FIRST REPUBLIC BANK (FRC) Rating Lowered to Sell at BidaskClub
BidaskClub cut shares of FIRST REPUBLIC BANK (NYSE:FRC) from a hold rating to a sell rating in a research note published on Tuesday.
FRC has been the subject of several other research reports. Jefferies Group LLC reissued a buy rating and issued a $109.00 price target on shares of FIRST REPUBLIC BANK in a research note on Sunday, June 11th. Barclays PLC dropped their price target on shares of FIRST REPUBLIC BANK from $102.00 to $100.00 and set an overweight rating for the company in a research note on Tuesday, April 11th. Morgan Stanley reissued an equal weight rating and issued a $104.00 price target (up previously from $102.00) on shares of FIRST REPUBLIC BANK in a research note on Thursday, July 6th. Royal Bank Of Canada reissued a hold rating and issued a $98.00 price target on shares of FIRST REPUBLIC BANK in a research note on Friday, July 7th. Finally, BMO Capital Markets reissued a hold rating and issued a $96.00 price target on shares of FIRST REPUBLIC BANK in a research note on Sunday, July 16th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $104.54.
Shares of FIRST REPUBLIC BANK (NYSE FRC) traded down 0.39% during mid-day trading on Tuesday, reaching $99.80. 668,632 shares of the company’s stock traded hands. FIRST REPUBLIC BANK has a 12-month low of $70.46 and a 12-month high of $104.17. The company’s 50-day moving average price is $100.83 and its 200-day moving average price is $95.34. The stock has a market capitalization of $15.74 billion, a PE ratio of 24.35 and a beta of 0.99.
FIRST REPUBLIC BANK (NYSE:FRC) last posted its quarterly earnings results on Friday, July 14th. The bank reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.09 by $0.03. FIRST REPUBLIC BANK had a net margin of 27.37% and a return on equity of 12.16%. The firm had revenue of $641.30 million during the quarter, compared to analysts’ expectations of $671.27 million. During the same period last year, the company earned $0.97 EPS. The business’s quarterly revenue was up 19.8% on a year-over-year basis. Analysts anticipate that FIRST REPUBLIC BANK will post $4.45 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 10th. Investors of record on Thursday, July 27th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, July 25th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.68%. FIRST REPUBLIC BANK’s payout ratio is currently 16.59%.
A number of large investors have recently added to or reduced their stakes in FRC. BlackRock Inc. raised its stake in FIRST REPUBLIC BANK by 4,249.4% in the first quarter. BlackRock Inc. now owns 9,831,999 shares of the bank’s stock worth $922,340,000 after buying an additional 9,605,945 shares during the period. MARSHALL WACE ASIA Ltd acquired a new stake in FIRST REPUBLIC BANK during the first quarter worth about $130,807,000. Marshall Wace North America L.P. acquired a new stake in FIRST REPUBLIC BANK during the first quarter worth about $130,807,000. JPMorgan Chase & Co. raised its stake in FIRST REPUBLIC BANK by 26.2% in the first quarter. JPMorgan Chase & Co. now owns 5,951,600 shares of the bank’s stock worth $558,320,000 after buying an additional 1,236,848 shares during the period. Finally, Diamond Hill Capital Management Inc. raised its stake in FIRST REPUBLIC BANK by 154.3% in the second quarter. Diamond Hill Capital Management Inc. now owns 1,600,977 shares of the bank’s stock worth $160,258,000 after buying an additional 971,514 shares during the period. Institutional investors own 98.83% of the company’s stock.
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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