First Republic Bank (FRC) Hits New 52-Week High at $74.33
First Republic Bank (NYSE:FRC) hit a new 52-week high on Tuesday . The company traded as high as $74.33 and last traded at $73.78, with a volume of 165,586 shares trading hands. The stock had previously closed at $73.81.
A number of equities research analysts have recently weighed in on FRC shares. Zacks Investment Research lowered shares of First Republic Bank from a “buy” rating to a “hold” rating in a research note on Thursday, August 4th. Keefe, Bruyette & Woods reaffirmed a “hold” rating on shares of First Republic Bank in a research note on Sunday, July 17th. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of First Republic Bank in a research note on Sunday, July 17th. FBR & Co reaffirmed a “hold” rating on shares of First Republic Bank in a research note on Sunday, July 17th. Finally, Canaccord Genuity reaffirmed a “buy” rating on shares of First Republic Bank in a research note on Sunday, May 8th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $74.92.
The stock has a 50-day moving average of $71.76 and a 200 day moving average of $68.43. The stock has a market capitalization of $11.01 billion and a price-to-earnings ratio of 20.63.
First Republic Bank (NYSE:FRC) last posted its quarterly earnings results on Thursday, July 14th. The company reported $0.97 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.06. The company earned $535.10 million during the quarter, compared to analysts’ expectations of $568.53 million. During the same period in the prior year, the business earned $0.73 EPS. Equities analysts predict that First Republic Bank will post $3.91 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 11th. Investors of record on Thursday, July 28th were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 0.87%. The ex-dividend date of this dividend was Tuesday, July 26th.
An institutional investor recently raised its position in First Republic Bank stock. Utah Retirement Systems increased its stake in First Republic Bank (NYSE:FRC) by 0.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund 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 at the end of the most recent 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.
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