First Republic Bank (NYSE:FRC) to Post Q3 2021 Earnings of $1.83 Per Share, Wedbush Forecasts

First Republic Bank (NYSE:FRC) – Stock analysts at Wedbush decreased their Q3 2021 earnings per share estimates for shares of First Republic Bank in a research note issued to investors on Friday, September 17th. Wedbush analyst D. Chiaverini now expects that the bank will post earnings per share of $1.83 for the quarter, down from their prior forecast of $1.84. Wedbush also issued estimates for First Republic Bank’s Q4 2021 earnings at $1.84 EPS, FY2021 earnings at $7.41 EPS, Q1 2022 earnings at $1.81 EPS, Q3 2022 earnings at $2.01 EPS, Q4 2022 earnings at $2.06 EPS, FY2022 earnings at $7.80 EPS and FY2023 earnings at $8.85 EPS.

First Republic Bank (NYSE:FRC) last released its earnings results on Monday, July 12th. The bank reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.22. The business had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.18 billion. First Republic Bank had a net margin of 26.82% and a return on equity of 12.40%. During the same quarter in the previous year, the business earned $1.40 earnings per share.

Several other brokerages have also weighed in on FRC. Credit Suisse Group upped their price objective on shares of First Republic Bank from $163.00 to $180.00 and gave the company an “underperform” rating in a report on Wednesday, July 14th. Zacks Investment Research lowered shares of First Republic Bank from a “buy” rating to a “hold” rating and set a $206.00 price objective on the stock. in a report on Wednesday, June 9th. JPMorgan Chase & Co. upped their price objective on shares of First Republic Bank from $210.00 to $225.00 and gave the company an “overweight” rating in a report on Wednesday, June 2nd. Barclays upped their price objective on shares of First Republic Bank from $177.00 to $205.00 and gave the company an “equal weight” rating in a report on Wednesday, July 14th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of First Republic Bank from $215.00 to $225.00 and gave the company an “outperform” rating in a report on Tuesday, July 13th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $186.31.

FRC stock opened at $192.83 on Monday. The company’s fifty day simple moving average is $197.96 and its 200 day simple moving average is $187.13. First Republic Bank has a 12-month low of $100.38 and a 12-month high of $204.68. The firm has a market cap of $33.20 billion, a price-to-earnings ratio of 27.75, a PEG ratio of 1.58 and a beta of 1.12. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97.

A number of hedge funds have recently modified their holdings of the business. Liberty Wealth Management LLC grew its position in shares of First Republic Bank by 18,784.8% during the 2nd quarter. Liberty Wealth Management LLC now owns 6,232 shares of the bank’s stock valued at $33,000 after acquiring an additional 6,199 shares during the period. RPg Family Wealth Advisory LLC purchased a new stake in First Republic Bank in the 2nd quarter worth approximately $33,000. Clearstead Advisors LLC purchased a new stake in First Republic Bank in the 2nd quarter worth approximately $40,000. E Fund Management Co. Ltd. purchased a new stake in First Republic Bank in the 1st quarter worth approximately $52,000. Finally, FORA Capital LLC purchased a new stake in First Republic Bank in the 1st quarter worth approximately $53,000. 96.75% of the stock is owned by institutional investors and hedge funds.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 12th. Shareholders of record on Thursday, July 29th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date of this dividend was Wednesday, July 28th. First Republic Bank’s payout ratio is 15.15%.

First Republic Bank Company Profile

First Republic Bank engages in the provision of private banking, business banking, real estate lending, and wealth management, including trust and custody services. It operates through the Commercial Banking and Wealth Management segments. The Commercial Banking segment represents most of the operations, including real estate secured lending, retail deposit gathering, private banking activities, mortgage sales and servicing, and managing capital, liquidity, and interest rate risk.

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Earnings History and Estimates for First Republic Bank (NYSE:FRC)

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