JPMorgan Chase & Co. Boosts First Republic Bank (NYSE:FRC) Price Target to $240.00

First Republic Bank (NYSE:FRC) had its price objective boosted by equities researchers at JPMorgan Chase & Co. from $235.00 to $240.00 in a research note issued to investors on Thursday, The Fly reports. The firm currently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 17.16% from the stock’s previous close.

Several other analysts have also commented on FRC. Keefe, Bruyette & Woods raised their price objective on shares of First Republic Bank from $215.00 to $225.00 and gave the stock an “outperform” rating in a report on Tuesday, July 13th. Barclays raised their price objective on shares of First Republic Bank from $205.00 to $215.00 and gave the stock an “equal weight” rating in a report on Thursday. Royal Bank of Canada lifted their target price on shares of First Republic Bank from $208.00 to $212.00 and gave the company a “sector perform” rating in a report on Thursday. Morgan Stanley lifted their target price on shares of First Republic Bank from $180.00 to $190.00 and gave the company an “equal weight” rating in a report on Monday, August 2nd. Finally, Maxim Group lifted their target price on shares of First Republic Bank from $210.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, July 14th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, First Republic Bank currently has a consensus rating of “Hold” and a consensus target price of $194.54.

NYSE FRC opened at $204.85 on Thursday. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market capitalization of $35.27 billion, a PE ratio of 29.47, a PEG ratio of 1.58 and a beta of 1.12. First Republic Bank has a 1 year low of $120.03 and a 1 year high of $207.66. The business’s 50-day moving average is $198.83 and its 200 day moving average is $190.43.

First Republic Bank (NYSE:FRC) last issued its quarterly earnings data on Tuesday, October 12th. The bank reported $1.91 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.84 by $0.07. First Republic Bank had a net margin of 26.82% and a return on equity of 12.40%. During the same period last year, the firm earned $1.61 earnings per share. As a group, equities research analysts anticipate that First Republic Bank will post 7.45 earnings per share for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in FRC. Macquarie Group Ltd. grew its position in First Republic Bank by 15,848.1% in the 2nd quarter. Macquarie Group Ltd. now owns 1,294,185 shares of the bank’s stock worth $242,233,000 after purchasing an additional 1,286,070 shares during the period. 1832 Asset Management L.P. grew its position in First Republic Bank by 187.2% in the 2nd quarter. 1832 Asset Management L.P. now owns 1,508,928 shares of the bank’s stock worth $280,146,000 after purchasing an additional 983,528 shares during the period. Royal Bank of Canada grew its position in First Republic Bank by 10.6% in the 1st quarter. Royal Bank of Canada now owns 6,404,858 shares of the bank’s stock worth $1,068,012,000 after purchasing an additional 616,118 shares during the period. Amundi bought a new stake in First Republic Bank in the 2nd quarter worth approximately $104,657,000. Finally, Rathbone Brothers plc grew its position in First Republic Bank by 336.8% in the 1st quarter. Rathbone Brothers plc now owns 605,912 shares of the bank’s stock worth $101,036,000 after purchasing an additional 467,205 shares during the period. 96.75% of the stock is owned by institutional investors.

About First Republic Bank

First Republic Bank engages in the provision of private banking, business banking, real estate lending, and wealth management, including trust and custody services. It operates through the Commercial Banking and Wealth Management segments. The Commercial Banking segment represents most of the operations, including real estate secured lending, retail deposit gathering, private banking activities, mortgage sales and servicing, and managing capital, liquidity, and interest rate risk.

See Also: Debt-To-Equity Ratio

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