First Republic Bank (NYSE:FRC) – Equities researchers at Piper Jaffray Companies lifted their Q1 2019 EPS estimates for First Republic Bank in a research report issued on Tuesday, January 15th. Piper Jaffray Companies analyst M. Clark now forecasts that the bank will post earnings of $1.15 per share for the quarter, up from their prior forecast of $1.08. Piper Jaffray Companies has a “Hold” rating and a $94.00 price target on the stock. Piper Jaffray Companies also issued estimates for First Republic Bank’s Q2 2019 earnings at $1.29 EPS, Q3 2019 earnings at $1.42 EPS, Q4 2019 earnings at $1.48 EPS, FY2019 earnings at $5.35 EPS, Q1 2020 earnings at $1.36 EPS, Q2 2020 earnings at $1.50 EPS, Q3 2020 earnings at $1.61 EPS, Q4 2020 earnings at $1.68 EPS and FY2020 earnings at $6.15 EPS.
A number of other research analysts have also recently issued reports on the company. Stephens upgraded First Republic Bank from an “equal weight” rating to an “overweight” rating in a research report on Thursday, December 20th. Robert W. Baird initiated coverage on First Republic Bank in a research report on Thursday, December 20th. They issued a “neutral” rating and a $92.00 target price on the stock. Raymond James cut First Republic Bank from an “outperform” rating to a “market perform” rating in a research report on Monday, January 7th. Morgan Stanley cut their price target on First Republic Bank from $99.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Tuesday, December 11th. Finally, Wells Fargo & Co raised First Republic Bank from a “market perform” rating to an “outperform” rating and set a $87.50 price target on the stock in a research note on Wednesday, January 2nd. Eleven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. First Republic Bank presently has a consensus rating of “Hold” and a consensus price target of $102.15.
First Republic Bank (NYSE:FRC) last released its earnings results on Tuesday, January 15th. The bank reported $1.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.24 by $0.05. First Republic Bank had a return on equity of 11.62% and a net margin of 23.88%. The firm had revenue of $810.75 million for the quarter, compared to analysts’ expectations of $812.10 million. During the same quarter in the previous year, the business posted $1.10 earnings per share. The business’s revenue for the quarter was up 16.0% on a year-over-year basis.
The company also recently declared a quarterly dividend, which will be paid on Thursday, February 14th. Stockholders of record on Thursday, January 31st will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.75%. The ex-dividend date of this dividend is Wednesday, January 30th. First Republic Bank’s payout ratio is 14.97%.
Several hedge funds have recently made changes to their positions in FRC. CIBC World Markets Inc. lifted its stake in shares of First Republic Bank by 20.6% in the third quarter. CIBC World Markets Inc. now owns 51,097 shares of the bank’s stock worth $4,905,000 after acquiring an additional 8,728 shares during the period. State of Alaska Department of Revenue lifted its stake in shares of First Republic Bank by 120.0% in the third quarter. State of Alaska Department of Revenue now owns 36,439 shares of the bank’s stock worth $3,497,000 after acquiring an additional 19,879 shares during the period. WINTON GROUP Ltd lifted its stake in shares of First Republic Bank by 66.4% in the third quarter. WINTON GROUP Ltd now owns 4,306 shares of the bank’s stock worth $413,000 after acquiring an additional 1,718 shares during the period. Bessemer Group Inc. lifted its stake in shares of First Republic Bank by 61.6% in the third quarter. Bessemer Group Inc. now owns 12,490 shares of the bank’s stock worth $1,199,000 after acquiring an additional 4,759 shares during the period. Finally, BlackRock Inc. lifted its stake in shares of First Republic Bank by 6.5% in the third quarter. BlackRock Inc. now owns 12,082,935 shares of the bank’s stock worth $1,159,962,000 after acquiring an additional 733,112 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 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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