Maxim Group restated their buy rating on shares of FIRST REPUBLIC BANK (NYSE:FRC) in a report issued on Friday, July 14th, MarketBeat reports. Maxim Group currently has a $110.00 price objective on the bank’s stock, up from their prior price objective of $105.00.
A number of other research analysts also recently weighed in on FRC. BMO Capital Markets restated a hold rating and set a $98.00 price objective on shares of FIRST REPUBLIC BANK in a research report on Wednesday, March 22nd. Jefferies Group LLC reaffirmed a buy rating and set a $105.00 target price on shares of FIRST REPUBLIC BANK in a report on Friday, March 31st. Barclays PLC reduced their target price on shares of FIRST REPUBLIC BANK from $102.00 to $100.00 and set an overweight rating for the company in a report on Tuesday, April 11th. Piper Jaffray Companies reduced their target price on shares of FIRST REPUBLIC BANK from $97.00 to $92.00 and set a neutral rating for the company in a report on Monday, April 17th. Finally, Deutsche Bank AG upped their target price on shares of FIRST REPUBLIC BANK from $98.00 to $101.00 and gave the company a hold rating in a report on Tuesday, April 18th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $104.54.
FIRST REPUBLIC BANK (NYSE FRC) opened at 97.37 on Friday. The company has a market capitalization of $15.35 billion, a price-to-earnings ratio of 23.75 and a beta of 0.99. FIRST REPUBLIC BANK has a 52-week low of $72.08 and a 52-week high of $104.17. The stock has a 50 day moving average price of $100.81 and a 200 day moving average price of $95.90.
FIRST REPUBLIC BANK (NYSE:FRC) last issued its quarterly earnings data on Friday, July 14th. The bank reported $1.06 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.09 by $0.03. The company had revenue of $641.30 million for the quarter, compared to the consensus estimate of $671.27 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 19.8% on a year-over-year basis. During the same quarter last year, the company earned $0.97 EPS. Analysts anticipate that FIRST REPUBLIC BANK will post $4.45 EPS for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 10th. Shareholders of record on Thursday, July 27th were given a dividend of $0.17 per share. The ex-dividend date was Tuesday, July 25th. This represents a $0.68 annualized dividend and a yield of 0.70%. FIRST REPUBLIC BANK’s dividend payout ratio (DPR) is currently 16.59%.
A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in FIRST REPUBLIC BANK by 4,249.4% in the first quarter. BlackRock Inc. now owns 9,831,999 shares of the bank’s stock valued at $922,340,000 after buying an additional 9,605,945 shares during the period. Artisan Partners Limited Partnership acquired a new position in FIRST REPUBLIC BANK during the second quarter valued at approximately $211,296,000. MARSHALL WACE ASIA Ltd acquired a new position in FIRST REPUBLIC BANK during the first quarter valued at approximately $130,807,000. Marshall Wace North America L.P. acquired a new position in FIRST REPUBLIC BANK during the first quarter valued at approximately $130,807,000. Finally, JPMorgan Chase & Co. raised its position in FIRST REPUBLIC BANK by 26.2% in the first quarter. JPMorgan Chase & Co. now owns 5,951,600 shares of the bank’s stock valued at $558,320,000 after buying an additional 1,236,848 shares during the period. Institutional investors and hedge funds own 99.64% of the company’s stock.
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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