First Republic Bank (NYSE:FRC – Get Rating) – Wedbush analysts cut their earnings per share estimates for the fourth quarter of 2022 for First Republic Bank in a report released Wednesday, September 28. Wedbush analyst D. Chiaverini now expects the bank to earn $2.27 per share for the quarter, down from his previous forecast of $2.30. The consensus estimate for First Republic Bank‘s current annual earnings is $8.60 per share. Wedbush also released estimates for First Republic Bank Q1 2023 earnings at $2.27 EPS, Q2 2023 earnings at $2.40 EPS, Full Year 2023 earnings at $9.80 EPS and FY2024 earnings at $11.05 EPS.
First Republic Bank (NYSE:FRC – Get Rating) released its quarterly results for the last time on Thursday, July 14. The bank reported earnings per share (EPS) of $2.16 for the quarter, beating the consensus estimate of $2.05 by $0.11. First Republic Bank had a return on equity of 12.96% and a net margin of 27.65%. The company posted revenue of $1.50 billion for the quarter, compared to analysts’ estimates of $1.48 billion. In the same quarter a year earlier, the company posted earnings per share of $1.95. The company’s revenue for the quarter increased by 22.6% compared to the same quarter last year.
Several other research companies also weighed in on FRC. Jefferies Financial Group raised its target price on First Republic Bank from $170.00 to $171.00 in a Monday July 11 research note. Compass Point set a target price of $175.00 on First Republic Bank in a Tuesday, July 19 research note. TheStreet upgraded First Republic Bank from a “c+” rating to a “b” rating in a Tuesday, August 9 research note. Piper Sandler cut her target price on First Republic Bank to $145.00 in a research note on Friday. Finally, Maxim Group reworded a “buy” rating and issued a $250.00 price target on First Republic Bank shares in a Friday, July 15 report. One analyst rated the stock with a sell rating, seven assigned a hold rating and six assigned the company a buy rating. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $185.00.
First Republic Bank is trading down 1.6%
FRC shares opened at $130.55 on Thursday. First Republic Bank has a 12-month low of $130.35 and a 12-month high of $222.86. The stock’s fifty-day simple moving average is $153.70 and its 200-day simple moving average is $153.15. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt ratio of 0.47. The company has a market capitalization of $23.45 billion, a PE ratio of 16.14, a growth price-earnings ratio of 1.80 and a beta of 1.12.
First Republic Bank dividend announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 11. Investors of record on Thursday, July 28 received a dividend of $0.27 per share. The ex-dividend date was Wednesday, July 27. This represents a dividend of $1.08 on an annualized basis and a dividend yield of 0.83%. First Republic Bank’s payout ratio is currently 13.35%.
Institutional entries and exits
A number of hedge funds have recently changed their FRC holdings. Rockefeller Capital Management LP increased its holdings of First Republic Bank shares by 0.9% in the fourth quarter. Rockefeller Capital Management LP now owns 9,463 shares of the bank worth $1,954,000 after buying 80 more shares last quarter. Blair William & Co. IL increased its position in First Republic Bank by 1.7% in the fourth quarter. Blair William & Co. IL now owns 6,743 shares of the bank valued at $1,393,000 after buying 110 additional shares in the last quarter. LPL Financial LLC increased its position in First Republic Bank by 7.3% during the fourth quarter. LPL Financial LLC now owns 59,678 shares of the bank valued at $12,324,000 after purchasing an additional 4,071 shares in the last quarter. Credit Suisse AG increased its position in First Republic Bank by 0.3% in the fourth quarter. Credit Suisse AG now owns 267,381 shares of the bank valued at $55,217,000 after buying an additional 889 shares in the last quarter. Finally, Impax Asset Management Group plc increased its position in First Republic Bank by 15.5% during the fourth quarter. Impax Asset Management Group plc now owns 6,369 shares in the bank valued at $1,315,000 after buying a further 856 shares in the last quarter. 95.17% of the shares are currently held by institutional investors.
First Republic Bank Company Profile
(Get a rating)
First Republic Bank, together with its subsidiaries, provides private banking, private business banking, and private wealth management services to customers in metropolitan areas of the United States. It operates through two segments, Commercial Banking and Wealth Management. The Company accepts deposit products, such as non-interest bearing checks, interest bearing checks, money market checking accounts, money market savings accounts and passbook accounts, as well as certificates of deposit.
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