First Republic Bank (NYSE:FRC) Receives New Coverage from Analysts at Morgan Stanley

Morgan Stanley started coverage on shares of First Republic Bank (NYSE:FRC) in a report issued on Tuesday morning, FinViz reports. The firm issued an equal weight rating and a $225.00 price objective on the bank’s stock.

FRC has been the topic of several other reports. JPMorgan Chase & Co. upped their target price on shares of First Republic Bank from $240.00 to $250.00 and gave the stock an overweight rating in a research report on Wednesday, December 15th. Barclays upped their target price on shares of First Republic Bank from $215.00 to $223.00 and gave the stock an equal weight rating in a research report on Monday, January 3rd. Finally, Royal Bank of Canada upped their price target on shares of First Republic Bank from $208.00 to $212.00 and gave the company a sector perform rating in a report on Thursday, October 14th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, First Republic Bank presently has a consensus rating of Hold and an average target price of $207.08.

Shares of First Republic Bank stock opened at $192.06 on Tuesday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.80. The company’s 50-day simple moving average is $209.89 and its 200-day simple moving average is $203.36. First Republic Bank has a 52-week low of $143.60 and a 52-week high of $222.86. The firm has a market cap of $33.86 billion, a price-to-earnings ratio of 26.49, a price-to-earnings-growth ratio of 1.48 and a beta of 1.09.

First Republic Bank (NYSE:FRC) last issued its earnings results on Friday, January 14th. The bank reported $2.02 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.09. First Republic Bank had a net margin of 27.09% and a return on equity of 12.47%. The company had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period in the prior year, the business posted $1.60 earnings per share. The firm’s revenue for the quarter was up 27.3% compared to the same quarter last year. Equities research analysts anticipate that First Republic Bank will post 7.59 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 10th. Shareholders of record on Thursday, January 27th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.46%. First Republic Bank’s dividend payout ratio is currently 12.14%.

Large investors have recently bought and sold shares of the stock. Macquarie Group Ltd. increased its holdings in First Republic Bank by 15,848.1% in the 2nd quarter. Macquarie Group Ltd. now owns 1,294,185 shares of the bank’s stock valued at $242,233,000 after purchasing an additional 1,286,070 shares in the last quarter. Marathon Asset Mgmt Ltd acquired a new position in shares of First Republic Bank during the third quarter worth about $206,308,000. 1832 Asset Management L.P. lifted its stake in shares of First Republic Bank by 187.2% during the second quarter. 1832 Asset Management L.P. now owns 1,508,928 shares of the bank’s stock worth $280,146,000 after purchasing an additional 983,528 shares in the last quarter. Liontrust Investment Partners LLP acquired a new position in shares of First Republic Bank during the third quarter worth about $128,500,000. Finally, Amundi acquired a new position in shares of First Republic Bank during the second quarter worth about $104,657,000. Institutional investors and hedge funds own 94.69% of the company’s stock.

First Republic Bank Company Profile

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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