Royal Bank of Canada Raises First Republic Bank (NYSE:FRC) Price Target to $212.00

First Republic Bank (NYSE:FRC) had its price target increased by analysts at Royal Bank of Canada from $208.00 to $212.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “sector perform” rating on the bank’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 3.49% from the company’s current price.

Several other brokerages also recently weighed in on FRC. Keefe, Bruyette & Woods increased their price target on First Republic Bank from $215.00 to $225.00 and gave the stock an “outperform” rating in a report on Tuesday, July 13th. Barclays increased their price target on First Republic Bank from $205.00 to $215.00 and gave the stock an “equal weight” rating in a report on Thursday. Credit Suisse Group increased their price target on First Republic Bank from $163.00 to $180.00 and gave the stock an “underperform” rating in a report on Wednesday, July 14th. Maxim Group increased their price target on First Republic Bank from $210.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, July 14th. Finally, Morgan Stanley increased their price objective on First Republic Bank from $180.00 to $190.00 and gave the stock an “equal weight” rating in a research note on Monday, August 2nd. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $193.38.

Shares of FRC stock opened at $204.85 on Thursday. First Republic Bank has a 1 year low of $120.03 and a 1 year high of $207.66. 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’s 50 day simple moving average is $198.83 and its two-hundred day simple moving average is $190.43. The company has a market cap of $35.27 billion, a PE ratio of 29.47, a price-to-earnings-growth ratio of 1.58 and a beta of 1.12.

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

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Veracity Capital LLC boosted its position in First Republic Bank by 3.9% during the 3rd quarter. Veracity Capital LLC now owns 1,373 shares of the bank’s stock valued at $265,000 after acquiring an additional 51 shares in the last quarter. Capital Insight Partners LLC boosted its position in First Republic Bank by 4.0% during the 3rd quarter. Capital Insight Partners LLC now owns 18,616 shares of the bank’s stock valued at $3,591,000 after acquiring an additional 715 shares in the last quarter. Private Capital Group LLC boosted its position in First Republic Bank by 28.0% during the 3rd quarter. Private Capital Group LLC now owns 411 shares of the bank’s stock valued at $79,000 after acquiring an additional 90 shares in the last quarter. IFM Investors Pty Ltd boosted its position in First Republic Bank by 0.3% during the 3rd quarter. IFM Investors Pty Ltd now owns 22,215 shares of the bank’s stock valued at $4,285,000 after acquiring an additional 73 shares in the last quarter. Finally, Koshinski Asset Management Inc. bought a new stake in First Republic Bank during the 3rd quarter valued at $149,000. 96.75% of the stock is currently owned by institutional investors and hedge funds.

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.

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Analyst Recommendations for First Republic Bank (NYSE:FRC)

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