$794.25 Million in Sales Expected for First Republic Bank (FRC) This Quarter
Wall Street analysts expect First Republic Bank (NYSE:FRC) to announce sales of $794.25 million for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for First Republic Bank’s earnings. The lowest sales estimate is $781.70 million and the highest is $800.60 million. First Republic Bank posted sales of $699.16 million in the same quarter last year, which suggests a positive year-over-year growth rate of 13.6%. The business is scheduled to report its next earnings report on Tuesday, January 15th.
According to Zacks, analysts expect that First Republic Bank will report full year sales of $3.03 billion for the current financial year, with estimates ranging from $3.02 billion to $3.03 billion. For the next year, analysts forecast that the company will report sales of $3.45 billion, with estimates ranging from $3.36 billion to $3.57 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for First Republic Bank.
First Republic Bank (NYSE:FRC) last announced its quarterly earnings results on Friday, October 12th. The bank reported $1.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.01). First Republic Bank had a net margin of 24.05% and a return on equity of 11.47%. The business had revenue of $768.83 million for the quarter, compared to analysts’ expectations of $765.80 million. During the same quarter in the prior year, the firm earned $1.14 EPS.
NYSE:FRC traded down $0.65 during mid-day trading on Tuesday, reaching $86.62. 1,156,783 shares of the company’s stock traded hands, compared to its average volume of 1,537,003. First Republic Bank has a 12-month low of $84.47 and a 12-month high of $106.75. The company has a market cap of $13.66 billion, a PE ratio of 18.75, a P/E/G ratio of 1.50 and a beta of 0.84. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.00 and a quick ratio of 1.00.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 8th. Stockholders of record on Thursday, October 25th will be given a $0.18 dividend. The ex-dividend date of this dividend is Wednesday, October 24th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.83%. First Republic Bank’s dividend payout ratio is currently 16.71%.
Institutional investors and hedge funds have recently modified their holdings of the company. Capital Advisors Ltd. LLC bought a new position in First Republic Bank in the 3rd quarter valued at approximately $156,000. Visionary Asset Management Inc. bought a new position in First Republic Bank in the 2nd quarter valued at approximately $225,000. Gofen & Glossberg LLC IL bought a new position in First Republic Bank in the 2nd quarter valued at approximately $265,000. Brookmont Capital Management lifted its position in First Republic Bank by 31.7% in the 2nd quarter. Brookmont Capital Management now owns 2,937 shares of the bank’s stock valued at $284,000 after acquiring an additional 707 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. lifted its position in First Republic Bank by 30.6% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 2,985 shares of the bank’s stock valued at $289,000 after acquiring an additional 699 shares in the last quarter.
About First Republic Bank
First Republic Bank, together with its subsidiaries, provides private banking, private business banking, real estate lending, and wealth management services to clients in metropolitan areas of the United States. It operates through two segments, Commercial Banking and Wealth Management. The company offers deposit products, such as checking, money market checking, savings, and passbook deposits, as well as certificates of deposit.
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