FIRST REPUBLIC BANK (NYSE:FRC) Stock Rating Lowered by BidaskClub
FIRST REPUBLIC BANK (NYSE:FRC) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a report released on Thursday.
Other research analysts have also issued reports about the stock. BMO Capital Markets restated a “hold” rating and issued a $97.00 price objective on shares of FIRST REPUBLIC BANK in a research note on Friday, May 26th. Barclays PLC lifted their price objective on shares of FIRST REPUBLIC BANK from $100.00 to $101.00 and gave the company an “overweight” rating in a research note on Wednesday, April 19th. Wedbush restated an “outperform” rating and issued a $121.00 price objective on shares of FIRST REPUBLIC BANK in a research note on Tuesday, June 27th. Deutsche Bank AG lifted their price objective on shares of FIRST REPUBLIC BANK from $98.00 to $101.00 and gave the company a “hold” rating in a research note on Tuesday, April 18th. Finally, Piper Jaffray Companies dropped their price objective on shares of FIRST REPUBLIC BANK from $97.00 to $92.00 and set a “neutral” rating on the stock in a research note on Monday, April 17th. Ten equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. FIRST REPUBLIC BANK currently has an average rating of “Hold” and an average price target of $104.54.
Shares of FIRST REPUBLIC BANK (NYSE FRC) opened at 101.21 on Thursday. FIRST REPUBLIC BANK has a 12-month low of $70.00 and a 12-month high of $104.17. The stock has a market capitalization of $15.91 billion, a price-to-earnings ratio of 25.25 and a beta of 0.99. The firm has a 50-day moving average of $96.01 and a 200 day moving average of $93.89.
FIRST REPUBLIC BANK (NYSE:FRC) last posted its quarterly earnings data on Friday, July 14th. The bank reported $1.06 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by $0.03. The business had revenue of $641.30 million during the quarter, compared to analyst estimates of $671.27 million. FIRST REPUBLIC BANK had a net margin of 27.37% and a return on equity of 12.16%. The company’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.97 earnings per share. Equities analysts forecast that FIRST REPUBLIC BANK will post $4.47 earnings per share for the current fiscal year.
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Several hedge funds and other institutional investors have recently modified their holdings of FRC. Comerica Bank raised its position in shares of FIRST REPUBLIC BANK by 4.4% in the fourth quarter. Comerica Bank now owns 11,597 shares of the bank’s stock worth $1,078,000 after buying an additional 484 shares during the period. Dimensional Fund Advisors LP increased its stake in FIRST REPUBLIC BANK by 2.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 530,960 shares of the bank’s stock worth $48,922,000 after buying an additional 10,574 shares in the last quarter. Franklin Resources Inc. increased its stake in FIRST REPUBLIC BANK by 33.1% in the fourth quarter. Franklin Resources Inc. now owns 18,063 shares of the bank’s stock worth $1,664,000 after buying an additional 4,494 shares in the last quarter. AQR Capital Management LLC increased its stake in FIRST REPUBLIC BANK by 1.9% in the fourth quarter. AQR Capital Management LLC now owns 48,450 shares of the bank’s stock worth $4,464,000 after buying an additional 915 shares in the last quarter. Finally, Israel Discount Bank of New York GFN bought a new stake in FIRST REPUBLIC BANK during the fourth quarter worth approximately $106,000. Institutional investors and hedge funds own 98.66% of the company’s stock.
About FIRST REPUBLIC BANK
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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