First Republic Bank (FRC) Given Buy Rating at Maxim Group

Maxim Group reaffirmed their buy rating on shares of First Republic Bank (NYSE:FRC) in a research note released on Thursday morning. The firm currently has a $110.00 price target on the bank’s stock.

“In 4Q17, FRC issued 2.875 million shares of common stock. Effective January 1, 2018, the new tax law lowered the corporate tax rate to 21%, from 35%.”,” Maxim Group’s analyst wrote.

A number of other brokerages have also issued reports on FRC. Jefferies Group boosted their price target on shares of First Republic Bank from $109.00 to $120.00 and gave the stock a buy rating in a research note on Friday, September 29th. Barclays set a $102.00 price target on shares of First Republic Bank and gave the stock a hold rating in a research note on Monday, October 16th. Keefe, Bruyette & Woods reiterated a hold rating and set a $87.00 price target on shares of First Republic Bank in a research note on Friday, October 13th. Piper Jaffray Companies set a $99.00 price target on shares of First Republic Bank and gave the stock a hold rating in a research note on Sunday, October 15th. Finally, Wells Fargo & Co cut their price target on shares of First Republic Bank from $100.00 to $95.00 and set a market perform rating on the stock in a research note on Monday, October 16th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $103.00.

Shares of First Republic Bank (FRC) opened at $88.14 on Thursday. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.94 and a current ratio of 0.95. The stock has a market cap of $13,860.00, a PE ratio of 20.79, a price-to-earnings-growth ratio of 1.43 and a beta of 0.96. First Republic Bank has a one year low of $84.56 and a one year high of $105.52.

First Republic Bank (NYSE:FRC) last issued its quarterly earnings results on Friday, October 13th. The bank reported $1.14 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.16 by ($0.02). The business had revenue of $670.30 million for the quarter, compared to analysts’ expectations of $678.25 million. First Republic Bank had a return on equity of 12.06% and a net margin of 26.85%. The firm’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same quarter last year, the company earned $1.00 earnings per share. sell-side analysts anticipate that First Republic Bank will post 4.44 EPS for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in the stock. D.A. Davidson & CO. increased its stake in shares of First Republic Bank by 3.2% during the second quarter. D.A. Davidson & CO. now owns 2,612 shares of the bank’s stock worth $261,000 after buying an additional 81 shares during the period. Toronto Dominion Bank increased its stake in shares of First Republic Bank by 8.9% during the second quarter. Toronto Dominion Bank now owns 2,117 shares of the bank’s stock worth $212,000 after buying an additional 173 shares during the period. Comerica Bank increased its stake in shares of First Republic Bank by 2.0% during the second quarter. Comerica Bank now owns 10,832 shares of the bank’s stock worth $1,087,000 after buying an additional 217 shares during the period. Colony Group LLC increased its stake in shares of First Republic Bank by 0.9% during the second quarter. Colony Group LLC now owns 25,889 shares of the bank’s stock worth $2,591,000 after buying an additional 219 shares during the period. Finally, Riverhead Capital Management LLC increased its stake in shares of First Republic Bank by 1.6% during the second quarter. Riverhead Capital Management LLC now owns 15,750 shares of the bank’s stock worth $1,577,000 after buying an additional 250 shares during the period. Hedge funds and other institutional investors own 98.75% of the company’s stock.

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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.

Analyst Recommendations for First Republic Bank (NYSE:FRC)

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