First Republic Bank (FRC) Downgraded by Barclays PLC

Barclays PLC cut shares of First Republic Bank (NYSE:FRC) from an overweight rating to an equal weight rating in a research report report published on Tuesday, MarketBeat reports. Barclays PLC currently has $104.00 price objective on the bank’s stock, down from their prior price objective of $108.00.

FRC has been the topic of several other research reports. BidaskClub downgraded First Republic Bank from a hold rating to a sell rating in a research report on Tuesday, July 25th. Piper Jaffray Companies reaffirmed a hold rating and issued a $99.00 price objective on shares of First Republic Bank in a research report on Friday, September 1st. Jefferies Group LLC reaffirmed a buy rating and issued a $109.00 price objective on shares of First Republic Bank in a research report on Friday, September 15th. Royal Bank Of Canada reaffirmed a hold rating and issued a $98.00 price objective on shares of First Republic Bank in a research report on Friday, July 7th. Finally, Morgan Stanley reaffirmed an equal weight rating and issued a $104.00 price objective (up previously from $102.00) on shares of First Republic Bank in a research report on Thursday, July 6th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $104.92.

Shares of First Republic Bank (NYSE FRC) traded down 5.79% during midday trading on Tuesday, reaching $96.25. 1,499,318 shares of the company were exchanged. First Republic Bank has a 12-month low of $72.43 and a 12-month high of $105.52. The company has a 50 day moving average price of $99.66 and a 200-day moving average price of $97.24. The stock has a market capitalization of $15.18 billion, a P/E ratio of 23.48 and a beta of 1.01.

First Republic Bank (NYSE:FRC) last released its quarterly earnings results on Friday, October 13th. The bank reported $1.14 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.15 by ($0.01). First Republic Bank had a net margin of 27.37% and a return on equity of 12.16%. The company had revenue of $670.30 million for the quarter, compared to analysts’ expectations of $678.25 million. During the same quarter in the previous year, the company posted $1.00 EPS. The business’s quarterly revenue was up 20.1% on a year-over-year basis. On average, analysts forecast that First Republic Bank will post $4.43 earnings per share for the current fiscal year.

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Several institutional investors and hedge funds have recently bought and sold shares of FRC. Barnett & Company Inc. bought a new position in shares of First Republic Bank during the 2nd quarter worth $100,000. Parallel Advisors LLC grew its position in shares of First Republic Bank by 628.2% during the 1st quarter. Parallel Advisors LLC now owns 1,085 shares of the bank’s stock worth $101,000 after buying an additional 936 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its position in shares of First Republic Bank by 100.6% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,071 shares of the bank’s stock worth $107,000 after buying an additional 537 shares in the last quarter. Shine Investment Advisory Services Inc. bought a new position in shares of First Republic Bank during the 2nd quarter worth $128,000. Finally, Creative Planning grew its position in shares of First Republic Bank by 21.3% during the 2nd quarter. Creative Planning now owns 1,407 shares of the bank’s stock worth $141,000 after buying an additional 247 shares in the last quarter. 97.73% of the stock is currently owned by institutional investors and hedge funds.

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.

Analyst Recommendations for First Republic Bank (NYSE:FRC)

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