First Republic Bank (FRC) Given “Hold” Rating at Royal Bank of Canada
Other equities analysts have also recently issued research reports about the company. Wells Fargo & Co reduced their price target on First Republic Bank from $100.00 to $95.00 and set a market perform rating for the company in a report on Monday, October 16th. Sandler O’Neill reaffirmed a hold rating and issued a $94.00 price target on shares of First Republic Bank in a report on Wednesday. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $87.00 price target on shares of First Republic Bank in a report on Friday, October 13th. BMO Capital Markets reduced their target price on First Republic Bank from $96.00 to $92.00 and set a market perform rating for the company in a report on Monday, October 16th. Finally, Zacks Investment Research cut First Republic Bank from a hold rating to a sell rating in a report on Tuesday, October 17th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $102.21.
First Republic Bank (NYSE:FRC) traded up $3.96 during midday trading on Wednesday, reaching $89.93. The company had a trading volume of 2,465,355 shares, compared to its average volume of 1,342,300. The firm has a market cap of $14,187.09, a PE ratio of 20.87, a price-to-earnings-growth ratio of 1.45 and a beta of 0.96. First Republic Bank has a 12 month low of $84.56 and a 12 month high of $105.52. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.46.
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 8th. Shareholders of record on Thursday, January 25th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Wednesday, January 24th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.76%. First Republic Bank’s payout ratio is currently 15.78%.
Several institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of First Republic Bank by 5.2% during the second quarter. Vanguard Group Inc. now owns 12,886,696 shares of the bank’s stock valued at $1,289,958,000 after acquiring an additional 641,309 shares during the last quarter. Capital World Investors grew its position in shares of First Republic Bank by 6.5% in the second quarter. Capital World Investors now owns 8,068,025 shares of the bank’s stock valued at $807,609,000 after purchasing an additional 490,000 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of First Republic Bank by 0.7% in the third quarter. JPMorgan Chase & Co. now owns 6,792,426 shares of the bank’s stock valued at $703,966,000 after purchasing an additional 46,862 shares in the last quarter. State Street Corp grew its position in shares of First Republic Bank by 20.3% in the second quarter. State Street Corp now owns 5,995,443 shares of the bank’s stock valued at $600,135,000 after purchasing an additional 1,010,648 shares in the last quarter. Finally, Harding Loevner LP grew its position in shares of First Republic Bank by 112.9% in the third quarter. Harding Loevner LP now owns 4,734,746 shares of the bank’s stock valued at $227,383,000 after purchasing an additional 2,510,888 shares in the last quarter. 98.75% of the stock is owned by institutional investors and hedge funds.
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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