First Republic Bank (FRC) Downgraded to Neutral at Bank of America

Bank of America downgraded shares of First Republic Bank (NYSE:FRC) from a buy rating to a neutral rating in a research report sent to investors on Thursday, MarketBeat reports. The analysts noted that the move was a valuation call.

FRC has been the subject of several other reports. Piper Jaffray Companies restated a hold rating and issued a $94.00 target price on shares of First Republic Bank in a research note on Tuesday, October 9th. Raymond James downgraded shares of First Republic Bank from an outperform rating to a market perform rating in a research note on Monday, January 7th. Stephens upgraded shares of First Republic Bank from an equal weight rating to an overweight rating in a research note on Thursday, December 20th. Wells Fargo & Co upgraded shares of First Republic Bank from a market perform rating to an outperform rating and set a $87.50 target price for the company in a research note on Wednesday, January 2nd. Finally, Morgan Stanley lowered their target price on shares of First Republic Bank from $99.00 to $95.00 and set an equal weight rating for the company in a research note on Tuesday, December 11th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $99.19.

Shares of FRC opened at $84.49 on Thursday. The company has a market capitalization of $13.76 billion, a price-to-earnings ratio of 19.60, a PEG ratio of 1.34 and a beta of 0.91. First Republic Bank has a twelve month low of $79.42 and a twelve month high of $106.75. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.00 and a quick ratio of 1.00.

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). The firm had revenue of $768.83 million during the quarter, compared to analyst estimates of $765.80 million. First Republic Bank had a net margin of 24.05% and a return on equity of 11.47%. During the same quarter last year, the business earned $1.14 earnings per share. On average, equities analysts predict that First Republic Bank will post 4.76 earnings per share for the current fiscal year.

Large investors have recently bought and sold shares of the company. CIBC World Markets Inc. lifted its stake in shares of First Republic Bank by 20.6% during the third quarter. CIBC World Markets Inc. now owns 51,097 shares of the bank’s stock worth $4,905,000 after buying an additional 8,728 shares during the period. Waddell & Reed Financial Inc. lifted its stake in shares of First Republic Bank by 6.2% during the second quarter. Waddell & Reed Financial Inc. now owns 1,309,725 shares of the bank’s stock worth $126,768,000 after buying an additional 76,878 shares during the period. Putnam Investments LLC lifted its stake in shares of First Republic Bank by 12.1% during the second quarter. Putnam Investments LLC now owns 712,799 shares of the bank’s stock worth $68,992,000 after buying an additional 76,732 shares during the period. State of Alaska Department of Revenue lifted its stake in shares of First Republic Bank by 120.0% during the third quarter. State of Alaska Department of Revenue now owns 36,439 shares of the bank’s stock worth $3,497,000 after buying an additional 19,879 shares during the period. Finally, WINTON GROUP Ltd lifted its stake in shares of First Republic Bank by 66.4% during the third quarter. WINTON GROUP Ltd now owns 4,306 shares of the bank’s stock worth $413,000 after buying an additional 1,718 shares during the period.

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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