First Republic Bank (FRC) Given “Buy” Rating at Maxim Group

Maxim Group reiterated their buy rating on shares of First Republic Bank (NYSE:FRC) in a research note released on Friday, Briefing.com Automated Import reports. They currently have a $115.00 price objective on the bank’s stock, up from their previous price objective of $110.00.

Several other research firms have also issued reports on FRC. Atlantic Securities lowered shares of First Republic Bank from an overweight rating to a neutral rating and set a $104.98 target price for the company. in a research note on Friday, March 1st. BMO Capital Markets upped their target price on shares of First Republic Bank from $95.00 to $111.00 and gave the stock a market perform rating in a research note on Friday, March 15th. Wells Fargo & Co upped their target price on shares of First Republic Bank from $110.00 to $112.00 and gave the stock an outperform rating in a research note on Tuesday, April 2nd. ValuEngine lowered shares of First Republic Bank from a buy rating to a hold rating in a research note on Wednesday, March 20th. Finally, Stephens reiterated a buy rating and issued a $115.00 target price on shares of First Republic Bank in a research note on Thursday, March 21st. Eleven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $104.54.

NYSE FRC opened at $101.63 on Friday. First Republic Bank has a 1 year low of $79.42 and a 1 year high of $106.75. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market capitalization of $15.94 billion, a PE ratio of 21.13, a PEG ratio of 1.55 and a beta of 0.92.

First Republic Bank (NYSE:FRC) last posted its earnings results on Friday, April 12th. The bank reported $1.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.22 by $0.04. First Republic Bank had a net margin of 23.88% and a return on equity of 11.62%. The firm had revenue of $807.36 million during the quarter, compared to analyst estimates of $813.99 million. During the same quarter in the prior year, the business posted $1.13 EPS. Analysts forecast that First Republic Bank will post 5.34 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Investors of record on Thursday, April 25th will be given a dividend of $0.19 per share. The ex-dividend date is Wednesday, April 24th. This represents a $0.76 annualized dividend and a yield of 0.75%. This is a positive change from First Republic Bank’s previous quarterly dividend of $0.18. First Republic Bank’s dividend payout ratio is presently 14.97%.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc grew its position in First Republic Bank by 0.3% during the third quarter. Vanguard Group Inc now owns 13,738,532 shares of the bank’s stock valued at $1,318,899,000 after buying an additional 46,588 shares during the period. BlackRock Inc. grew its position in First Republic Bank by 7.8% during the fourth quarter. BlackRock Inc. now owns 13,031,329 shares of the bank’s stock valued at $1,132,423,000 after buying an additional 948,394 shares during the period. Baillie Gifford & Co. grew its position in First Republic Bank by 7.9% during the fourth quarter. Baillie Gifford & Co. now owns 6,708,104 shares of the bank’s stock valued at $582,934,000 after buying an additional 491,194 shares during the period. JPMorgan Chase & Co. grew its position in First Republic Bank by 1.9% during the third quarter. JPMorgan Chase & Co. now owns 6,498,231 shares of the bank’s stock valued at $623,830,000 after buying an additional 121,115 shares during the period. Finally, Parnassus Investments CA grew its position in First Republic Bank by 18.6% during the fourth quarter. Parnassus Investments CA now owns 5,601,934 shares of the bank’s stock valued at $486,808,000 after buying an additional 878,285 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 in 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, passbook deposits, and individual retirement accounts, as well as certificates of deposit.

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Analyst Recommendations for First Republic Bank (NYSE:FRC)

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