First Republic Bank (FRC) Price Target Increased to $102.00 by Analysts at Royal Bank of Canada

First Republic Bank (NYSE:FRC) had its price objective hoisted by Royal Bank of Canada to $102.00 in a report published on Thursday, The Fly reports. They currently have a sector perform rating on the bank’s stock. The analysts noted that the move was a valuation call.

Several other research firms have also recently weighed in on FRC. BMO Capital Markets boosted their price target on shares of First Republic Bank from $96.00 to $102.00 and gave the stock a market perform rating in a report on Friday, July 13th. Wells Fargo & Co boosted their price target on shares of First Republic Bank from $95.00 to $100.00 and gave the stock a market perform rating in a report on Tuesday, June 26th. Citigroup initiated coverage on shares of First Republic Bank in a report on Monday, June 18th. They set a buy rating and a $120.00 price target on the stock. Wedbush restated an outperform rating on shares of First Republic Bank in a report on Friday, July 13th. Finally, Jefferies Financial Group restated a hold rating and set a $96.00 price target on shares of First Republic Bank in a report on Monday, July 16th. Ten analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $102.92.

First Republic Bank stock opened at $100.28 on Thursday. First Republic Bank has a fifty-two week low of $84.56 and a fifty-two week high of $106.75. The stock has a market cap of $16.02 billion, a P/E ratio of 23.27, a PEG ratio of 1.73 and a beta of 0.84. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.99 and a current ratio of 0.99.

First Republic Bank (NYSE:FRC) last released its quarterly earnings results on Friday, July 13th. The bank reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.05. First Republic Bank had a net margin of 24.80% and a return on equity of 11.73%. The business had revenue of $744.11 million for the quarter, compared to analysts’ expectations of $734.03 million. research analysts anticipate that First Republic Bank will post 4.79 earnings per share for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Picton Mahoney Asset Management boosted its stake in First Republic Bank by 1.2% in the second quarter. Picton Mahoney Asset Management now owns 42,500 shares of the bank’s stock valued at $4,114,000 after acquiring an additional 500 shares during the last quarter. Blair William & Co. IL boosted its stake in First Republic Bank by 7.7% in the first quarter. Blair William & Co. IL now owns 7,166 shares of the bank’s stock valued at $664,000 after acquiring an additional 510 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its stake in First Republic Bank by 3.2% in the second quarter. Oppenheimer Asset Management Inc. now owns 16,706 shares of the bank’s stock valued at $1,617,000 after acquiring an additional 514 shares during the last quarter. Barings LLC boosted its stake in First Republic Bank by 2.9% in the second quarter. Barings LLC now owns 19,047 shares of the bank’s stock valued at $1,844,000 after acquiring an additional 538 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. boosted its stake in First Republic Bank by 3.4% in the first quarter. Candriam Luxembourg S.C.A. now owns 18,817 shares of the bank’s stock valued at $1,743,000 after acquiring an additional 615 shares during the last quarter.

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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