Wall Street analysts forecast that First Republic Bank (NYSE:FRC) will report $813.41 million in sales for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for First Republic Bank’s earnings, with the highest sales estimate coming in at $825.50 million and the lowest estimate coming in at $800.80 million. First Republic Bank reported sales of $720.86 million in the same quarter last year, which indicates a positive year-over-year growth rate of 12.8%. The business is expected to issue its next quarterly earnings results on Friday, April 12th.
On average, analysts expect that First Republic Bank will report full year sales of $3.45 billion for the current fiscal year, with estimates ranging from $3.38 billion to $3.49 billion. For the next year, analysts forecast that the business will post sales of $3.92 billion, with estimates ranging from $3.78 billion to $4.08 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover First Republic Bank.
First Republic Bank (NYSE:FRC) last announced its quarterly earnings data on Tuesday, January 15th. The bank reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.24 by $0.05. The firm had revenue of $810.75 million for the quarter, compared to analyst estimates of $812.10 million. First Republic Bank had a net margin of 23.88% and a return on equity of 11.62%. The business’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same period in the previous year, the company earned $1.10 earnings per share.
A number of equities research analysts have recently weighed in on the stock. Bank of America lowered shares of First Republic Bank from a “buy” rating to a “neutral” rating in a report on Thursday, January 10th. They noted that the move was a valuation call. Raymond James lowered shares of First Republic Bank from an “outperform” rating to a “market perform” rating in a report on Monday, January 7th. Atlantic Securities lowered shares of First Republic Bank from an “overweight” rating to a “neutral” rating and set a $104.98 price target on the stock. in a report on Friday, March 1st. Stephens raised shares of First Republic Bank from an “equal weight” rating to an “overweight” rating in a report on Thursday, December 20th. Finally, Wells Fargo & Co upped their price target on shares of First Republic Bank from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Wednesday, January 16th. Twelve equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $102.57.
Shares of FRC traded up $0.64 during trading hours on Tuesday, reaching $103.56. 1,444,319 shares of the company traded hands, compared to its average volume of 1,532,052. The firm has a market capitalization of $16.34 billion, a PE ratio of 21.53, a price-to-earnings-growth ratio of 1.55 and a beta of 0.93. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.99 and a quick ratio of 0.99. First Republic Bank has a 12-month low of $79.42 and a 12-month high of $106.75.
Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc raised its position in shares of First Republic Bank by 0.3% in the third quarter. Vanguard Group Inc now owns 13,738,532 shares of the bank’s stock worth $1,318,899,000 after acquiring an additional 46,588 shares during the period. BlackRock Inc. raised its position in shares of First Republic Bank by 7.8% in the fourth quarter. BlackRock Inc. now owns 13,031,329 shares of the bank’s stock worth $1,132,423,000 after acquiring an additional 948,394 shares during the period. Capital Research Global Investors acquired a new position in shares of First Republic Bank in the third quarter worth about $675,106,000. Baillie Gifford & Co. raised its position in shares of First Republic Bank by 7.9% in the fourth quarter. Baillie Gifford & Co. now owns 6,708,104 shares of the bank’s stock worth $582,934,000 after acquiring an additional 491,194 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of First Republic Bank by 1.9% in the third quarter. JPMorgan Chase & Co. now owns 6,498,231 shares of the bank’s stock worth $623,830,000 after acquiring an additional 121,115 shares during the period.
First Republic Bank Company Profile
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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