First Republic Bank (FRC) Rating Lowered to Sell at Zacks Investment Research
First Republic Bank (NYSE:FRC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Monday.
According to Zacks, “First Republic’s shares outperformed the industry over the last six months. The bank has a decent earnings surprise history. It surpassed the Zacks Consensus Estimate in two of the trailing four quarters. The bank is well positioned for growth, given its simpler business model and non-engagement in additional businesses, as compared to most large banking institutions. Also, consistent growth in loans and deposits along with gradual ease of pressure on the margins will support the company’s organic growth. However, operating costs are expected to remain on the higher side in the near term due to investments in digital initiatives.”
A number of other research analysts have also recently issued reports on the company. Jefferies Group LLC reissued a “buy” rating and issued a $109.00 target price on shares of First Republic Bank in a research note on Friday, September 15th. Piper Jaffray Companies reissued a “hold” rating and issued a $99.00 target price on shares of First Republic Bank in a research note on Friday, September 1st. BidaskClub cut First Republic Bank from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 19th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $90.00 target price on shares of First Republic Bank in a research note on Thursday, July 27th. Finally, BMO Capital Markets reissued a “hold” rating and issued a $96.00 target price on shares of First Republic Bank in a research note on Sunday, July 16th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $104.54.
Shares of First Republic Bank (NYSE FRC) opened at 97.83 on Monday. The firm’s 50-day moving average price is $97.68 and its 200-day moving average price is $96.21. The firm has a market capitalization of $15.43 billion, a price-to-earnings ratio of 23.87 and a beta of 1.01. First Republic Bank has a 12 month low of $72.40 and a 12 month high of $104.17.
First Republic Bank (NYSE:FRC) last posted its earnings results on Friday, July 14th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.03). First Republic Bank had a net margin of 27.37% and a return on equity of 12.16%. The business had revenue of $641.30 million during the quarter, compared to analyst estimates of $671.27 million. During the same period in the previous year, the firm posted $0.97 earnings per share. The firm’s revenue was up 19.8% on a year-over-year basis. On average, equities analysts anticipate that First Republic Bank will post $4.45 earnings per share for the current year.
Several hedge funds have recently bought and sold shares of FRC. Barnett & Company Inc. acquired a new position in shares of First Republic Bank during the second quarter worth about $100,000. Parallel Advisors LLC boosted its position in shares of First Republic Bank by 628.2% during the first quarter. Parallel Advisors LLC now owns 1,085 shares of the bank’s stock worth $101,000 after buying an additional 936 shares during the period. Israel Discount Bank of New York acquired a new position in shares of First Republic Bank during the first quarter worth about $107,000. Whittier Trust Co. of Nevada Inc. boosted its position in shares of First Republic Bank by 100.6% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 1,071 shares of the bank’s stock worth $107,000 after buying an additional 537 shares during the period. Finally, Shine Investment Advisory Services Inc. acquired a new position in shares of First Republic Bank during the second quarter worth about $128,000. 99.92% of the stock is owned by institutional investors.
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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