Raymond James Analysts Give First Republic Bank (FRC) a $104.00 Price Target

Raymond James set a $104.00 price objective on First Republic Bank (NYSE:FRC) in a research report sent to investors on Monday morning. The brokerage currently has a buy rating on the bank’s stock.

Several other research analysts have also recently weighed in on FRC. Wells Fargo & Co raised their target price on First Republic Bank from $95.00 to $100.00 and gave the company a market perform rating in a research note on Tuesday, June 26th. Citigroup assumed coverage on First Republic Bank in a research note on Monday, June 18th. They set a buy rating and a $120.00 target price for the company. Piper Jaffray Companies reaffirmed a hold rating and set a $94.00 target price on shares of First Republic Bank in a research note on Tuesday, October 9th. BMO Capital Markets raised their target price on First Republic Bank from $96.00 to $102.00 and gave the company a market perform rating in a research note on Friday, July 13th. Finally, Wedbush reaffirmed an outperform rating on shares of First Republic Bank in a research note on Friday, July 13th. Ten research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $102.46.

Shares of FRC stock opened at $89.98 on Monday. First Republic Bank has a fifty-two week low of $84.56 and a fifty-two week high of $106.75. The stock has a market cap of $14.44 billion, a P/E ratio of 19.82, a PEG ratio of 1.59 and a beta of 0.84. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.50.

First Republic Bank (NYSE:FRC) last announced its earnings results on Friday, October 12th. The bank reported $1.19 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.20 by ($0.01). First Republic Bank had a net margin of 24.05% and a return on equity of 11.47%. The firm had revenue of $768.83 million for the quarter, compared to the consensus estimate of $765.80 million. During the same period in the prior year, the business earned $1.14 EPS. As a group, sell-side analysts predict that First Republic Bank will post 4.74 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 8th. Investors of record on Thursday, October 25th will be given a $0.18 dividend. The ex-dividend date is Wednesday, October 24th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.80%. First Republic Bank’s dividend payout ratio (DPR) is 16.71%.

Several large investors have recently added to or reduced their stakes in FRC. Visionary Asset Management Inc. acquired a new position in shares of First Republic Bank in the 2nd quarter valued at $225,000. Gofen & Glossberg LLC IL acquired a new position in shares of First Republic Bank in the 2nd quarter valued at $265,000. Brookmont Capital Management boosted its position in shares of First Republic Bank by 31.7% in the 2nd quarter. Brookmont Capital Management now owns 2,937 shares of the bank’s stock valued at $284,000 after purchasing an additional 707 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its position in shares of First Republic Bank by 30.6% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 2,985 shares of the bank’s stock valued at $289,000 after purchasing an additional 699 shares during the period. Finally, D.A. Davidson & CO. acquired a new position in shares of First Republic Bank in the 2nd quarter valued at $297,000.

About First Republic Bank

First Republic Bank, together with its subsidiaries, provides private banking, private business banking, real estate lending, and wealth management services to clients in metropolitan areas of the United States. It operates through two segments, Commercial Banking and Wealth Management. The company offers deposit products, such as checking, money market checking, savings, and passbook deposits, as well as certificates of deposit.

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Analyst Recommendations for First Republic Bank (NYSE:FRC)

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