First Republic Bank (FRC) Stock Rating Reaffirmed by Morgan Stanley
First Republic Bank (NYSE:FRC)‘s stock had its “equal weight” rating reaffirmed by stock analysts at Morgan Stanley in a research report issued on Thursday. They presently have a $106.00 price target on the bank’s stock. Morgan Stanley’s price objective would suggest a potential upside of 19.36% from the stock’s current price.
A number of other research firms have also recently weighed in on FRC. BMO Capital Markets lowered their price target on First Republic Bank from $96.00 to $92.00 and set a “market perform” rating for the company in a report on Monday, October 16th. Royal Bank of Canada reiterated a “hold” rating on shares of First Republic Bank in a report on Friday, September 29th. BidaskClub cut First Republic Bank from a “sell” rating to a “strong sell” rating in a report on Saturday, August 19th. Piper Jaffray Companies reiterated a “hold” rating and set a $99.00 price target on shares of First Republic Bank in a report on Friday, September 1st. Finally, Jefferies Group reiterated a “buy” rating and set a $111.00 price target on shares of First Republic Bank in a report on Thursday, October 19th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. First Republic Bank currently has an average rating of “Hold” and an average price target of $103.07.
Shares of First Republic Bank (NYSE:FRC) traded down $2.77 on Thursday, hitting $88.81. The company’s stock had a trading volume of 3,093,600 shares, compared to its average volume of 1,005,058. First Republic Bank has a twelve month low of $87.91 and a twelve month high of $105.52. The firm has a market cap of $14,447.34, a P/E ratio of 21.60, a PEG ratio of 1.69 and a beta of 0.96. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 1.55.
First Republic Bank (NYSE:FRC) last issued its earnings results on Friday, October 13th. The bank reported $1.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.02). First Republic Bank had a return on equity of 12.06% and a net margin of 26.85%. The company had revenue of $670.30 million during the quarter, compared to analyst estimates of $678.25 million. During the same period last year, the business earned $1.00 earnings per share. The firm’s revenue was up 20.1% compared to the same quarter last year. equities analysts expect that First Republic Bank will post 4.41 EPS for the current year.
A number of institutional investors have recently made changes to their positions in FRC. Harding Loevner LP boosted its stake in shares of First Republic Bank by 112.9% in the 3rd quarter. Harding Loevner LP now owns 4,734,746 shares of the bank’s stock valued at $227,383,000 after buying an additional 2,510,888 shares during the period. Artisan Partners Limited Partnership acquired a new stake in shares of First Republic Bank during the 2nd quarter worth about $211,296,000. State Street Corp raised its position in shares of First Republic Bank by 20.3% during the 2nd quarter. State Street Corp now owns 5,995,443 shares of the bank’s stock worth $600,135,000 after acquiring an additional 1,010,648 shares in the last quarter. BlackRock Inc. raised its position in shares of First Republic Bank by 8.9% during the 2nd quarter. BlackRock Inc. now owns 10,708,811 shares of the bank’s stock worth $1,071,954,000 after acquiring an additional 876,812 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of First Republic Bank by 13.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,745,564 shares of the bank’s stock worth $675,230,000 after acquiring an additional 793,964 shares in the last quarter. Institutional investors own 99.14% 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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