First Republic Bank (FRC) Hits New 12-Month High at $78.55
Shares of First Republic Bank (NYSE:FRC) hit a new 52-week high during trading on Tuesday . The company traded as high as $78.55 and last traded at $75.62, with a volume of 356,025 shares trading hands. The stock had previously closed at $77.13.
A number of research firms have issued reports on FRC. JPMorgan Chase & Co. reiterated a “buy” rating on shares of First Republic Bank in a research note on Saturday, July 9th. FBR & Co reiterated a “hold” rating on shares of First Republic Bank in a research note on Sunday, July 17th. Keefe, Bruyette & Woods reiterated a “hold” rating on shares of First Republic Bank in a research note on Sunday, July 17th. Barclays PLC lifted their price target on First Republic Bank from $78.00 to $84.00 and gave the company an “overweight” rating in a research note on Thursday, August 11th. Finally, Zacks Investment Research upgraded First Republic Bank from a “hold” rating to a “buy” rating and set a $82.00 price target for the company in a research note on Tuesday, August 16th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $74.92.
The stock has a market cap of $11.30 billion and a price-to-earnings ratio of 21.16. The company’s 50-day moving average is $72.99 and its 200-day moving average is $69.36.
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, topping the Zacks’ consensus estimate of $0.91 by $0.06. The company earned $535.10 million during the quarter, compared to the consensus estimate of $568.53 million. During the same period in the previous year, the company earned $0.73 earnings per share. Analysts expect that First Republic Bank will post $3.91 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 11th. Shareholders of record on Thursday, July 28th were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date was Tuesday, July 26th.
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.