Equities analysts expect First Republic Bank (NYSE:FRC) to announce sales of $655.65 million for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for First Republic Bank’s earnings, with estimates ranging from $631.8 million to $682 million. First Republic Bank posted sales of $535.08 million in the same quarter last year, which would indicate a positive year over year growth rate of 22.5%. The business is expected to announce its next earnings results on Thursday, July 13th.
According to Zacks, analysts expect that First Republic Bank will report full year sales of $655.65 million for the current fiscal year, with estimates ranging from $2.6 billion to $2.79 billion. For the next fiscal year, analysts forecast that the firm will post sales of $3.09 billion per share, with estimates ranging from $2.95 billion to $3.22 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for First Republic Bank.
First Republic Bank (NYSE:FRC) last issued its earnings results on Thursday, April 13th. The bank reported $1.01 EPS for the quarter, hitting the consensus estimate of $1.01. First Republic Bank had a net margin of 27.98% and a return on equity of 12.38%. The company had revenue of $601.14 million for the quarter, compared to the consensus estimate of $626.14 million. During the same period in the previous year, the firm earned $0.88 earnings per share.
A number of brokerages recently issued reports on FRC. Jefferies Group LLC restated a “buy” rating and issued a $109.00 price target on shares of First Republic Bank in a research report on Monday. Zacks Investment Research lowered First Republic Bank from a “buy” rating to a “hold” rating in a research note on Tuesday, February 28th. Barclays PLC reduced their target price on First Republic Bank from $102.00 to $100.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 11th. BMO Capital Markets restated a “hold” rating and set a $98.00 price target on shares of First Republic Bank in a research note on Wednesday, March 22nd. Finally, Royal Bank of Canada raised their price target on First Republic Bank from $95.00 to $98.00 and gave the company a “sector perform” rating in a research note on Friday, March 10th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $97.38.
A number of large investors have recently modified their holdings of FRC. Bank of Nova Scotia acquired a new stake in shares of First Republic Bank during the first quarter valued at $483,000. Parallel Advisors LLC increased its stake in First Republic Bank by 628.2% in the first quarter. Parallel Advisors LLC now owns 1,085 shares of the bank’s stock worth $101,000 after buying an additional 936 shares during the period. Israel Discount Bank of New York purchased a new stake in First Republic Bank during the first quarter worth approximately $107,000. Israel Discount Bank of New York GFN purchased a new stake in First Republic Bank during the fourth quarter worth approximately $106,000. Finally, Creative Planning increased its stake in First Republic Bank by 5.5% in the first quarter. Creative Planning now owns 1,160 shares of the bank’s stock worth $109,000 after buying an additional 60 shares during the period. 97.08% of the stock is owned by institutional investors and hedge funds.
Shares of First Republic Bank (NYSE:FRC) traded up 0.35% on Friday, hitting $90.57. 309,360 shares of the company traded hands. The stock has a market capitalization of $14.24 billion, a price-to-earnings ratio of 22.59 and a beta of 1.03. The firm’s 50 day moving average price is $92.24 and its 200-day moving average price is $90.56. First Republic Bank has a 1-year low of $63.97 and a 1-year high of $97.43.
The firm also recently declared a quarterly dividend, which was paid on Thursday, May 11th. Shareholders of record on Thursday, April 27th were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 0.75%. The ex-dividend date of this dividend was Tuesday, April 25th. This is an increase from First Republic Bank’s previous quarterly dividend of $0.16. First Republic Bank’s dividend payout ratio (DPR) is currently 16.49%.
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First Republic Bank Company Profile
First Republic Bank is a commercial bank and trust company. The Bank specializes in providing services, including private banking, private business banking, real estate lending and wealth management services, including trust and custody services, to clients in selected metropolitan areas in the United States.
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