Jefferies Financial Group Equities Analysts Increase Earnings Estimates for First Republic Bank (NYSE:FRC)

First Republic Bank (NYSE:FRCGet Rating) – Research analysts at Jefferies Financial Group boosted their Q1 2023 earnings per share (EPS) estimates for shares of First Republic Bank in a report released on Monday, April 11th. Jefferies Financial Group analyst C. Haire now forecasts that the bank will earn $2.16 per share for the quarter, up from their previous estimate of $2.15. Jefferies Financial Group also issued estimates for First Republic Bank’s Q3 2023 earnings at $2.37 EPS, Q4 2023 earnings at $2.48 EPS and FY2023 earnings at $9.25 EPS.

First Republic Bank (NYSE:FRCGet Rating) last issued its quarterly earnings data on Wednesday, April 13th. The bank reported $2.00 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.89 by $0.11. The firm had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.40 billion. First Republic Bank had a net margin of 27.86% and a return on equity of 12.82%. First Republic Bank’s quarterly revenue was up 27.3% compared to the same quarter last year. During the same period last year, the firm posted $1.79 EPS.

FRC has been the topic of several other research reports. Credit Suisse Group raised shares of First Republic Bank from an “underperform” rating to a “neutral” rating and set a $187.00 target price on the stock in a research note on Tuesday, April 5th. StockNews.com initiated coverage on shares of First Republic Bank in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Piper Sandler lowered their target price on shares of First Republic Bank from $205.00 to $180.00 and set a “neutral” rating on the stock in a research note on Monday, March 7th. Evercore ISI raised shares of First Republic Bank from an “in-line” rating to an “outperform” rating and raised their target price for the company from $215.00 to $220.00 in a research note on Tuesday, January 18th. Finally, The Goldman Sachs Group lowered their target price on shares of First Republic Bank from $209.00 to $178.00 and set a “neutral” rating on the stock in a research note on Monday, April 4th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $201.50.

Shares of NYSE:FRC opened at $165.80 on Tuesday. The company has a market cap of $29.23 billion, a PE ratio of 21.62, a P/E/G ratio of 1.11 and a beta of 1.13. The company’s 50-day moving average price is $166.70 and its 200 day moving average price is $190.85. First Republic Bank has a fifty-two week low of $150.00 and a fifty-two week high of $222.86. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.45.

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

Several institutional investors and hedge funds have recently made changes to their positions in FRC. Norges Bank acquired a new position in shares of First Republic Bank in the fourth quarter worth about $330,444,000. BlackRock Inc. boosted its holdings in shares of First Republic Bank by 11.2% during the fourth quarter. BlackRock Inc. now owns 13,704,016 shares of the bank’s stock worth $2,830,016,000 after purchasing an additional 1,385,710 shares during the period. Marathon Asset Mgmt Ltd acquired a new stake in shares of First Republic Bank during the third quarter worth approximately $206,308,000. Liontrust Investment Partners LLP acquired a new stake in shares of First Republic Bank during the third quarter worth approximately $128,500,000. Finally, Alecta Pensionsforsakring Omsesidigt boosted its holdings in shares of First Republic Bank by 13.4% during the fourth quarter. Alecta Pensionsforsakring Omsesidigt now owns 4,321,312 shares of the bank’s stock worth $893,820,000 after purchasing an additional 510,000 shares during the period. Institutional investors own 94.20% of the company’s stock.

About First Republic Bank (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 and Estimates for First Republic Bank (NYSE:FRC)

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