Trade Report: The First Republic Bank (FRC) Announces Earnings Results, Beats Estimates By $0.01 EPS

The First Republic Bank (FRC) Announces  Earnings Results, Beats Estimates By $0.01 EPS

First Republic Bank (NYSE:FRC) announced its quarterly earnings data on Thursday. The company reported $1.00 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.01. The firm earned $557.90 million during the quarter, compared to analysts’ expectations of $592.65 million. First Republic Bank had a return on equity of 12.59% and a net margin of 27.20%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.79 EPS.

Shares of First Republic Bank (NYSE:FRC) opened at 73.99 on Friday. The company’s 50-day moving average price is $76.68 and its 200-day moving average price is $71.65. First Republic Bank has a 12 month low of $56.32 and a 12 month high of $79.15. The company has a market cap of $11.09 billion, a price-to-earnings ratio of 20.77 and a beta of 1.06.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Investors of record on Thursday, October 27th will be given a dividend of $0.16 per share. The ex-dividend date is Tuesday, October 25th. This represents a $0.64 dividend on an annualized basis and a yield of 0.86%. First Republic Bank’s dividend payout ratio is currently 18.23%.

Several brokerages have weighed in on FRC. Deutsche Bank AG lifted their price objective on First Republic Bank from $83.00 to $85.00 and gave the company a “hold” rating in a report on Tuesday. Zacks Investment Research cut First Republic Bank from a “buy” rating to a “hold” rating in a report on Wednesday, October 5th. Barclays PLC lifted their price objective on First Republic Bank from $78.00 to $84.00 and gave the company an “overweight” rating in a report on Thursday, August 11th. BMO Capital Markets reiterated a “market perform” rating and set a $71.00 price target on shares of First Republic Bank in a report on Friday, July 15th. Finally, FBR & Co reaffirmed a “hold” rating on shares of First Republic Bank in a report on Sunday, July 17th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. First Republic Bank has an average rating of “Buy” and an average target price of $76.46.

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Emerald Acquisition Ltd. purchased a new position in shares of First Republic Bank during the second quarter valued at $73,509,000. Fiera Capital Corp bought a new stake in shares of First Republic Bank during the second quarter valued at approximately $67,938,000. Royal Bank of Canada boosted its stake in shares of First Republic Bank by 66.9% in the second quarter. Royal Bank of Canada now owns 2,320,272 shares of the company’s stock valued at $162,397,000 after buying an additional 929,702 shares during the last quarter. Allianz Asset Management AG boosted its stake in shares of First Republic Bank by 253.2% in the second quarter. Allianz Asset Management AG now owns 727,776 shares of the company’s stock valued at $50,937,000 after buying an additional 521,738 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of First Republic Bank by 4.8% in the second quarter. Vanguard Group Inc. now owns 10,719,022 shares of the company’s stock valued at $750,225,000 after buying an additional 493,190 shares during the last quarter. 98.24% of the stock is owned by institutional investors.

First Republic Bank Company Profile

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