First Republic Bank (FRC) Downgraded to “Equal Weight” at Barclays PLC

Barclays PLC lowered shares of First Republic Bank (NYSE:FRC) from an overweight rating to an equal weight rating in a research report sent to investors on Tuesday morning. The brokerage currently has $104.00 price objective on the bank’s stock, down from their previous price objective of $108.00.

Several other equities analysts have also recently issued reports on FRC. Wedbush reissued an outperform rating and set a $121.00 target price on shares of First Republic Bank in a research note on Tuesday, June 27th. BidaskClub raised First Republic Bank from a hold rating to a buy rating in a research note on Saturday, July 1st. Morgan Stanley reissued an equal weight rating and set a $104.00 target price (up 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 set a $98.00 target price on shares of First Republic Bank in a research note on Friday, July 7th. Finally, Maxim Group reissued a buy rating and set a $110.00 target price (up from $105.00) on shares of First Republic Bank in a research note on Friday, July 14th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $104.92.

First Republic Bank (NYSE:FRC) traded up 0.057% during mid-day trading on Tuesday, reaching $104.189. 272,741 shares of the company’s stock were exchanged. The stock has a 50-day moving average of $99.33 and a 200-day moving average of $97.16. First Republic Bank has a one year low of $72.40 and a one year high of $105.52. The stock has a market cap of $16.44 billion, a price-to-earnings ratio of 26.511 and a beta of 1.01.

First Republic Bank (NYSE:FRC) last announced its quarterly earnings results on Friday, July 14th. The bank reported $1.06 EPS for the quarter, missing the Zacks’ consensus estimate of $1.09 by ($0.03). The company had revenue of $641.30 million during the quarter, compared to analysts’ expectations of $671.27 million. First Republic Bank had a return on equity of 12.16% and a net margin of 27.37%. First Republic Bank’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same period last year, the firm earned $0.97 earnings per share. On average, equities research analysts anticipate that First Republic Bank will post $4.45 earnings per share for the current year.

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A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in First Republic Bank by 5.2% in the second quarter. Vanguard Group Inc. now owns 12,886,696 shares of the bank’s stock worth $1,289,958,000 after acquiring an additional 641,309 shares in the last quarter. BlackRock Inc. boosted its holdings in First Republic Bank by 8.9% in the second quarter. BlackRock Inc. now owns 10,708,811 shares of the bank’s stock worth $1,071,954,000 after acquiring an additional 876,812 shares in the last quarter. Capital World Investors boosted its holdings in First Republic Bank by 6.5% in the second quarter. Capital World Investors now owns 8,068,025 shares of the bank’s stock worth $807,609,000 after acquiring an additional 490,000 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in First Republic Bank by 13.3% in the second quarter. JPMorgan Chase & Co. now owns 6,745,564 shares of the bank’s stock worth $675,230,000 after acquiring an additional 793,964 shares in the last quarter. Finally, State Street Corp boosted its holdings in First Republic Bank by 20.3% in the second quarter. State Street Corp now owns 5,995,443 shares of the bank’s stock worth $600,135,000 after acquiring an additional 1,010,648 shares in the last quarter. 97.73% of the stock is currently owned by institutional investors and hedge funds.

First Republic Bank Company Profile

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.

Analyst Recommendations for First Republic Bank (NYSE:FRC)

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