First Republic Bank (NYSE:FRC – Get Rating) – Analysts at Wedbush reduced their Q3 2022 EPS estimates for shares of First Republic Bank in a research report issued to clients and investors on Wednesday, September 28th. Wedbush analyst D. Chiaverini now forecasts that the bank will post earnings of $2.17 per share for the quarter, down from their previous forecast of $2.19. The consensus estimate for First Republic Bank's current full-year earnings is $8.60 per share. Wedbush also issued estimates for First Republic Bank's FY2022 earnings at $8.60 EPS, Q3 2023 earnings at $2.52 EPS and Q4 2023 earnings at $2.61 EPS.
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FRC has been the subject of a number of other research reports. Barclays dropped their price objective on shares of First Republic Bank from $223.00 to $198.00 and set an "equal weight" rating for the company in a research note on Friday, July 15th. Morgan Stanley dropped their price objective on shares of First Republic Bank from $180.00 to $160.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 12th. Atlantic Securities raised shares of First Republic Bank from a "neutral" rating to an "overweight" rating and dropped their target price for the stock from $210.00 to $188.00 in a research report on Friday, July 1st. TheStreet raised shares of First Republic Bank from a "c+" rating to a "b" rating in a research report on Tuesday, August 9th. Finally, Jefferies Financial Group increased their target price on shares of First Republic Bank from $170.00 to $171.00 in a research report on Monday, July 11th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, First Republic Bank currently has an average rating of "Hold" and a consensus target price of $185.00.
First Republic Bank Trading Down 1.6 %
NYSE FRC opened at $130.55 on Friday. First Republic Bank has a 12 month low of $130.35 and a 12 month high of $222.86. The company has a 50-day moving average of $153.70 and a 200-day moving average of $153.15. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.91 and a quick ratio of 0.91. The company has a market cap of $23.45 billion, a P/E ratio of 16.14, a P/E/G ratio of 1.80 and a beta of 1.12.
First Republic Bank (NYSE:FRC – Get Rating) last released its quarterly earnings data on Thursday, July 14th. The bank reported $2.16 EPS for the quarter, topping the consensus estimate of $2.05 by $0.11. The business had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.48 billion. First Republic Bank had a net margin of 27.65% and a return on equity of 12.96%. The business's revenue for the quarter was up 22.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.95 EPS.
Institutional Trading of First Republic Bank
Large investors have recently bought and sold shares of the company. Tcwp LLC acquired a new stake in First Republic Bank in the first quarter valued at approximately $45,000. Cooper Financial Group boosted its stake in shares of First Republic Bank by 13.5% during the 2nd quarter. Cooper Financial Group now owns 1,532 shares of the bank's stock valued at $221,000 after buying an additional 182 shares during the last quarter. Arizona State Retirement System boosted its stake in shares of First Republic Bank by 2.2% during the 1st quarter. Arizona State Retirement System now owns 49,198 shares of the bank's stock valued at $7,975,000 after buying an additional 1,072 shares during the last quarter. Values First Advisors Inc. purchased a new position in shares of First Republic Bank during the 4th quarter valued at approximately $347,000. Finally, Pinebridge Investments L.P. boosted its stake in shares of First Republic Bank by 34.5% during the 1st quarter. Pinebridge Investments L.P. now owns 81,708 shares of the bank's stock valued at $13,245,000 after buying an additional 20,950 shares during the last quarter. Institutional investors and hedge funds own 95.17% of the company's stock.
First Republic Bank Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 11th. Shareholders of record on Thursday, July 28th were given a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 0.83%. The ex-dividend date was Wednesday, July 27th. First Republic Bank's dividend payout ratio (DPR) is 13.35%.
About First Republic Bank
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First Republic Bank, together with its subsidiaries, provides private banking, private business banking, and private wealth management services to clients in metropolitan areas in the United States. It operates in two segments, Commercial Banking and Wealth Management. The company accepts deposit products, such as noninterest-bearing checking, interest-bearing checking, money market checking accounts, money market savings accounts, and passbook accounts, as well as certificates of deposit.
Further Reading
- Get a free copy of the StockNews.com research report on First Republic Bank (FRC)
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