First Republic Bank (NYSE:FRC) Expected to Post Quarterly Sales of $1.46 Billion

Equities research analysts forecast that First Republic Bank (NYSE:FRC – Get Rating) will report $1.46 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Five analysts have provided estimates for First Republic Bank’s earnings, with estimates ranging from $1.45 billion to $1.50 billion. First Republic Bank reported sales of $1.23 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 18.7%. The business is expected to announce its next earnings results on Monday, January 1st.

On average, analysts expect that First Republic Bank will report full-year sales of $5.97 billion for the current fiscal year, with estimates ranging from $5.90 billion to $6.12 billion. For the next year, analysts anticipate that the business will report sales of $6.89 billion, with estimates ranging from $6.77 billion to $7.00 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that cover First Republic Bank.

First Republic Bank (NYSE:FRC – Get Rating) last posted its quarterly earnings results on Wednesday, April 13th. The bank reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.90 by $0.10. First Republic Bank had a return on equity of 12.91% and a net margin of 27.93%. The business had revenue of $1.40 billion for 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 business’s revenue was up 27.3% compared to the same quarter last year.

A number of brokerages recently weighed in on FRC. Evercore ISI raised First Republic Bank from an “in-line” rating to an “outperform” rating and raised their price objective for the company from $215.00 to $220.00 in a research report on Tuesday, January 18th. UBS Group raised First Republic Bank from a “neutral” rating to a “buy” rating and raised their price objective for the company from $188.00 to $194.00 in a research report on Friday, April 8th. Morgan Stanley raised their price objective on First Republic Bank from $173.00 to $180.00 and gave the company an “equal weight” rating in a research report on Thursday, April 14th. Royal Bank of Canada increased their price target on First Republic Bank from $184.00 to $187.00 and gave the company a “sector perform” rating in a research note on Thursday, April 14th. Finally, Credit Suisse Group upgraded First Republic Bank from an “underperform” rating to a “neutral” rating and set a $187.00 price target for the company in a research note on Tuesday, April 5th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $204.29.

FRC opened at $144.23 on Tuesday. First Republic Bank has a 12-month low of $142.32 and a 12-month high of $222.86. The business’s fifty day simple moving average is $160.56 and its 200-day simple moving average is $184.45. The company has a market capitalization of $25.91 billion, a price-to-earnings ratio of 18.30, a PEG ratio of 1.49 and a beta of 1.11. The company has a current ratio of 0.92, a quick ratio of 0.94 and a debt-to-equity ratio of 0.44.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 12th. Shareholders of record on Thursday, April 28th will be issued a $0.27 dividend. This is a positive change from First Republic Bank’s previous quarterly dividend of $0.22. This represents a $1.08 annualized dividend and a yield of 0.75%. The ex-dividend date is Wednesday, April 27th. First Republic Bank’s dividend payout ratio (DPR) is presently 13.71%.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Northwestern Mutual Investment Management Company LLC grew its holdings in First Republic Bank by 0.7% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 8,065 shares of the bank’s stock valued at $1,666,000 after purchasing an additional 57 shares during the period. Evoke Wealth LLC boosted its stake in shares of First Republic Bank by 39.0% in the third quarter. Evoke Wealth LLC now owns 214 shares of the bank’s stock worth $41,000 after acquiring an additional 60 shares during the last quarter. CX Institutional boosted its stake in shares of First Republic Bank by 18.3% in the third quarter. CX Institutional now owns 408 shares of the bank’s stock worth $79,000 after acquiring an additional 63 shares during the last quarter. Ieq Capital LLC boosted its stake in shares of First Republic Bank by 0.5% in the fourth quarter. Ieq Capital LLC now owns 11,745 shares of the bank’s stock worth $2,425,000 after acquiring an additional 64 shares during the last quarter. Finally, Greenleaf Trust boosted its stake in shares of First Republic Bank by 5.6% in the third quarter. Greenleaf Trust now owns 1,255 shares of the bank’s stock worth $242,000 after acquiring an additional 67 shares during the last quarter. 94.41% of the stock is currently owned by institutional investors.

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.

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