings of the company. First American Bank boosted its position in shares of First Republic Bank by 0.5% in the third quarter. First American Bank now owns 124,450 shares of the company’s stock valued at $9,597,000 after buying an additional 629 shares during the last quarter. Macquarie Group Ltd. raised its stake in First Republic Bank by 1,440.0% in the second quarter. Macquarie Group Ltd. now owns 53,900 shares of the company’s stock valued at $3,772,000 after buying an additional 50,400 shares during the last quarter. KAMES CAPITAL plc raised its stake in First Republic Bank by 37.8% in the second quarter. KAMES CAPITAL plc now owns 1,113,096 shares of the company’s stock valued at $77,883,000 after buying an additional 305,130 shares during the last quarter. Royal Bank of Canada raised its stake in First Republic Bank by 66.9% in the second quarter. Royal Bank of Canada now owns 2,320,272 shares of the company’s stock valued at $162,397,000 after buying an additional 929,702 shares during the last quarter. Finally, Public Employees Retirement System of Ohio raised its stake in First Republic Bank by 14.8% in the second quarter. Public Employees Retirement System of Ohio now owns 532,588 shares of the company’s stock valued at $37,276,000 after buying an additional 68,755 shares during the last quarter. Institutional investors own 98.24% of the company’s stock.
First Republic Bank Company Profile
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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