FIRST REPUBLIC BANK (FRC) Cut to “Market Perform” at Wells Fargo & Company
A number of other brokerages have also commented on FRC. FBR & Co raised FIRST REPUBLIC BANK from a market perform rating to an outperform rating and boosted their target price for the company from $85.00 to $100.00 in a research report on Tuesday, December 20th. Maxim Group lifted their price target on FIRST REPUBLIC BANK from $86.00 to $100.00 and gave the company a buy rating in a research note on Monday, December 19th. Morgan Stanley downgraded FIRST REPUBLIC BANK from an overweight rating to an equal weight rating and lifted their price target for the company from $77.00 to $85.00 in a research note on Wednesday, November 16th. They noted that the move was a valuation call. Zacks Investment Research upgraded FIRST REPUBLIC BANK from a hold rating to a buy rating and set a $93.00 price target for the company in a research note on Wednesday, November 16th. Finally, Deutsche Bank AG lifted their price target on FIRST REPUBLIC BANK from $83.00 to $85.00 and gave the company a hold rating in a research note on Tuesday, October 11th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $84.55.
Shares of FIRST REPUBLIC BANK (NYSE:FRC) opened at 91.85 on Monday. FIRST REPUBLIC BANK has a 1-year low of $56.32 and a 1-year high of $93.59. The company has a market cap of $13.79 billion, a price-to-earnings ratio of 24.55 and a beta of 0.98. The firm has a 50-day moving average price of $89.02 and a 200 day moving average price of $78.13.
FIRST REPUBLIC BANK (NYSE:FRC) last issued its earnings results on Thursday, October 13th. The company reported $1.00 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.01. FIRST REPUBLIC BANK had a return on equity of 12.19% and a net margin of 27.68%. The business earned $557.90 million during the quarter, compared to analyst estimates of $592.65 million. During the same period in the previous year, the company posted $0.79 EPS. The firm’s revenue was up 10.6% compared to the same quarter last year. On average, analysts predict that FIRST REPUBLIC BANK will post $3.90 EPS for the current fiscal year.
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A number of institutional investors have recently bought and sold shares of FRC. Global X Management Co. LLC increased its position in FIRST REPUBLIC BANK by 180.5% in the second quarter. Global X Management Co. LLC now owns 1,798 shares of the company’s stock valued at $126,000 after buying an additional 1,157 shares during the last quarter. Tower Research Capital LLC TRC increased its position in FIRST REPUBLIC BANK by 4,565.5% in the third quarter. Tower Research Capital LLC TRC now owns 2,566 shares of the company’s stock valued at $197,000 after buying an additional 2,511 shares during the last quarter. National Asset Management Inc. purchased a new position in FIRST REPUBLIC BANK during the third quarter valued at approximately $203,000. Capstone Asset Management Co. purchased a new position in FIRST REPUBLIC BANK during the third quarter valued at approximately $204,000. Finally, 1st Global Advisors Inc. purchased a new position in FIRST REPUBLIC BANK during the third quarter valued at approximately $209,000. Institutional investors and hedge funds own 96.27% 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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