First Republic Bank (FRC) Releases Earnings Results, Misses Expectations By $0.02 EPS
First Republic Bank (NYSE:FRC) issued its earnings results on Friday. The bank reported $1.14 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.16 by ($0.02), MarketWatch Earnings reports. The firm had revenue of $670.30 million during the quarter, compared to the consensus estimate of $678.25 million. First Republic Bank had a net margin of 27.37% and a return on equity of 12.16%. The firm’s revenue for the quarter was up 20.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.00 earnings per share.
First Republic Bank (NYSE:FRC) opened at 94.97 on Friday. The firm has a market cap of $14.98 billion, a price-to-earnings ratio of 23.17 and a beta of 1.01. The firm’s 50 day moving average is $99.63 and its 200-day moving average is $97.31. First Republic Bank has a 12 month low of $72.43 and a 12 month high of $105.52.
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FRC has been the topic of a number of research analyst reports. Wedbush reaffirmed an “outperform” rating and issued a $121.00 target price on shares of First Republic Bank in a report on Tuesday, June 27th. BidaskClub raised shares of First Republic Bank from a “hold” rating to a “buy” rating in a report on Saturday, July 1st. Morgan Stanley reaffirmed an “equal weight” rating and issued a $104.00 target price (up from $102.00) on shares of First Republic Bank in a report on Thursday, July 6th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $98.00 target price on shares of First Republic Bank in a report on Friday, July 7th. Finally, Barclays PLC reaffirmed an “equal weight” rating and issued a $110.00 target price (up from $101.00) on shares of First Republic Bank in a report on Wednesday, July 12th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $104.67.
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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