Wall Street analysts predict that First Republic Bank (NYSE:FRC) will post sales of $845.78 million for the current fiscal quarter, Zacks reports. Six analysts have made estimates for First Republic Bank’s earnings, with the lowest sales estimate coming in at $834.40 million and the highest estimate coming in at $857.62 million. First Republic Bank reported sales of $768.83 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 10%. The firm is scheduled to report its next earnings results on Friday, October 11th.
According to Zacks, analysts expect that First Republic Bank will report full-year sales of $3.36 billion for the current financial year, with estimates ranging from $3.31 billion to $3.42 billion. For the next year, analysts expect that the firm will post sales of $3.76 billion, with estimates ranging from $3.68 billion to $3.82 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover First Republic Bank.
First Republic Bank (NYSE:FRC) last announced its quarterly earnings results on Tuesday, July 16th. The bank reported $1.24 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.26 by ($0.02). First Republic Bank had a return on equity of 11.30% and a net margin of 22.94%. The business had revenue of $819.38 million for the quarter, compared to analyst estimates of $836.26 million. During the same quarter last year, the company earned $1.20 EPS.
FRC has been the topic of several analyst reports. Credit Suisse Group dropped their price target on shares of First Republic Bank from $105.00 to $98.00 and set a “neutral” rating on the stock in a research note on Thursday, July 18th. Raymond James downgraded shares of First Republic Bank to a “hold” rating in a report on Monday, July 8th. Maxim Group reaffirmed a “buy” rating and set a $110.00 price objective on shares of First Republic Bank in a report on Wednesday, July 17th. Zacks Investment Research downgraded shares of First Republic Bank from a “hold” rating to a “sell” rating and set a $104.00 price objective for the company. in a report on Friday, July 5th. Finally, Wedbush reaffirmed an “outperform” rating on shares of First Republic Bank in a report on Tuesday, July 16th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $103.17.
Several hedge funds and other institutional investors have recently bought and sold shares of FRC. TRUE Private Wealth Advisors bought a new stake in shares of First Republic Bank during the 2nd quarter worth $28,000. CSat Investment Advisory L.P. boosted its holdings in First Republic Bank by 113.6% in the 2nd quarter. CSat Investment Advisory L.P. now owns 361 shares of the bank’s stock valued at $35,000 after purchasing an additional 192 shares during the period. Commonwealth Bank of Australia boosted its holdings in 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 purchasing an additional 116 shares during the period. Atlas Capital Advisors LLC bought a new stake in First Republic Bank in the 2nd quarter valued at $52,000. Finally, SRS Capital Advisors Inc. bought a new stake in First Republic Bank in the 2nd quarter valued at $92,000.
Shares of FRC traded up $0.09 during mid-day trading on Wednesday, hitting $95.79. 46,838 shares of the company’s stock were exchanged, compared to its average volume of 1,187,604. The firm has a fifty day moving average of $92.84 and a two-hundred day moving average of $98.83. First Republic Bank has a twelve month low of $79.42 and a twelve month high of $107.75. The stock has a market cap of $15.76 billion, a price-to-earnings ratio of 19.94, a P/E/G ratio of 2.69 and a beta of 0.88. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.34.
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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