Zacks: Brokerages Expect First Republic Bank (NYSE:FRC) Will Post Quarterly Sales of $1.09 Billion

Analysts predict that First Republic Bank (NYSE:FRC) will announce $1.09 billion in sales for the current quarter, Zacks reports. Four analysts have provided estimates for First Republic Bank’s earnings. The highest sales estimate is $1.14 billion and the lowest is $1.07 billion. First Republic Bank posted sales of $916.18 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 19%. The business is scheduled to announce its next quarterly earnings report on Tuesday, April 13th.

According to Zacks, analysts expect that First Republic Bank will report full-year sales of $4.51 billion for the current fiscal year, with estimates ranging from $4.20 billion to $4.78 billion. For the next fiscal year, analysts forecast that the firm will post sales of $5.09 billion, with estimates ranging from $4.79 billion to $5.52 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow First Republic Bank.

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First Republic Bank (NYSE:FRC) last posted its earnings results on Wednesday, January 13th. The bank reported $1.60 earnings per share for the quarter, topping analysts’ consensus estimates of $1.52 by $0.08. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.04 billion. First Republic Bank had a return on equity of 10.96% and a net margin of 22.95%. First Republic Bank’s revenue was up 25.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.39 earnings per share.

Several equities research analysts have weighed in on FRC shares. Credit Suisse Group increased their price target on First Republic Bank from $126.00 to $148.00 and gave the stock an “underperform” rating in a research report on Friday, January 15th. JPMorgan Chase & Co. raised their price target on shares of First Republic Bank from $148.00 to $160.00 in a research note on Tuesday, December 15th. Morgan Stanley raised their target price on shares of First Republic Bank from $147.00 to $160.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 19th. Keefe, Bruyette & Woods raised their price target on shares of First Republic Bank from $140.00 to $155.00 and gave the stock an “outperform” rating in a report on Wednesday, November 18th. Finally, Barclays lifted their target price on shares of First Republic Bank from $130.00 to $156.00 and gave the company an “equal weight” rating in a report on Monday, January 4th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. First Republic Bank presently has a consensus rating of “Hold” and an average target price of $134.06.

Large investors have recently made changes to their positions in the company. Trust Co. of Vermont raised its holdings in shares of First Republic Bank by 82.1% in the fourth quarter. Trust Co. of Vermont now owns 173 shares of the bank’s stock valued at $25,000 after buying an additional 78 shares during the last quarter. Montag A & Associates Inc. purchased a new stake in shares of First Republic Bank in the fourth quarter valued at about $29,000. CX Institutional raised its holdings in shares of First Republic Bank by 95.4% in the fourth quarter. CX Institutional now owns 211 shares of the bank’s stock valued at $31,000 after buying an additional 103 shares during the last quarter. Regent Peak Wealth Advisors LLC purchased a new stake in shares of First Republic Bank in the fourth quarter valued at about $42,000. Finally, First Horizon Advisors Inc. increased its stake in shares of First Republic Bank by 153.5% during the third quarter. First Horizon Advisors Inc. now owns 289 shares of the bank’s stock worth $31,000 after acquiring an additional 175 shares during the period. 95.47% of the stock is owned by institutional investors and hedge funds.

Shares of FRC traded up $1.72 during midday trading on Thursday, hitting $171.52. 18,908 shares of the company’s stock traded hands, compared to its average volume of 1,001,748. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.58. The firm’s fifty day moving average is $156.06 and its 200-day moving average is $131.76. First Republic Bank has a 1 year low of $70.06 and a 1 year high of $170.03. The stock has a market capitalization of $29.53 billion, a price-to-earnings ratio of 29.23, a price-to-earnings-growth ratio of 3.26 and a beta of 1.06.

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 11th. Stockholders of record on Thursday, January 28th were issued a $0.20 dividend. The ex-dividend date of this dividend was Wednesday, January 27th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.47%. First Republic Bank’s payout ratio is 13.77%.

First Republic Bank Company Profile

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 accepts 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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