Maxim Group restated their buy rating on shares of First Republic Bank (NYSE:FRC) in a research report sent to investors on Thursday, January 4th. The firm currently has a $110.00 target price on the bank’s stock.
“In 4Q17, FRC issued 2.875 million shares of common stock. Effective January 1, 2018, the new tax law lowered the corporate tax rate to 21%, from 35%.”,” the firm’s analyst wrote.
A number of other brokerages also recently weighed in on FRC. Jefferies Group reaffirmed a buy rating and issued a $109.00 target price on shares of First Republic Bank in a research note on Friday, September 15th. Zacks Investment Research cut shares of First Republic Bank from a hold rating to a sell rating in a research report on Monday, September 18th. Royal Bank of Canada reiterated a hold rating on shares of First Republic Bank in a research report on Friday, September 29th. Barclays cut shares of First Republic Bank from an overweight rating to an equal weight rating and reduced their price target for the company from $108.00 to $104.00 in a research report on Tuesday, October 10th. Finally, Keefe, Bruyette & Woods restated a hold rating and issued a $87.00 target price on shares of First Republic Bank in a report on Friday, October 13th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $103.00.
First Republic Bank (FRC) opened at $91.06 on Thursday. The firm has a market cap of $14,320.00, a PE ratio of 21.48, a P/E/G ratio of 1.45 and a beta of 0.96. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 1.55. First Republic Bank has a 1 year low of $84.56 and a 1 year high of $105.52.
First Republic Bank (NYSE:FRC) last announced its quarterly 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 firm had revenue of $670.30 million during the quarter, compared to analysts’ expectations of $678.25 million. During the same period in the previous year, the company posted $1.00 earnings per share. The company’s quarterly revenue was up 20.1% compared to the same quarter last year. equities analysts forecast that First Republic Bank will post 4.45 EPS for the current year.
Institutional investors and hedge funds have recently bought and sold shares of the company. Crossmark Global Holdings Inc. purchased a new position in shares of First Republic Bank in the 3rd quarter worth about $388,000. CI Global Investments Inc. raised its position in First Republic Bank by 1,074.8% in the 2nd quarter. CI Global Investments Inc. now owns 6,238 shares of the bank’s stock worth $624,000 after buying an additional 5,707 shares during the last quarter. California Capital Advisors Inc. purchased a new position in First Republic Bank in the 3rd quarter worth about $639,000. Eaton Vance Management raised its position in First Republic Bank by 1.5% in the 2nd quarter. Eaton Vance Management now owns 219,441 shares of the bank’s stock worth $21,966,000 after buying an additional 3,221 shares during the last quarter. Finally, Prudential PLC raised its position in First Republic Bank by 77.1% in the 2nd quarter. Prudential PLC now owns 97,173 shares of the bank’s stock worth $9,727,000 after buying an additional 42,315 shares during the last quarter. 98.75% of the stock is owned by hedge funds and other institutional investors.
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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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