Brokerages Expect First Republic Bank (FRC) Will Post Earnings of $1.16 Per Share
Equities analysts expect First Republic Bank (NYSE:FRC) to report earnings of $1.16 per share for the current quarter, Zacks Investment Research reports. Six analysts have provided estimates for First Republic Bank’s earnings, with estimates ranging from $1.12 to $1.21. First Republic Bank posted earnings of $1.03 per share during the same quarter last year, which would indicate a positive year over year growth rate of 12.6%. The business is scheduled to report its next earnings report on Friday, January 12th.
According to Zacks, analysts expect that First Republic Bank will report full year earnings of $4.37 per share for the current year, with EPS estimates ranging from $4.30 to $4.42. For the next year, analysts anticipate that the firm will post earnings of $5.02 per share, with EPS estimates ranging from $4.80 to $5.30. Zacks’ EPS averages are a mean average based on a survey of sell-side research analysts that that provide coverage for First Republic Bank.
First Republic Bank (NYSE:FRC) last issued its quarterly earnings results on Friday, October 13th. The bank reported $1.14 EPS for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.02). The business had revenue of $670.30 million for the quarter, compared to analyst estimates of $678.25 million. First Republic Bank had a net margin of 26.85% and a return on equity of 12.06%. First Republic Bank’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same period last year, the business posted $1.00 earnings per share.
A number of research analysts recently issued reports on FRC shares. BMO Capital Markets lowered their target price on First Republic Bank from $96.00 to $92.00 and set a “market perform” rating on the stock in a report on Monday, October 16th. Royal Bank Of Canada reaffirmed a “hold” rating on shares of First Republic Bank in a report on Friday, September 29th. BidaskClub lowered First Republic Bank from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $90.00 target price on shares of First Republic Bank in a report on Thursday, July 27th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $99.00 target price on shares of First Republic Bank in a report on Friday, September 1st. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $102.93.
Shares of First Republic Bank (NYSE:FRC) traded up $1.37 on Friday, hitting $91.59. The stock had a trading volume of 1,271,400 shares, compared to its average volume of 980,573. The firm has a market capitalization of $14,232.79, a price-to-earnings ratio of 21.28, a price-to-earnings-growth ratio of 1.68 and a beta of 0.99. The company has a debt-to-equity ratio of 1.55, a current ratio of 0.95 and a quick ratio of 0.94. First Republic Bank has a 52 week low of $80.55 and a 52 week high of $105.52.
The company also recently declared a quarterly dividend, which was paid on Thursday, November 9th. Stockholders of record on Thursday, October 26th were issued a dividend of $0.17 per share. The ex-dividend date was Wednesday, October 25th. This represents a $0.68 annualized dividend and a dividend yield of 0.74%. First Republic Bank’s dividend payout ratio is 16.04%.
Institutional investors and hedge funds have recently bought and sold shares of the stock. CI Global Investments Inc. lifted its holdings 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 purchasing an additional 5,707 shares during the last quarter. California Capital Advisors Inc. acquired a new stake in First Republic Bank in the 3rd quarter worth approximately $639,000. Utah Retirement Systems lifted its holdings in First Republic Bank by 2.1% in the 2nd quarter. Utah Retirement Systems now owns 28,602 shares of the bank’s stock worth $2,863,000 after purchasing an additional 600 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in First Republic Bank by 13.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,745,564 shares of the bank’s stock worth $675,230,000 after purchasing an additional 793,964 shares during the last quarter. Finally, Eaton Vance Management lifted its holdings 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 purchasing an additional 3,221 shares during the last quarter. Hedge funds and other institutional investors own 98.40% of the company’s stock.
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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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