First Republic Bank (NYSE:FRC) Shares Gap Down to $117.38

First Republic Bank (NYSE:FRC)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $116.76, but opened at $117.38. First Republic Bank shares last traded at $118.22, with a volume of 737,878 shares trading hands.

Several research analysts have recently issued reports on the stock. Barclays cut shares of First Republic Bank from an “overweight” rating to an “equal weight” rating and set a $126.00 price objective for the company. in a report on Monday, January 6th. UBS Group increased their price objective on shares of First Republic Bank from $100.00 to $105.00 and gave the company a “neutral” rating in a report on Wednesday, October 16th. Maxim Group increased their target price on shares of First Republic Bank from $116.00 to $125.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Wells Fargo & Co lowered shares of First Republic Bank from an “equal weight” rating to an “underweight” rating and set a $100.00 target price for the company. in a research note on Monday, January 6th. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. increased their target price on shares of First Republic Bank from $118.00 to $125.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the company’s stock. First Republic Bank presently has a consensus rating of “Hold” and an average target price of $114.93.

The firm has a market capitalization of $19.97 billion, a price-to-earnings ratio of 22.77, a price-to-earnings-growth ratio of 2.96 and a beta of 0.91. The firm’s 50 day moving average is $115.04 and its 200 day moving average is $102.69. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.43.

First Republic Bank (NYSE:FRC) last released its earnings results on Tuesday, January 14th. The bank reported $1.39 EPS for the quarter, beating the consensus estimate of $1.27 by $0.12. First Republic Bank had a net margin of 22.38% and a return on equity of 11.22%. The business had revenue of $877.50 million during the quarter, compared to analyst estimates of $876.90 million. During the same period in the prior year, the business earned $1.29 earnings per share. The business’s quarterly revenue was up 8.2% on a year-over-year basis. On average, sell-side analysts predict that First Republic Bank will post 5.32 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 13th. Investors of record on Thursday, January 30th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 0.64%. The ex-dividend date of this dividend is Wednesday, January 29th. First Republic Bank’s dividend payout ratio is presently 14.62%.

Hedge funds have recently added to or reduced their stakes in the stock. Commonwealth Bank of Australia lifted its position in shares of First Republic Bank by 34.5% in the 2nd quarter. Commonwealth Bank of Australia now owns 452 shares of the bank’s stock valued at $42,000 after acquiring an additional 116 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of First Republic Bank by 7.5% in the 3rd quarter. Parallel Advisors LLC now owns 1,679 shares of the bank’s stock valued at $162,000 after acquiring an additional 117 shares in the last quarter. SFE Investment Counsel lifted its position in shares of First Republic Bank by 0.3% in the 3rd quarter. SFE Investment Counsel now owns 40,131 shares of the bank’s stock valued at $3,881,000 after acquiring an additional 130 shares in the last quarter. Northwestern Mutual Investment Management Company LLC lifted its position in shares of First Republic Bank by 2.5% in the 3rd quarter. Northwestern Mutual Investment Management Company LLC now owns 6,406 shares of the bank’s stock valued at $619,000 after acquiring an additional 156 shares in the last quarter. Finally, Montag & Caldwell LLC lifted its position in shares of First Republic Bank by 7.2% in the 3rd quarter. Montag & Caldwell LLC now owns 2,667 shares of the bank’s stock valued at $258,000 after acquiring an additional 180 shares in the last quarter.

About First Republic Bank (NYSE:FRC)

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 offers 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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