First Republic Bank (FRC) Given “Buy” Rating at Maxim Group
Maxim Group reissued their buy rating on shares of First Republic Bank (NYSE:FRC) in a research note released on Friday, Briefing.com Automated Import reports. They currently have a $115.00 price target on the bank’s stock, up from their prior price target of $110.00.
FRC has been the topic of several other reports. Bank of America lowered shares of First Republic Bank from a buy rating to a neutral rating in a report on Thursday, January 10th. They noted that the move was a valuation call. Stephens reissued a buy rating and set a $115.00 target price on shares of First Republic Bank in a report on Thursday, March 21st. Raymond James lowered shares of First Republic Bank from an outperform rating to a market perform rating in a report on Monday, January 7th. Atlantic Securities lowered shares of First Republic Bank from an overweight rating to a neutral rating and set a $104.98 target price on the stock. in a report on Friday, March 1st. Finally, ValuEngine lowered shares of First Republic Bank from a buy rating to a hold rating in a report on Wednesday, March 20th. Eleven research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. First Republic Bank currently has a consensus rating of Hold and a consensus price target of $104.54.
Shares of First Republic Bank stock opened at $101.63 on Friday. The company has a market cap of $15.94 billion, a P/E ratio of 21.13, a P/E/G ratio of 1.55 and a beta of 0.92. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.99 and a current ratio of 0.99. First Republic Bank has a 1 year low of $79.42 and a 1 year high of $106.75.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Thursday, April 25th will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 0.75%. This is a positive change from First Republic Bank’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Wednesday, April 24th. First Republic Bank’s payout ratio is presently 14.97%.
A number of institutional investors and hedge funds have recently bought and sold shares of FRC. Pearl River Capital LLC acquired a new position in shares of First Republic Bank in the 4th quarter worth approximately $26,000. Portfolio Solutions LLC acquired a new position in shares of First Republic Bank in the 4th quarter worth approximately $43,000. Ipswich Investment Management Co. Inc. acquired a new position in shares of First Republic Bank in the 4th quarter worth approximately $45,000. Captrust Financial Advisors lifted its position in shares of First Republic Bank by 199.4% in the 4th quarter. Captrust Financial Advisors now owns 521 shares of the bank’s stock worth $45,000 after purchasing an additional 347 shares during the period. Finally, Benjamin F. Edwards & Company Inc. lifted its position in shares of First Republic Bank by 42.9% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 726 shares of the bank’s stock worth $63,000 after purchasing an additional 218 shares during the period.
First Republic Bank Company Profile
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 in 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, passbook deposits, and individual retirement accounts, as well as certificates of deposit.
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