First Republic Bank (NYSE:FRC) Posts Quarterly Earnings Results, Beats Estimates By $0.10 EPS

First Republic Bank (NYSE:FRCGet Rating) posted its quarterly earnings results on Wednesday. The bank reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.90 by $0.10, MarketWatch Earnings reports. First Republic Bank had a return on equity of 12.82% and a net margin of 27.86%. The company had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the company earned $1.79 EPS. The firm’s quarterly revenue was up 27.3% compared to the same quarter last year.

Shares of NYSE FRC opened at $165.80 on Thursday. The stock has a market cap of $29.23 billion, a price-to-earnings ratio of 21.62, a P/E/G ratio of 1.62 and a beta of 1.13. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.45. First Republic Bank has a 1-year low of $150.00 and a 1-year high of $222.86. The stock’s 50-day moving average is $166.70 and its 200 day moving average is $190.85.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 10th. Investors of record on Thursday, January 27th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Wednesday, January 26th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.53%. First Republic Bank’s dividend payout ratio is 11.47%.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC purchased a new position in First Republic Bank in the 4th quarter worth approximately $86,000. Barclays PLC increased its stake in First Republic Bank by 20.1% in the 4th quarter. Barclays PLC now owns 1,593,131 shares of the bank’s stock worth $329,001,000 after purchasing an additional 266,987 shares during the period. Penserra Capital Management LLC increased its stake in First Republic Bank by 7.1% in the 4th quarter. Penserra Capital Management LLC now owns 3,390 shares of the bank’s stock worth $592,000 after purchasing an additional 225 shares during the period. Glenmede Trust Co. NA increased its stake in First Republic Bank by 5.7% in the 4th quarter. Glenmede Trust Co. NA now owns 3,449 shares of the bank’s stock worth $712,000 after purchasing an additional 186 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new position in First Republic Bank in the 4th quarter worth approximately $32,000. 94.20% of the stock is currently owned by institutional investors.

FRC has been the subject of several analyst reports. UBS Group upgraded First Republic Bank from a “neutral” rating to a “buy” rating and raised their target price for the stock from $188.00 to $194.00 in a research note on Friday, April 8th. Piper Sandler cut their target price on First Republic Bank from $205.00 to $180.00 and set a “neutral” rating for the company in a research note on Monday, March 7th. The Goldman Sachs Group cut their target price on First Republic Bank from $209.00 to $178.00 and set a “neutral” rating for the company in a research note on Monday, April 4th. Evercore ISI upgraded First Republic Bank from an “in-line” rating to an “outperform” rating and raised their target price for the stock from $215.00 to $220.00 in a research note on Tuesday, January 18th. Finally, Maxim Group restated a “buy” rating and issued a $250.00 target price on shares of First Republic Bank in a research note on Friday, January 14th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $201.50.

First Republic Bank Company Profile (Get Rating)

First Republic Bank, together with its subsidiaries, provides private banking, private business banking, and private wealth management services to clients in metropolitan areas in the United States. It operates in two segments, Commercial Banking and Wealth Management. The company accepts deposit products, such as noninterest-bearing checking, interest-bearing checking, money market checking accounts, money market savings accounts, and passbook accounts, as well as certificates of deposit.

Further Reading

Earnings History for First Republic Bank (NYSE:FRC)

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